I know “passive” income might seem that you’re going to be sitting around chilling while your money generates itself. But contrary to popular belief, passive income doesn’t come without work and definitely a dash of creativity in my opinion. However, what’s so great about this, is that at one point, you will have minimized the amount of follow-up and daily work you have to put in by setting up the right gear for your trip.
This concept itself is built based on working smarter and saving yourself the idealistic and far-from-reality motto which is to “work harder”:
Where do I start?
First, you have to take a good look at your assets. Do you have any online platforms? Good following and decent audience? Or maybe you’re more of an egghead and have a lot of knowledge that you’re dying to pour on someone? Are you an artist? Or or or … etc.
Well, each of these has its own perks and its own way of being turned into a passive source of income. Need some examples?
1– Affiliate Marketing:
It’s pretty simple, affiliate marketing is basically utilizing your preexisting platform to promote a third-party product. This can work if you have a good audience that follows and trusts you. This is an easy way of generating income that doesn’t require much work besides of course working toward building your platform.
2- Passive Income with Dividend Stocks
Don’t let the name scare you away, dividend stocks are a great way of not just generating income but also making an investment and potentially growing and protecting your money.
This concept is definitely worth doing the homework for. We’ll be coming back soon with more on this one, so stay tuned!
3- Educational Platforms
Whether you’re a musician, artist, archeologist, or whatever your niche might be, there are always people out there who are yearning for this knowledge and waiting to absorb all the information. Like the case above, this method relies on creating a website where you share/create courses that are curated just for your niche audience. This, of course, requires some effort, knowledge and hard work. However, once your website is up and running, it’ll start bringing in more and more cash the more people like it and find it useful.
As I’ve said before, passive income doesn’t come right out of thin air creating cash. There are many other ways to keep the cash engine running, what are ways that you’ve tried before? Do you think that you’d consider any of our picks? Let us know in a comment!