My Top Passive Income Strategies
Making money while you sleep or travel the world might sound like a dream to a lot of people but this is one of those dreams that can become a reality thanks to the transformative power of the internet.
To earn a passive income, all you need to do is set up a system that allows you to sell products without having to put in any work to create and deliver said products. That could mean that you’re selling a digital product such as an ebook for example, or it might mean that you’re selling a product on behalf of another company – acting as an affiliate. Now that’s not to say that you can’t create your own items and content, it’s just easier to use something that is already out there… That’s one reason I love private label rights materials…
You can also making money from advertising. And there are a surprisingly large number of ways you can do this, namely using affiliate marketing and social media influencing.
So let’s talk about some of the ways I am making passive income and how you can make it work for you!
Sell an Ebook
This is something that I am just about to do for the first time and super excited! I have just finished up the book and getting ready to record the audio version as we are recording this. You may be watching this in the future and already know it’s a best seller, lol, yeah, I can dream right? You can simplify the process of selling ebooks as well by selling through Amazon and Kindle (same thing). Kindle is of course the name of Amazon’s e-reader device and this also comes with its own store where users can find and download books. This makes it a highly effective ‘distribution platform’, meaning that it’s a very easy way for you to find customers, sell to them and deliver your product. You don’t need to worry at all about marketing, about handling payment or about delivering the product – Amazon does all that for you! And with their new setup, you have an all in one place to sell you digital, physical, and audio copies!
Best of all, it’s free to sign up!
Run a Website
Or in my case, several, haha. If you can get enough visitors to a website, then you can use this as a means to turn a profit from advertising. Use AdSense and each time a visitor clicks an ad, you’ll get a tiny payment (usually of a few cents to a dollar). The hard part is getting enough visitors to your site without spending every waking moment running it – but if you hire writers, or if you create an ‘evergreen’ resource, then this can work well. We will get more into evergreen content in the next little bit. But it doesn’t just have to be advertising and affiliate marketing, you can create an e-commerce store where you sell designs you create, or purchase the rights for, and slap it on a t-shirt and throw it up for sale using a print on demand company. You don’t have to make or warehouse anything, the company does it all for you!
Create Evergreen Content for Blogs or YouTube
Creating videos has deemed to be very profitable for those who can make it work for them. Not all video producers make the big bucks though. Some of the best YouTubers out there are creating what is called evergreen content. This is content that will stay relevant for a long period of time. Content like say… this video… People will be able to come back to it in a couple of years and the content will still be relevant. Well, at least I hope it will be… Kind of banking on it, haha. Things like daily news updates and financial stock updates, etc, are not going to be relevant in a day or two, much less a month or 2 years down the line. So when you are thinking of what kind of content you want to create, ask yourself, will this content be good a few years down the line? Videos like this can be watched for a long time and if you are monetized on YouTube, you will continue to earn on those ads! This is another thing that is up and coming for ebusinesstips.net!
Invest Your Money
Lastly, one of my top ways of making passive income is investing my earnings and putting my money to work for me! You can do this in many ways, but the easiest way for most people to invest is to look into investing into a largely traded index fund or ETF. This will be like investing in a large basket of companies and earning a profit share from them. You can get all cute with it and start picking individual companies and such, but for beginners, it is best to find a good index fund and start there. For those that are a bit adventurous, like me, there is the ever growing world of cryptocurrencies. There are a few ways you can earn passive income in the crypto world like mining with your computer, staking coins, or things like lending on platforms like BlockFi.com or Nexo.io and and earn compounding interest on your crypto and stable coins. Putting your money to work for you is the key to generating long term wealth.
To Wrap it up
Nobody ever said this was a get rich quick strategy, but it is possible to make those long term gains by keeping your head down and producing things that will keep producing for you for years to come! These are just a few examples of many ways to earn passive income. Subscribe to the channel as well as the blog to never miss any of our tips and tricks to navigate this crazy wild Wild West of online business!
Check out the ebook on the store, 'Passive Income Strategies'