It seems to be the popular opinion of the older generation of today that money does not come easy and while, yes, this may be true, it certainly comes far easier now than it ever has before. Passive income is, put simply, money that generates itself. Of course you’ll need to put time and effort into setting up a passive income stream but in today’s world money can flow into your account without you having to actually go out and earn it.
To illustrate how passive income works, imagine writing an eBook about, say, the art of making coffee or some other area that you’re particularly knowledgeable in. Now this book of course will require time to begin with to actually write – it isn’t going to write itself. But once the book is written and published, it will generate money itself without you having to invest any more time. This, in effect, is passive income.
Now stay with me here – you’re not doomed to fail just because you don’t know the first thing about writing eBooks (or what an eBook even is for some of you). Passive income is an umbrella term that covers an innumerable catalogue of money making methods, 3 of which we shall be exploring in this article. There will indefinitely be a method that suits you amongst these hundreds.
Another benefit to passive income that has been popularised by technology in the last few decades is the internet. In the past, generating passive income streams may have required a person to purchase property in order to generate money, however now there are many, many ways that you can earn cash online. All you need for the majority of passive-earning methods is an internet connection and the ability to type.
Alternatively, many people earn money through active income. Now active income is quite the opposite to passive income. Active income is earning money through working hourly – actually getting a position in a particular workplace and going out to earn money. This money absolutely does not, cannot, generate itself. It requires you to put in hours of activity and comes with the risk of being fired and having this source cut off, as well as tying you down to a particular location near to said workplace (more on this here).
Before you Begin
Before you start it’s important to know that passive income is not a get-rich-quick stream. To establish a steady-flowing, profitable revenue stream you will absolutely need to invest your time and efforts to get the ball rolling. It’s important to enter the world of passive income with the right mindset and not to expect millions to come your way over night. Think long term. Dedicate a couple of hard-working weeks to getting things started and you will definitely see success.
As mentioned before, writing an eBook can be an excellent way to establish a reliable source of passive income. You don’t need to be an experienced author or gifted writer, so long as you can string together academic sentences and write clearly you can start earning.
Writing an eBook is great not only because it requires little skill but it also doesn’t require any startup costs. It’s also a task accomplishable within a fairly short time frame – it could take only a couple of weeks to a month to start, complete and publish your book online. Amazon is a great place to publish your eBook to and ensure it will get a lot of attention.
When writing an eBook it is crucial to get a feel for the market. Browse the best-selling authors on Amazon and read the reviews of their books to grasp what exactly people are looking for when it comes to an eBook. Start small by drafting your book and writing all things that come to mind. String these together and give it some structure and texture and you’ll be well on your way to publishing your book.
This is, of course, a very simplified and condensed guide to writing an ebook. For more on how to get started, have a read of the following two articles:
It’s a common misconception that making money through selling photos requires you to be a professional photographer. Believe it or not, many of the photos in your mobile phone could probably be sold online for a decent amount. Business look to stock photo selling websites such as Shuttershock for images to use for their company – these images may be sat in your phone gathering dust. See the website below for a full guide to starting up as a stock photographer.
Creating a Course
Another excellent way of earning passive income is creating a course. The great thing about creating a course is that it’s a completely unlimited area to explore. Anybody can create a course and it can be based entirely on what they love. If you’re particularly knowledgeable in a certain field, say, fitness, you can create a course all about it and people will pay for it.
Udemy is the perfect platform for course creation. Many people are earning upwards of $6,000 from single courses. It may take a month or so to begin with for you to create a course, but even still that’s a potential extra $6,000 for just one sale. Of course, this sort of income will not come instantly and you will be required to put time and effort into creating your course, but nevertheless Udemy is a very good place to start. They even have a totally free course about how to create your own course!