7 Easy Ways to Make Passive Income
There is no better income than the one that trickles into your bank account without doing anything. That’s true, with passive income you can make money while doing nothing but you need to put in some upfront work or investment to make cash flow in the future, without much effort on your part
You might ask if passive income will work for you or not? Let’s say, If you have a 9–5 job and you want to make some extra money or you are planning for your save retirement or you are a housewife/mother who wants to earn from home while taking care of your house or even you are a student who wants to earn a full-time income in part-time work, then my friend passive income is the only way for you to make money with little to no effort
You know that you can make money by passive means, but what you don't know is HOW?
There are tremendous ways to make passive income, but first, let’s answer some common questions related to passive income.
What is Passive Income?
Passive income is a way to make money with an upfront investment of your money, time, or skills. This is how millionaires keep their money inflow, they usually have 5–6 streams of income and most of them are passive.
What are the Examples of Passive Income?
There are a lot of different ways to make passive income like, investing in the stock market, buying real state and earn from its rent, by selling your product online, freelancing, and many more that you will find in this article read them and find out what suits you best.
Does Passive Income Require No Work?
NO! that’s not entirely true. You still need to put some real work in it but mostly it’s all in beginning, once you establish your business or rent out a property then you enjoy a huge sum of money coming in, with little effort along the way.
You can have multiple sources of passive income, but I would suggest to pick one and start. You need time and the ability to focus to grow a passive income stream. Master one thing before moving on to the other.
Now, let’s discuss the most effective ideas to make passive income
1. How to Make Passive Income on Instagram:
The most actionable strategy to make passive income is by using social media. A simple photo-sharing APP turns into the one of most popular and most used APP. Everyone uses Instagram and so you, so why not make money out of something on which you already spend hours of your day.
You might ask how? All you need to have an engaging account of more than 1000 followers. You can review the brand’s product on your page or you can sell or promote your product without having any website. There are numerous companies out there looking for bloggers with engaging profiles to review their products.
Here are some strategies to keep in mind to use your Instagram account to make some money.
- Just posting pictures is not enough You have to make sure that you have engaging content for your audience, ask them questions to keep them engage, short but attractive caption, and put relevant stories daily.
- Stick to one category like fashion, health, entertainment, or anything you have an interest in.
- Use the relevant hashtag that will help you reach more people.
- Post on a good time, there is a good time, and there is a dead time of posting see when your audience is engaging more and it’s mostly after 7 pm when people have time to check their feed
2. Affiliate Marketing:
Another way to create a passive income stream online is by affiliate marketing. In simple terms you need to review a product on your blog, the company will give you a link, whenever your audience clicks on that link and buy something you will get a commission by 3–6 percent.
If you want to attract more traffic to your blog, try to choose a lucrative niche. It will better if you find the product of your interest. It’s all about having a good following and traffic. You can review the third-party product on Instagram and Youtube too where your follower tends to buy that product on your remarks.
3. Rental Property:
What is the best way to earn passive money than rent a property? It’s not as passive as you might think, because you need to know some important steps in this regard. Not every property will make you money. You have to make sure to buy smart, research about it. To avoid any risk you should know some important things:
- How much it cost
- Its expenses and risk
- How much profit you want
Hiring a professional property manager makes your work easy for you. They keep the managing duty of your property and get a 10% commission out of rent. Both successful and unsuccessful investors tend to agree that passive income can give them financial freedom. Thus, the situation of irrational investment occurs.
You might face some issues so it’s better to be prepared. Because of covid 19 crises, many people won’t able to pay their rent anymore or your property price might drop because of the pandemic.
4. CREATE AN E-BOOK :
All you have to do to pick a topic you are good at and write good content upfront and promote it. There’s a good bit of work that goes into writing E-books, but once an E-book is done it can become a completely passive cash flow source for a very long time.
You might confuse about what to write and how to find a good idea?
Ask yourself these question:
- Is there anything you are good at?
- Try to answer the common question relating to that topic for your reader
- Search on google books what topic is trending
- Try to find out what your potential reader wants to read
- Make sure you have enough knowledge and research to validate your e-book
5. Start a Blog :
The most trending way to make a passive income nowadays is to start a blog. You can build your own or buy one with good traffic
Now, You might be confused that there are already so many blogs out there, why would you attempt to create a blog? Isn’t there a lot of competition? Well, that's true but new and creative ideas can win. A blog can be pretty passive. What are you obsessed about? What are you already reading about? What skills from your day job can translate into a writing career? Make a blog on that niche.
Unlimited income and the freedom to live life on your own terms? Once you learn how to run a blog successfully, the sky is the limit.
6. Invest in the Stock Market:
Who will not agree that investing in the stock market is all about money? Make sure to study some market strategy ahead. When you buy stocks, you buy a tiny piece of that company. In general, you can make money two ways with stocks: value appreciation as the company’s stock increases and dividends.
Investing in real estate or stocks is a personal choice that depends on your financial situation, risk tolerance, goals, and investment style. It’s safe to assume that more people invest in the stock market, perhaps because it doesn’t take as much time or money to buy stocks.
7. Make YouTube videos:
It’s the most fun way to generate passive income. You can make videos on anything you want, like gaming, blogging, reaction videos, comedy, tutorials, and many more. The Key is to create a compelling video. Once you put your work and time to make good content then it will become a good source of income just like blogs and E-books.
Now, it's time to pick one of these passive streams and start making money, However, I want it to be clear that not all of these ideas are “get rich quick”. It requires time, patience, and implementing the right tools and strategies to help it succeed.
