Earning a passive income is a dream for many. While you may not become a millionaire relying solely on passive income streams, you can still earn extra money without a lot of effort. There are plenty of ways to do so which you may not have considered.
Do you need even more reason to pursue this goal? If so, keep the following points in mind. Too many people don’t try to establish passive side businesses because they don’t believe it is practical. They fail to realize that, these days, earning a passive income is easier than ever. These are a few key reasons why.
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Creating a stream of passive income typically involves some degree of work at first. You need to put in effort, often considerable, to begin earning money. Once you’ve done the early work, you can collect your earnings regularly, often without additional effort.
Some of the work may involve tasks you’re not comfortable with. For instance, perhaps you decide to publish an eBook on a subject you’re familiar with. You’ll probably attract more customers if your book has a professional-quality cover. Unless you’re comfortable with graphic design, creating a cover is something you won’t be able to handle on your own. You’ll need to hire a freelancer instead.
Luckily, finding freelancers is easy thanks to the Internet. On such platforms as Upwork, you can find a graphic designer, web designer, writer, and virtually any other freelancer you need to help you set up a passive income stream.
Through the Internet, you can also find people who can handle basic maintenance tasks of your side business (such as shipping orders or answering emails) for a relatively low cost. The main point is, in this day and age, not having the time or expertise necessary to establish a passive income side business is no longer a reason to avoid doing so.
The Internet has also made it easier for anyone to earn money on the side. Again, you could publish an eBook, earning money off your special skills or knowledge. Others have gone a similar route, creating blogs and monetizing them via ads.
If you’re more comfortable on screen than you are as a writer, you might start a YouTube channel instead. Thanks to the rise of mobile technology, you could even earn money as a podcaster using nothing but a microphone and your expertise to provide valuable content to listeners. Make money through the podcast with ads, or use it to promote your own product.
In fact, with affiliate marketing, you can earn money online (whether in the form of a podcast, YouTube channel, or blog) promoting other people’s goods and services. The main lesson to keep in mind is that options for earning passive income are abundant now. Anyone can find one that appeals to them.
You don’t even need to create something to earn money on the side. Perhaps you want to earn passive income by making smart investments. This is another advantage of the mobile age. Investing apps such as Robinhood have allowed people to buy and sell stocks (and other assets/investments) via their smartphones.
Because these businesses keep their own overhead low by operating virtually instead of through brick-and-mortar offices, they can eliminate the prohibitive fees associated with typical brokerage firms. This makes investing more accessible to those who previously may have been discouraged from earning money this way.
The options listed above all involve effort on your part. Even if you choose to invest in the stock market with an app, you still need to do research to ensure you’re making smart investments.
The idea of putting in significant work to earn income that’s supposed to be “passive” may not be something you’re interested in. Luckily, technology once again provides a solution to the problem.
Now such apps as Acorns allow you to make passive income with minimal effort. This particular example links to your debit card. Every time you make a purchase with the card, the app rounds up to the nearest dollar and deposits the difference in your account, investing the funds for you. You’ll almost certainly earn less money than you would if you actively researched and invested on your own, but you won’t have to do as much work.
Regardless, these points make one thing very clear: earning a passive income is possible for virtually anyone now. New technology has given you plenty of options for earning money on the side. You simply need to decide which approach is right for your goals and lifestyle.