3 Simple Ways to Earn Passive Income
Making money takes work, but some money-making methods take more work than others...especially in the start-up phase. Luckily, there are at least three ways to make moneyw with little effort.
1. Create a Product and Sell It
Let's say you're an expert in a subject, or you're a good teacher, or you're an artist or you can just create a digial product. You can write a book, create youtube tutorials, artwork, cups, mugs, slogans, and sell stuff through Amazon, eBay, Etsy, Udemy, Teachable, your own site, and a few more sites that sell products.
From the point after you put your product online (book, artwork or anything), you get royalties, ad revenue, commission, etc. In other words, you get a piece of the pie. If you're selling a downloadable class or book from your own website, you get 100% of the pie.
Believe it or not, it doesn't have to be super unique. It's unique because you made it and you put yourself into it. Be yourself and and put honest and true self into your work. Authenticity sells.
If you can't create anything to sell then sell other people's creations. It's called being a 'reseller". Either way, it's still passive income.
2. Website Ad Revenue
Google Adsense or Affiliate and referral links are a great way to earn money. You just need to focus on getting traffic to your site, and enter the ads in places that are relevant to your content and easily clickable. Good content helps attract readers, so this model requires some writing, but at least you can manage the amount of time and when you write.
You can also sell ad space on your site. If you get enough traffic or you have a unique enough sales proposition, you can sell ad space and sponsorships for your site.
Investing in others is another way to make passive income. In this case, we're talking about investing in the "stock market": Index Funds, High-Dividend stocks and
It's generally a really bad idea to try to play the stock market unless you're a financial professional. However, there might be an exception to this rule, and it's called index funds.
Investing in index funds puts a little bit of money in a lot of stocks- thus spreading your risk. Those stocks track parts of the stock market as a whole. One index fund known as the S&P 500 has grown by more than 2,000% over the last 40 years. This method of investment is often considered a relatively safe and stable fund to invest in.
If you want to invest in stocks, try some high-dividend stocks.
There are two kinds of dividends: cash dividends and stock dividends.
Cash dividends are when companies give shareholders cash based on their profits, and stock dividends are when corporations give shareholders extra stock.
You can find companies that regularly give dividends on sites like Yahoo! Finance. Yahoo! Finance is also a great app for your phone. In addition, try out another great app called Stock Trainer. This will let you virtually play the stock market with $20,000 of fake money. It's a great way to make mistakes without paying the price.
Finally another investing option is the app Acorns. It offers a safe, relatively stable way to make a little extra money.
It's an app that lets you link your own credit or debit cards to it. When you make a purchase, it rounds up the price and then invests the difference into stock portfolios.
For example if you buy gas for $10.10, you can instruct the card to pay $11 and it will invest the remaining 90 cents into your portfolio (like that index fund). It's a great little tool to invest your spare change instead of keeping it in the jar in the corner of your bedroom.