Passive income… 8 ways to make money while lying on your back
People used to say, "You won't get rich as long as you work from nine to five," and whether or not this is true, and it's a stab at the side of capitalism anyway, it has some truth to it. With passive income, you can make money literally while you sleep.
The basic idea here, whether in passive income or getting rich in general, is to look for smart ways to earn and make money; It is not necessary to toil in order to be rich, but it is enough only to work smart, and to know where to eat the shoulder.
how it would be? The truth is that passive income is a popular way to make money without putting in any effort, so what is passive
? income
? What is passive income
There are three main categories of income: active income, passive income, and portfolio income. Passive income includes gains from real estate rentals, limited partnerships, or other businesses in which a person is not actively involved, as a silent investor.
Thus, income that requires little effort to maintain is passive income. It can be additional income from a rental property, the stock market, or a company in which you are not actively involved.
With passive income, you are not exchanging your time for money as you would in a 9 to 5 job, but instead, you are creating or buying an asset that you can sell or make a return on.
Unearned income comes in two main forms. Each one provides a different method for generating income, and can be used individually or in tandem, depending on your financial goals.
How do you make money while lying on your back?
This is the most important question, and fortunately, the answer to it is not the same, the options are many, and you only have to choose among them what suits you, so how do you earn money while you sleep then? Consider the following alternatives.
Create a course
One popular passive income strategy is to create an audio or video course, then put it up for sale and wait for the money to flow by selling it. Courses can be distributed and sold through sites such as Udemy, SkillShare, and Coursera.
Alternatively, you can also consider a “freemium model” which is to build followers with free content and then charge for more detailed information or for those who want to know more. For example, language teachers might use this model.
The free content serves as a testament to your expertise, and may appeal to those looking to take it to the next level and delve deeper into the knowledge. Training courses can undoubtedly bring in excellent income; Because you make money easily once you have them finished and sold.
Writing an e-book
Writing an e-book can be a good opportunity to take advantage of the low cost of publishing and even take advantage of Amazon's global distribution; Where you can show your book to millions of potential buyers. E-books can be relatively short, perhaps 30 to 50 pages, and they can be relatively inexpensive; Because it depends on your own experience.
You will, then, need to be an expert on a particular topic, but the topic may be appropriate and use some special skill or ability that very few writers offer but that many readers need. You can quickly design the book on an online platform and then test the marketing of different titles.
But just as with course design, a lot of value comes in when you add more e-books into the mix; Which leads to more customers being attracted to your content.
An e-book serves not only to provide good information and value to your readers, but also as a way to drive traffic to your other offerings, including audio or video courses, other e-books, website or potentially more valuable, seminars.
Income from rentals
Investing in rental properties is an effective way to earn passive income. But it often requires more work than people expect. If you don't take the time to learn how to make it a profitable venture, you may lose your investment.
There are some questions to consider: Is there a market for your property? What if you get a tenant who pays late or damages the property? What if you are unable to rent out your property? Any of these factors can significantly affect your passive income.
Economic downturns can also pose challenges. You may suddenly have tenants who are no longer able to pay rent, while you still have your mortgage to be paid. Or you may not be able to rent the house for as much money as you could before, because the income is going down. Not to mention that housing prices are rising rapidly; This is partly due to the relatively low mortgage rates; So your rent may not be able to cover your expenses. You'll want to assess these risks and make contingency plans to protect yourself.
Affiliate marketing
Through affiliate marketing, website owners, social media "influencers" or bloggers promote a third-party product; By including a link to the product on their site or social media account.
Amazon may be the most well-known affiliate partner, but eBay, Awin, and ShareASale are among the bigger names too. Instagram and TikTok have become huge platforms for those looking to promote products with affiliate links.
You can also consider creating an email list to draw attention to your blog or direct people to products and services they may be interested in.
When a visitor clicks on the link and makes a purchase from a third-party company, the site owner gets a commission. Commission may range from 3 to 7%; So it will likely take significant traffic to your site to generate significant income. But if you can grow your followers you may be able to make a lot of money.
Affiliate marketing is a downside because, in theory, you can make money just by adding a link to your site or social media account. In fact, you won't earn anything if you can't get readers to your site to click on the link and buy something.
Selling photos online
Selling photos online may not be the most obvious place to create negative business, but it can allow you to expand your efforts, especially if you can sell the same photos over and over again.
To do this, you need to work with an organization like Getty Images, Shutterstock, or Alamy, and to get started, you need to be approved by the platform, and then license your images for use by anyone who downloads them. The platform then pays you every time someone uses your photo.
You'll need images that appeal to a particular audience or represent a particular scene, and you'll need to locate the order. Images can be snapshots with models, landscapes, creative scenarios, and more, or they can capture real events that might make news.
Part of the value of selling or licensing your images through the platform is that you have the ability to scale your efforts, especially if you can provide the required images. This means that the same image is likely to sell hundreds, thousands, or more times.
Create an electronic application
Creating an app can be a way to make that upfront investment of time and then reap the reward in the long run. Your online application may be a game or other activity that helps mobile phone users perform some difficult-to-perform functions. Once your app is public, users download it, and you can then monetize with it.
An online app has a huge plus side if you can design something that will catch your audience's attention. You will have to think about how best to generate sales from your app. For example, it may display in-app advertisements or ask users to pay a small fee to download the app.
If your app gains popularity or receives positive reviews, you will likely need to gradually add features to maintain the app's relevance and popularity.
Car parking
Do you have a parking space that you are not using or could be used by someone else? You can trade this place for some cash. It can be a better setup if you have more space to accommodate several cars or it may be useful for multiple events or venues.
and in areas of particularly high demand or during times of high demand (for example, during a concert or sporting event).
And your parking spot may be worth real money. For example, if you live near a place that has frequent commuters but lacks parking, you may have a golden opportunity on your hands. And you may have the best chance of making a profit; By renting out to someone who needs the place on a daily basis, then you will ensure that the money flows to you sustainably.
Create a blog or YouTube channel
Use your passion for a topic and turn it into a blog or YouTube channel; It is through advertisements or sponsors that you can generate income. You just have to research a common topic, even if it's a small field, and become an expert in it.
In the beginning, you will have to create a set of content and attract the audience, but you can create a steady stream of income over time; Where you become known for your engaging content.
The more unique your voice or your area of interest, the better you will be to become the 'person' to follow, and the more you will attract audience and sponsors alike.
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