Money matters. There should be no doubt about that. If you don’t have enough to satisfy your basic needs and need a couple, there’s no chance you’ll be happy or content in life. Of course, everyone knows this. The desire for money is actually why most of us go to work. But, is it never really enough? There’s always someplace we’d like to visit or some product we’d like to buy but we can’t do that because of our empty bank account. So how do we get that extra piece of money we’re always looking for? The solution is to capitalize on the internet’s power to generate a steady stream of passive income.
The cornerstone of Personal Finance appears to be passive profits. I mean what could be easier when it comes to income than earning without having to exchange your time for money?
Passive income has two main paths-either you spend money to make it happen, or you spend time to make it happen. But there’s one-third option? Kind of.
1. Rent your Space
If you happen to own a vacant space in your house, apartment, office or your store, you have a great source for your disposal to produce passive income. Space rental platform like Myrsa has made it incredibly convenient for property owners to make extra money by renting out their extra space to visitors for short periods of time. Your spaces like studios, garden, classroom, and common areas can be rented out for an hour or a day. List your spaces and start earning instantly.
2. Write a Guide or Online Course
In recent years, online learning sites have become increasingly popular with people who use sites such as Coursera, Lynda, and Udemy to learn courses about their personal interests. Whether it’s web design, photography or digital marketing, if you’re experienced in any area, you can create a course on platforms like Udemy or Unacademy and earn money when users register for it.
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3. Sell Pictures of stock
If you happen to be a photography enthusiast, consider selling your images to websites such as Shutterstock, Alamy and iStockPhoto for stock image. The market for high-quality photographs in accordance with this business’ competitiveness. So, if you find a niche (such as landscape photography or business photography) and establish yourself on even one site as an expert in it, you can surely earn a lot of money in your bedtime.
4. Start a podcast
The lives of people these days are so fast paced that the need of the hour has become multitasking. That explains why podcasts have become so popular all of a sudden; they allow people to get information or entertainment while they are in the middle of commuting, working out, cooking, or something else. Podcasts are easier to make than videos from YouTube, and can easily be posted on iTunes. Simply pick a subject you’re well informed about or passionate about, and start a podcast around it, it’s that easy.
5. Affiliate and marketing referrals
Affiliate marketing and referral marketing includes pushing sales to another company and then charging you a fee on each product you make from your efforts. The affiliate marketing plan for Amazon Associates is one of the best choices for people looking for a way to earn money. You need to set up a website with outbound links redirecting to products on Amazon (or another website providing affiliate programs) and if the product is bought by a customer from your site, then that business pays you a share of the amount spent.
6. Offer an eBook.
Writing and publishing an eBook has become a widely popular means of earning passive income in recent years. Notably successful eBooks on non-fiction topics such as online marketing, business development, career advice and the like. Although fiction eBooks are also good sellers, they are far more competitive in the market compared to non-fiction ones. Once you’ve written an eBook, you can put it up for sale on platforms like Amazon’s Kindle Direct Publishing or Apple’s iTunes Connect.
7. Express your skills via video channels [Youtube]
Were there any unique dance moves, singing skills, mimicry art, comedy stand-in or comprehensive exercise sessions? Present your creativity to the world from your own channel, use YouTube videos. YouTube is an incredibly popular and exciting platform for getting yourself a good flow of passive income.
You will be charged higher based on the amount of views, shares, subscriptions and popularity your channel will earn through various categories of users.
A few people who started their own YouTube channel now are millionaires when the video-sharing platform was in its nascent stage. Now that YouTube has become incredibly popular with hordes of people running their own channels making it considerably more difficult to make a million dollars, but it is still possible to earn a decent amount of money. As always, you’re going to have to find a niche that isn’t filled yet, and concentrate on making videos around it. When you start raking up views and subscriptions, with minimal effort on your part, the money will start flowing in.
8. Sell artwork and crafts to you
If you’re a graphic designer or just an aspiring artist, you’ll find plenty of places that will pay you for sharing your work. Sites such as Etsy, Zazzle, and The Souled Store allow people to attach t-shirts, phone cases, mugs, posters, book covers, and more to their designs. The sites then pay a fee to the contributing artist if and when those items are purchased.