Creating passive income is the dream of many people. You can spend your time doing other things while your money works for you. It’s also a way to live a wealthy lifestyle, even if you are not rich yet.
There are several ways to create consistent, long-term passive income. Some of them are more difficult than others, but they all have one thing in common: you don’t need much capital to get started.
With that being said, I will talk about three different types of passive incomes here. They’re called:
1. Real Estate Investments
2. Business Ventures
3. Paper Money Investments
This article will focus mostly on number two because it’s one of the easiest to achieve (bar none). Plus, it’s something we all have access to at this stage of our lives.
We’ll look closer at how easy business investing really is in part two! To keep up with my paper money investment tips, make sure to stay tuned for that next week.
Starting your own business is not for the faint of heart or those who cannot afford to take time out from work. However, if you have a knack for writing and are passionate about a field, then creating and publishing a quality article or video every week is a great way to make money online.
There are several ways to monetize your site including through advertising, affiliate marketing, selling products or services directly, and donating an service to help others gain access to that content.
Affiliate marketing with Amazon, B&H, CJ and other sites where you can earn per click revenue or direct sale is one of the most popular and efficient modes of income generation.
By offering people related items or services, you get paid a commission when they buy it. The more expensive the item, the higher the profit!
Amazon has over 2 million third party seller accounts so there’s lots of potential to earn extra money. You will need to do some research and familiarization before setting up an account as a seller but don’t worry, it’s a pretty simple process.
A few years ago, having a web site was like having a business sign to tell people you exist. You needed an internet connection and a domain name that you can actually pay for to put your website up.
Now, there are free websites where you can create an online presence, but it is very limited. What most of these sites do not provide you is ways to monetize this presence, or how to promote it.
Creating your own website gives you both of those. By adding tools and features to your website, you can make money through advertising, creating blogs, selling products, and more!
There are many ways to make money with your website so here are some tips to get you started.
Starting your own business is one of the best ways to achieve financial independence. Plus, with the explosion of online opportunities these days, it’s easy to start yours!
So what are some good businesses you can begin to run? You can choose from anything ranging from blogging, writing, marketing or creative services, to owning a small business or running your own site like Udemy or YouTube.
Running your own business comes with its share of responsibilities – owners must take care of daily operations, market research, finding new clients, etc., but they also get to reap the benefits in growth, income and self-confidence.
It’s not for everyone, I know, but if you have a knack for creating products or offering services that people want, then this option may be right for you. Check out all our tips here on how to make starting a business less scary.
Good luck! And keep investing for yourself by giving more money away through savings, retirement accounts, etc.
Achieving your dreams takes longer than you think. It takes hard work, it can be frustrating at times, but in the end it’s worth all that waiting!
With enough patience, any person can achieve their dream of financial freedom. You don’t have to live in a mansion or own a boat to feel rich.
You can enjoy life without huge amounts of money, and you should. Money isn’t everything, after all. If you are living your life through the lens of “I need to make as much money as possible,” then you aren’t enjoying yourself.
By having something we call ‘financial goals,’ like saving for retirement or buying a house, we create a sense of urgency about them.
We tell ourselves that we need to save quickly before we run out of time, so we push aside our fears and spend what little savings we have on junk instead.
That doesn’t change how many dollars we have, but it does hurt us emotionally. We may even start feeling poor because we believe we are never going to be able to afford such things.
It’s important to not only keep up your motivation, but also learn to accept your place in this world.
A few years down the line, when you look back at what you had, you will realize that you were wealthy.
Starting from scratch will always take longer than doing something you’ve done before. Creating, publishing and promoting new content is just too time consuming without first establishing a base of paid income.
It takes about 6 months to 2 years to build up an online business with consistent active posting, but it can be quicker if you're willing to work hard.
Most people start working in IT or marketing directly out of college, and although that could earn you some money quickly, what most “work-from-home” jobs demand of their employees is little consistency over a long period time.
That's why there are so many job postings for writers and social media marketers who are still looking for that elusive steady source of income.
By investing your energy into projects that don't require much ongoing effort, you'll get better results more quickly.
A few years ago, most people needed to work full time outside of their homes to make ends meet. With technology advancing at an incredible speed, however, there are now many tools that do not require you to be in front of a computer or phone screen to earn money.
There are several ways to make money online by taking surveys, doing data entry, creating blogs, renting out your space on YouTube, and more!
By adding these services into your daily routine, you will start earning passive income — income that doesn’t rely on you being present to generate it.
This is especially helpful for people with busy schedules, as you can start working towards your goal (say writing a book) after office hours, during weekends, or even while you sleep if you have enough motivation.
A lot of people start investing in income generating strategies like blogging, YouTube videos, and/or starting a business and then get distracted by other things that they want to do.
They spend hours every day watching TV or surfing the net instead of working on their career.
This is very common and totally normal. It's what everyone does to take a break and relax after hard work.
But if you decide to actively pursue your dreams, you have to be careful about how much time you devote to other activities. You need to find a balance so that you don't neglect your career.
"It takes a thousand small daily acts to make a big difference," said Maya Angelou. "And I mean this sincerely when I say that we will always miss the morning while we are waiting for the night."
Don’t wait until everything around you has finished before you begin doing something significant with your life.
A lot of people get discouraged when they can’t seem to make any progress with their business or career, but staying motivated is one of the most important things for success.
Negative thoughts will only hold you back and prevent you from moving forward.
Instead of thinking about all the reasons your business will fail, think about all the ways you’ll succeed.
Think about how much money you’ll earn, and not just for yourself, but for others by helping them achieve their dreams.
You’d be surprised at how many people have their own dream that they don’t even know what it is. Helping them realize that goal could change someone’s life forever!
The more inspired you are, the more likely you are to keep working on your goals, and the better chance you have of succeeding. Keep learning, keep trying, and always believe in yourself — that’s an essential piece of passive income.