Earning passive income is an appealing prospect for what are probably obvious reasons. Everyone wants to earn more money. However, not everyone wants to spend every waking moment working. Passive income streams (when you take the time to establish them properly) strike an ideal balance, helping you make more money well after the work you have put in is in the past. That said, you do need to put in a significant amount of work to establish and maintain a passive income stream. Part of that work consists of substantial research.
If you decide to earn passive income through investments, you need to research investment strategies to make the best possible choices. If you want to earn money by self-publishing an ebook on a topic you have expertise in, you’ll have to learn how to properly market it. Or, maybe your plan to earn passive income involves blogging about a subject that interests you, and monetizing the blog with advertising. In that case, you’ll need to research SEO best practices to ensure your blog attracts readers.
Those are just a few examples. However, they illustrate a key reason why many people who want to earn passive income never actually make the attempt: they don’t have the time to conduct the necessary research. That might have been the case in the past. Now, there’s a good chance you no longer have that excuse. Due to the COVID-19 pandemic, many people have more free time on their hands than ever before. You could use this time to conduct research into passive income strategies.
Reading blogs like these is one way to learn more about this topic. The following are a few more ideas worth keeping in mind. They’ll help you leverage your spare time to better understand how you can take advantage of passive income streams and start earning extra money.
Read an Essential Book
There are many books on the subject of passive income. However, The 4-Hour Workweek by Tim Ferriss is a fantastic choice for a starting point.
First of all, the book is highly readable and doesn’t include much technical jargon, which makes it a good introduction to the topic. More importantly, this book contains many practical tips for actually creating passive income streams. The advice it offers is extremely explicit. Ferriss provides readers with a wealth of ideas for earning easy money on the side.
He also offers lessons about the reality of passive income. Too many people make the assumption that passive income streams will make them rich. Although a select few have managed to earn millions of dollars through passive income strategies, those are very exceptional cases.
Ferriss points out that your main goal shouldn’t be retiring early with millions in your bank account. Instead, you should aspire to the still lofty (but much more attainable) goal of making enough passive income that you can justify spending your time focusing on work that you care about, instead of working a job you hate to pay the bills.
Listen to Podcasts
The fact that you might have some more free time on your hands right now doesn’t mean you’re not busy. For instance, like everyone else, you need to eat dinner. That means you may need to cook it for yourself (and, potentially, your family) most nights.
Luckily, even when performing tasks such as preparing dinner, it’s still possible to learn more about how to set up passive income streams. Podcasts give you the opportunity to learn about this subject while cooking, driving, exercising, or even while falling asleep. Research your options and make a list of passive income podcasts you think would be worth listening to.
If you want to dive into the subject of passive income more deeply, consider taking an online course. This is another enriching way to spend the extra free time you may now have.
For instance, Pat Flynn is famous for turning his first foray into passive income into a career. He’s now a millionaire who teaches others how to replicate his success. Through his website, Smart Passive Income, you can access a range of courses on various passive income-related topics, including how to start and monetize a podcast, how to build a brand, and how to get started earning passive income when you have no experience doing so.
The main point to understand is that the extra free time you have right now doesn’t need to be wasted. On the contrary, you can use this time to pave the way for your financial future.