How to Earn a Passive Income Online
How to Earn a Passive Income Online
It’s easy to be lured into the idea of earning thousands upon thousands of dollars by simply sitting back and allowing income to come to you. That idea isn’t really grounded in reality and if someone is promising you this – beware!
But, passive income does allow you to continue to get paid for work you only do once. With typical income, you work and then get paid, and then do it all over again . . . and again, and again.
To earn a passive income online you have to make an investment up front. This investment may be of time or dollars, but you make an investment all the same. You should also be prepared to do some kind of maintenance work over time to keep your passive income stream viable. For instance, if you are selling an eBook, it may be that you need to update information as research has changed or you need to update graphics to maintain a modern feel. The maintenance work needed is going to vary for each idea I list below.
I want to jump back to this idea of making an investment up front. Don’t think for one minute that it is going to be a simple investment. You will be working hard or investing some of your hard-earned cash. But, it will be nice to have more time to yourself and watch money start tricking (maybe even rolling) into your bank account once the hard work is complete.
If you have money, you can make it work for you through investing it. There are several opportunities for investment, and some of these opportunities require very little.
- Real Estate Crowd Funding: For as low as about $500 you can invest in a property. It could be a hotel or development property. You pool your money with others, someone else does all the work on real estate, you see a return on your investment. One place to learn more is realtyshares.com.
- Make Dividends: This option means you’ll need to have some market savvy. Using a service like Ally Invest allows you to invest in different places and self-direct and self-manage those investments.
- Start Small: One service, that easily allows you to invest is an app called Stash, available for the iPhone. You only need $5 to start. You can invest in a variety of mutual funds or even companies that align with your values and savings goals.
- Open a High-Interest Savings Account: High interest savings accounts won’t earn you money overnight, but they are a safe place to invest, but see a much higher interest rate than a traditional bank. There are a variety of options out there!
SELL ADVERTISING ON YOUR WEBSITE
I’m not talking about using AdSense or a similar service. I’m talking about directly selling advertising. If you have a popular website or blog, and believe in a product, there may be an opportunity to sell some space on your website to those retailers.
WRITE A BOOK
Probably your best bet is to right an eBook and publish it either on your own website or through Amazon (or both), but if you can find a regular publisher, that’s awesome! With a book, you will spend a lot of time writing, but it also allows you to post it for sale and earn a passive income over time on those sales.
I’ve written extensively about affiliate marketing. In a nutshell, affiliate marketing is promoting items using links provided by the sellers of those items. You earn revenue when people buy a product using those links. I would encourage you to check out my previous posts to learn more!
If you are an expert in something, create an online course! You can sell the course and provide handouts or maybe a special book to those who take your course.
In a similar vein, if you are passionate about something or have something you want to share with the world, create a YouTube channel and start sharing videos. You can then sign up to receive money by allowing YouTube to post advertisements on your videos.
LICENSE YOUR PHOTOS
If you enjoy taking photographs, there are always people who need stock photography. Publish your photos and license them. Sell the rights for others to use your photos.
CREATE A MOBILE APP
If you are at all digitally astute or have the desire to learn (you can also partner with someone who is digitally astute), you can create your own app and sell it!
DESIGN A PRODUCT
If you have a knack for digital design, then this might be an opportunity for you. There are several sites like RedBubble, Cafepress, and Zazzle that allow you to upload designs and place them on products (like jewelry, t-shirts, phone cases, etc.). You don’t have to maintain stock or ship items. You are basically selling your design work.
To learn all there is to know about how to earn a passive income online I recommend you try this platform.
As always, if I can be of any help with your venture into having your own successful online business please leave a comment in box below or contact me here