Donald Gayhardt

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What You Need to Know about Making a Passive Income Plan

What You Need to Know about Making a Passive Income Plan

Pretty much everyone likes the idea of making money without putting in much effort. That’s why so many people are interested in learning how to make passive income. However, many people also feel as though they don’t have any idea how they could go about making any sort of income that doesn’t involve much work on their part.

As this blog has pointed out before, it’s actually not that difficult to come up with a passive income plan. Whether you’re starting a business or looking to invest, taking the time to research ideas will show you that generating a plan is much easier than you thought.

In fact, it may be possible for you to turn your existing interests and talents into sources of income. The following examples illustrate how you might be able to make money on the side without putting in much effort or making substantial changes to your lifestyle:

 

Explore Your Passions.

passion

No matter what topic you’re interested in, it’s likely that there are other people out there who are also interested in it. This means there’s an audience for content related to that topic. You can leverage this fact to make money. For example, you could start a blog about the subject, earning money through advertising. Or, you could publish an e-book and collect royalties. If you’re not confident in your skills as a writer, you could earn money by creating a popular podcast or YouTube channel devoted to the topic.

Yes, these examples do involve some degree of work, but the work itself won’t actually feel very demanding. If you’re naturally interested in a topic, then writing or podcasting about it may be genuinely enjoyable. Your enthusiasm will be contagious and may even help you attract a larger audience.

 

Use Your Talents.

Are you an amateur photographer? There may be people who would love to buy prints of your work. You could also share photos with companies that function much like stock photo sites, paying the photographer a royalty every time someone purchases a download of his or her work.

If photography isn’t your thing, but writing is, you could compile your existing work into an e-book and sell it online. Some people have literally made millions of dollars selling e-books they originally wrote just for fun.

Maybe you enjoy graphic design. Finding clients willing to pay for your work won’t be too difficult if you have some talent.

Again, while these are examples that require you to put in some effort, the point you should focus on is simply that you can easily make money doing what you already love. If you have a hobby that you could use to make money, doing so will rarely feel like a chore.

 

Make Money from What You Have to Do.

booksNot every passive income strategy needs to be related to your existing interests. Sometimes, it can be related to your obligations.

Pat Flynn is a good example of this concept. Flynn is a passive income guru who makes millions writing, podcasting, and teaching others about the topic.

He didn’t start out successful, though. Not long ago, Flynn was simply a young man working for an architecture firm. He wanted to make himself more valuable to his company and others in the industry, so he decided to apply for a test that, if he passed, would certify him in a much sought-after specialty.

The test Flynn had to take is notoriously difficult. So, he decided that, in order to stay committed to studying for it, he would blog about the topic. This was also a way hold himself accountable.

Flynn would later learn that his blog, which he had only started as a side venture, had actually attracted a large following of readers who were also studying for the test. After learning about his large audience, he decided to put ads on the blog to monetize it. He also wrote an e-book about studying for the test. The first month it was available, sales from the book earned Flynn thousands of dollars.

Your exact situation almost definitely won’t match Flynn’s. However, there’s a good chance that something you must do in your life can be turned into a form of side income. Maybe your daily work experience has given you enough expertise on a niche subject to write an e-book about it. Maybe you’ve also had to prepare for a test or other evaluation, and you have enough experience to help others in your position. Either way, if you have to do something anyway, you might as well make money while doing it.

Passive income doesn’t need to be a dream. Making money on the side is often much easier than you think. Keep these points in mind, and soon you’ll think of ways to make money without much work.

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