When I first began dipping my toes into the water of the finance community and learning about money I kept seeing people go on about passive income and the best ways to create it. This got me curious to find out more about it as I felt I could be missing out on something.
So what is passive income?
Passive income is when people earn money from a project/venture that requires very little effort or upkeep once it is up and running. This means you can be making money when you’re doing other things such as working another job, on holiday or even when you’re sleeping. Now that sounds appealing right?
Can anyone make a passive income?
Technically yes. There are many different forms of passive income. There are more traditional methods of investing and leasing properties but there are so many people making passive income through digital content that haven’t needed to invest a lot of money to get a passive income stream for themselves. That’s not saying that making a passive income stream will be completely free and takes no time at all. A lot of people who are selling digital content take their time to create whatever product they are offering but once its done it doesn’t need that much maintenance.
Five ways to earn a passive income in the digital world.
Now this is a little bit on the line of ‘passive’ as many bloggers will tell you that it takes a lot of work to run a successful blog. That being said though if you have content that is informative such as recipes, tutorials or educational people will refer back to it increasing page views which in turn will earn you money through advertising on your blog.
This is something that so many people are running with now. Whether it be a course on how to run a blog, start a business or maximizing online marketing. There are so many people sharing the information on how they have made an income online or learned a new skill. If you have something teachable you can create an online course for people to pay to access. Once you have created the course there’s not much else you really need to do apart from advertising it.
- Paid digital content
Maybe you don’t have something to teach but you maybe create stuff that other people would pay for. Maybe you’re a keen writer and could sell an eBook or a crafter who can sell your patterns on etsy. There are so many opportunities to make and sell digital content online with a little creativity.
- Affiliate Marketing
This one can tie heavily into blogging/YouTube/social media. If you have a platform to share links then you can earn money when people make a purchase through the links you have shared. This can be a really lucrative form of passive income but does take some time and effort to learn how to do it right and then get into a flow of doing it.
Another place in the internet to share your wisdom and it can literally be on anything or nothing all at once. You can tie in affiliate marketing and advertising to make passive income from your videos and if you have created something you can highlight it through your videos to direct sales towards it. There are some great blogs and YouTube videos that can help you get started on YouTube as it does take some time before you can monetize but once you can then the sky is the limit.