Living paycheck to paycheck from your standard 9 to 5 job is great and all, but what if you could make money beyond that?
If you’re someone working in the 21st century, you’ll know full well how difficult it is to get by with only one source of active income. This is where passive income comes in handy, it’s one of the most efficient ways to guarantee you generate extra cash flow especially during this time where multiple streams of income are more than needed.
Approximately 3.9 million US employees work remotely, a figure exacerbated further by the pandemic. To meet your financial goals for the year, it may be hard siness in which you don’t have to actively participate by the hour, like royalties or stock dividends.
Passive income is money you earn that doesn’t necessarily require you to do a lot of “active” work to continue making a profit off of it. In essence, you can do most of the work upfront and put some additional effort along the way to earn an income. Quite literally, you are making money as you sleep.
Even when pursuing your primary job, you can still have money coming in from your passive income sources and build up a solid stream of revenue once these investments mature. Not only does it give you extra financial security, but the entrepreneurial benefits can even prove to outweigh your standard 9 to 5 one day.
1. Set up a dropshipping shop
For beginners in passive income, dropshipping is considered to be one of the most profitable passive income sources that are relatively easy to get into. Through this medium of passive income, you can even build your own business and control how much you charge per product.
Dropshipping also allows for you to have control of most of your earnings, an indisputable fact not shared by the other passive income ventures.
Of the choices we will be listing, this is one of the most effective. This is an excellent list of products that have both high interest and profit margins. Visit the remainder of the site to learn how to ship those products to your dropshipping location.
2. Run a blog
Another highly popular passive income stream is blogging. Through the use of affiliate links, courses, sponsored posts, products, book deals, and more, content creators are offered multiple avenues to make money off their work. One of its biggest perks remains how blogging can generate several streams of income at once.
While it is true that a more arduous effort in the earlier stages is necessary to guarantee a successful blog, it remains one of the most sustainable ways to guarantee a loyal audience that generates organic social traffic.
3. Affiliate marketing
Another generous income source, affiliate marketing is one of the safest and fool-proof ways to gain extra money by simply adding a link to your site or social media account. Website owners and social media influencers alike can both benefit from this exchange.
When a visitor clicks on the link and makes a purchase from the third-party affiliate, the site owner earns a commission. The commission might range from 3 to 7 per cent depending on the brand, so it will likely take significant traffic to your site to generate serious income. But if you can grow your following or have a more lucrative niche, you can still make some serious coin.
4. Sell information products
Creating your own masterclass of niche courses is another great way to get extra money online. By establishing an information product, such as an ebook or online class, you can effortlessly bring in some serious cash as more people gain interest in your expertise and buy from your products. With sites like Udemy, Skillshare, or Coursera, you can distribute and sell your online classes and generate income from them with ease.
There’s also a “freemium model” wherein you build up a significant following through free content, and then charge extra for more in-depth teachings geared towards those who want to know more and are willing to pay extra for such knowledge. The free content acts as a demonstration of your expertise and can attract those looking to go to the next level.
5. Flip retail products
In the age of fashion, take advantage of numerous online e-commerce platforms that have competitive prices for mostly anything. There has been a serious surge in online thrift stores where competitive bidding has almost become the norm with each item.
You’ll arbitrage the difference in your purchase and sale prices, and may be able to build a following of individuals who track your deals. By maximising the polarising price differences between other platforms, you can attest to what the average consumer is willingly going to pay for and adjust your own prices accordingly.
Once you’ve gained a substantial amount of following and have more than gotten back your initial capital investment, you’ll find going into the e-commerce route in the age of digital transactions a wise choice in the end.
6. App development
If you’re someone highly skilled in the art of programming or developing, you might want to try your hand in app development as a means to gain extra cash flow. With this particular hustle, you might find yourself needing to make an upfront investment right away – but fret not, because over time you’ll surely reap the rewards, especially once your app has been fully developed and launched.
7. Dividend stocks
While it may seem intimidating to get into stocks at first, once you get the hang of the market and invested enough of your money, you’ll find this to be one of the relatively faster ways to gain passive income. Shareholders in companies with dividend-yielding stocks receive a payment at regular intervals from the company.
With companies paying cash dividends quarterly out of their profits, all you would have to do is own the whole stock or a percentage/share of the stock. Dividends are paid per share of stock, this means that the more shares you own, the higher the monetary gain for you.
Since the income from the stocks isn’t related to any activity other than the initial financial investment, dividend stocks can be one of the most fail-safe ways of earning passive income because the payouts will simply be deposited into your brokerage account.
8. Hosting an Airbnb
Did you know you don’t actually need to buy land or a new property to make a profit off real estate? If you have even a spare room or apartment, you can list them as potential bookings on Airbnb where visitors can avail of your living space for an agreed upon rate per day. This can be your apartment, condo, spare room – anything that falls under the company’s accepted lodging sites, you can capitalize off of.
Airbnb has also expanded into “Airbnb Experiences,” which allow you to host events, meetups, and tours in your city, which is a great perk to take advantage of if you live in high-traffic cities such as New York or Tokyo.
9. Advertise your car
With ridesharing quickly becoming a normalized subset of transportation, why not jump on the bandwagon and earn extra money by simply driving your car around? The entire process is relatively easy and foolproof. You can start by contacting a specialized advertising agency to evaluate your driving habits and skills, all of which include the routes and miles you usually embark on.
Agencies are looking for newer cars, and drivers should have a clean driving record. While you do have to get out and drive, if you’re already putting in the mileage anyway, then this is a great way to earn hundreds per month with little or no extra cost, only maybe a colourful banner by the top of your car or a graphic text printed all over your door.
10. Create Youtube videos
Content creation on Youtube is arguably one of the main ways to successfully earn passive income. From sponsored videos to ad revenue, you’ll find that Youtube is a highly efficient place to gain a steady amount of money that can sometimes surpass the regular 9 to 5s.
The not-so-coveted secret to creating a successful YouTube channel is creating content on a consistent schedule for a long time. That’s it. If you stick with it for the long haul, you’ll eventually start reaping the passive income rewards.
Are you an expert or something or want to talk about a particular interest of yours nonstop because your family is getting sick of you? Youtube is the way to do it, and what’s more, you actually get paid for it!