Everybody wants to make money. But money is simply the means to an end. Ultimately, we all would like to make more more money and have more time. Fortunately, there is this thing called the Internet, and there are plenty of ways to do it. I have been searching for a long time to try to free up my time while collecting some $$. As you may have heard, there's this thing called Passive Income.
Simply put, passive income is a method of generating income that generally requires little to no upfront costs while generating residual income. The beauty of this is that you do not have to actively be involved(i.e. passive income) I will try to write about this as often as possible, so follow, like and comment :)...so here are my top 5 methods of generating Passive Income:
- Write an E-Book
Self Publishing is incredibly simple these days. The most popular platform is obviously Amazon Kindle Direct Publishing, where authors can publish their own electronic-books(FOR FREE). To self-publish a book you’ll first need to write one. This requires a significant time investment and may require an editor to help correct all your grammar mistakes. You also need create a cover, and then upload the entire project to Amazon's platform. For your troubles, you will receive a royalty . Check Amazon's fees here:
https://kdp.amazon.com/en_US/help/topic/A29FL26OKE7R7B
While this may sound amazing, do not expect immediate results, because writing the book is only the first step. Technically, even deciding to write the book could be considered the first step. An ebook is very difficult to market, considering there are millions of ebooks floating around. Everything is in hyper-competition for attention in this new economy. Attention is, in itself, the newest form of de facto currency-- and by far the most important. You pay companies with your attention, whether you're paying for a service or performing a service for the company(using their digital media platforms). Therefore, it is imperative that you find a particular narrow niche and put extreme focus on it. For example, an alien based romantic thriller....tighten up the niche, find the spirit and energy within you to research and write that book. Once you have achieved this unbelievable feat, price it fairly(in the $9.99 range), get to work on promoting your literary child...There are many in the kindle/self publishing game, so a good place to start researching is their stories and Amazon's extensive library. The objective is to build a large catalogue of books so that you are constantly selling books, even years from the publishing date...Expect a huge learning process.
- Selling Your Stock Photos – Where do you think all these websites, blogs and social networks are getting all these photos from? Somebody is taking them, and many times, that someone makes a good amount of money in the process. Many of these photos are purchased from stock photo websites. There are free and paid photo sharing websites.
The best free(and some for of royalty free/creative commons) ones include:
Pixabay
Unsplash
Flickr
Wikimedia
Pexels
Some paid ones(photos and videos can range in the dollar to hundreds of dollars range) include:
Shutterstock
Adobe Images.
iStock
The initial cost for getting into this game is only the equipment and material used for photography. But the pictures can be sold in perpetuity, or whatever you agree to with certain sites. If you generally enjoy photography, this will take a lot of guesswork out. As well as provide an channel of passive revenue for simply taking and uploading photos....
- T-shirt and custom service startups have raised millions of dollars to prove a simple concept of contemporary retail that conventional retail is being disrupted. Everything in the new economy is becoming customizable--the purest form of democratizing the retail space. The cost of creating, printing and delivering these t-shirts is distributed thanks to the nuanced business model. It is actually pretty simple to make money with this business model, even by automation.
Sites like CafePress and Teespring allow you to create a design for a t-shirt(many other types of small retail products have also been added, like hats and cups). You can either design it yourself or outsource the work to some freelancer, usually on Upwork or Fiverr. You then choose the price you would like to sell at and choose how many you want to sell. The more you theoretically would like to sell, the higher your commission is on the sale of those shirts. You do not hold any inventory or have to worry about the delivery. The company takes care of all that hassle, you just worry about selling those shirts. Therefore, you have to market and promote that t-shirt wherever you think you will get the most sales. If the shirts do not sell the minimum amount, there is no sale and everyone is refunded. If they do sell, the t-shirts are delivered and you get a piece of the commission. Upvote, comment and follow me as I try out this method and write about my experience using these sites in a future blog post. While this requires a fair amount of work in the beginning, the rest of the process is taken care of by the t-shirt company. Once you have figured out a way to automate this business, there is major growth potential.
- Creating a Tutorial or Educational Course is one of the greatest ways to make passive income. The education system, just like conventional retail, is being disrupted by customizable content. There are virtually no barriers to entry or fees to being this journey. You simply create a specific course or do-it-yourself series of videos and sell them. There are platforms like Udemy.com and Skillshare.com, among many others, that are always looking for good teachers to put up valuable content on their sites. If you are greedy, you can even put it up on your own website, or create a library of them, then constantly market them. One of the biggest search categories is "How-To," so creating educational tutorials/courses has been shown to yield long term profitability. Many make entire year's worth of salary from creating a few courses per year. Plus, teaching is fun when done correctly.
- One passive income method that is not talked about, and is super underrated, is buying high yielding dividend stocks. Contrary to popular opinion, stocks are worth more than the simple trading of them to some other fool that will buy them from you at a higher price. Most people never make any money in short term trading. The true purpose of buying stocks is to make a return and hope in the future the stock price increases over time. The same way that you put money in a bank and (used to) get money from interest rates, so there is the concept of dividends. High yielding dividends, with enough money invested, can generate serious returns. Best part is, you do nothing except collect the returns that will most likely be credited to your trading account.
So these are my top passive income strategies. If you enjoyed them, please upvote, comment and like. Thank You!
Finally, an article on Steemit that actually taught me something I did not know about money. Keep them coming!
Absolutely! Im gonna do at least one of these a day!
I need to get on this...great post Tyler Durden