In our last post, we talked about what passive income is. Today, we will learn multiple passive income methods and how to multiply that number to make yourself rich.
Now, everyone knows the path to being rich is not an easy one. If it were, everyone would be rich! We've personally tested most of these methods mentioned, and we're very confident about the ones we haven't tested ourselves.
Yesterday, we didn't expand very far on the list of different things you can do for passive income, so here's a list of 9 different passive income ideas you'll enjoy for idea searching:
Blogging
Blogging can be a very profitable passive income as long as you have the tenacity to keep up with regular postings, marketing, and advertising if necessary. If you have a decent following on social media, you could be well on your way to making extra money through Google Adwords, affiliate marketing, or drop shipping products (way to keep it passive!). When you start your blog, you should have a general niche in mind to whom you'll be talking. This doesn't necessarily mean every post will relate to that exact topic. Still, it should be your main feature - something you have extensive knowledge of and are comfortable writing MULTIPLE posts about.
If you have difficulty writing/typing ideas clearly and cohesively, you may not want to explore this option; however, practice makes perfect, so you shouldn't give up just yet! There are tons of online solutions to help with grammar, punctuation, and proper sentence structure. Grammarly is one of my favorites to use to ensure my thought process matches what I'm trying to convey.
E-book Writing & Publishing
Writing an e-book can be an excellent opportunity to take advantage of the low cost of publishing. You can even leverage Amazon's worldwide distribution to get your book seen by millions of would-be buyers. E-books can be very easy to produce and publish as they do not need to be long, but you can write as long of a book as you'd like! You don't have to be an expert in any particular field; you simply need a story to tell!
Now, if you wish to write a non-fiction book or a course style, you should be an expert in whichever field you choose to write about. If you try writing a book about a specific field or area of study, and you have no idea what you're talking about, you'll quickly become either a laughing stock or you'll have angry customers who will have wished they never picked up your book. It will help if you choose wisely which writing style is most suited for you.
Rentals
If you want to expand your portfolio, I suggest getting into rentals. Keyword: EXPAND. The key to rentals is to own more than one; if you can wait long enough, you'll want more, like three or four. The other side of rentals is overnight rentals. You can rent out a home for a nightly price and easily make 4x your rental amount vs monthly rentals. Monthly rentals typically require less ongoing upkeep, though, so you'll want to account for this according to your goals.
Returning to why you need more than one rental, assuming you can gain $10,000 profit per year on one rental, you would earn $833.33~ per month. That is a healthy addition to a regular income. If you multiply that by three, you'd have $2500 monthly. That is $576.92 weekly, a healthy income for some single-person households. Once you double that, well, you see where I'm heading with this.
Teach Online Courses
When teaching online courses, you don't just need to know what you're talking about; you need to be able to sell yourself. It would be best to be confident in the information you're teaching. It would help if you were interactive. This doesn't mean you must have an outrageously bubbly personality, but you should engage with your audience. Remember, you're not talking to a camera; you're talking to real people. Each course should be directed as if you're talking to one person.
Courses can range from almost any concept if you're good enough at something. You may be the world's best unicycler and want to teach others how to do the same. You may have unbeatable business knowledge and want to share it with the world. There are an excessive amount of things you can do to build a course. I would suggest making it a minimum of 5-8 "parts" so you can easily engage your readers with multiple steps, making absorbing it much more manageable.
Rent Out Your Extra Vehicle
This is a fun way to earn passive income because when someone rents a car, they usually clean it before returning it. You can find a few reputable websites to use, but always be cautious about who enters your vehicle. If you have the ability to rent out a car you own, this could be an easy passive income. Don't forget to document everything each time you rent it because not everyone will care for your car like you want them to.
Invest
If you haven't set yourself up with investing, don't even read the other ideas yet. Investing is the very first thing you should do to generate passive income. It would be best to have a Roth 401k/IRA set up to take out of your check weekly. You don't have to miss the opportunity even if your employer doesn't offer it. You can easily start and track your own online with an automatic withdrawal system, so you won't have to deal with it manually.
Create An App
This one either sounds like a ton of fun to you or like a nightmare. Since you are still reading, I'll assume you're in the "fun" department. (JOKES)
App creation is no joke. The work people put into developing their applications doesn't happen overnight. However, when the app is finally ready to launch, you have the potential to make millions. Promotion and marketing of the app will be essential to how many downloads it receives. Downloading alone isn't the best way to make your app profitable. Creating in-app purchases is the best way to create a steady revenue stream. Once you've done that and launched your app, assuming you've made a social media page and promoted it appropriately, you should quickly begin seeing downloads. Pro Tip: Making the app free + having in-app purchases will help significantly.
Buy & Sell Websites
Buying and selling websites holds the same basic concept as it sounds. To get started, check out flippa.com
They have the best database of for-sale websites and apps. You can quickly acquire an online business; however, it's always best to do your due diligence. Ensure the business shows a profit unless you're looking for a new startup. You can find brand-new, ready-built stores for less than $100. If you have an advertising budget set aside of around $500 and a general knowledge of how to run ads, you can easily turn that into a money-making machine! Drop shipping websites are some of the easiest to manage, but they can take a lot of money in advertisement to start.
Sell Stock Photos
Believe it or not, there are actually a lot of websites that will pay you for simply being an awesome photographer. Do you have a knack for always getting that perfect shot? Put those skills to USE! You can absolutely make a living as a photographer, but adding on the stock photos would be a very smart idea for adding to your passive income portfolio.
As you can see through all the not-so-subliminal messages, this is NOT something you do to immediately quit your day job. It's something you start doing and save until you're sufficient enough to quit your day job. You have to set a solid foundation for yourself early or you will find yourself wondering how much you can really gain later in life.
Don't worry though, if you're reading this, and you're above a certain age, you can still make a big difference in as little as 25-30 years. Longevity thinking is the only way to secure financial freedom for yourself and your children should you have any. Even if it won't make a difference in your life, perhaps it can make a difference in someone elses that you care for.
No matter your current status, you can take something away from this to help build a stronger financial ground for you to walk on. When something seems to hard to do, or you simply don't have the time to research, leave a comment and I will respond.
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