What is Passive Income?
Passive Income is Money earned with minimal activity through various kinds of sources which needs a little daily effort on an individual’s part.
Even though Passive Income term is misunderstood by many people as they think it’s some get rich quick scheme, honestly it’s not.
To create a passive income, it takes time, money and hard work.
This Ultimate Guide on Passive income will give you the information you need to get started with and most importantly help you make money online.
Let’s get ready then?
HOW TO MAKE PASSIVE INCOME?
You have three options to consider:
Option1: Do nothing just read: People who don’t do anything get nothing as simple as that.
Well, I know you are here reading this article which means you want to do something and start on a new journey.
So you’re welcome and I would like to congratulate you on taking a step in your new life.
Option 2: Keep searching for more information online: You might have heard this quote “Knowledge is power” but Applied knowledge is real power otherwise it’s just information.
Get the point, apply these techniques which I will show you in this post don’t keep looking for more.
Option 3: You take action now not tomorrow: Taking action can be as simple as registering your domain name for example or writing a paragraph for a blog.
The point is to take action now in the present moment don’t resist.
Otherwise, you will keep on reading this post or someone else’s post on making money online and won’t do anything. It happened to me so I don’t want this to happen to you.
10 Ways to Make Passive Income in 2020
Start a Blog
Blogs are basically written by an individual or a small group of people to share information in a conversational style.
However, now there are tons of business/personal finance blogs that produce a lot of informational and thought-engaged style content.
WHY BLOGGING IS SO POPULAR?
One of the reasons that blogging is so popular is that it has become a mainstream source of information.
Everyone who searches on google probably will land to a blog post and find their answers to what they are searching for.
With blogging people now can interact comment and engage with one another. The most interesting part is that you can make money with blogging how amazing is that isn’t it?
Bloggers do earn money, but this is not a get-rich-quick kind of career.
Best reasons to start a Blog:
Easy to Start: Yes, anyone who wants to start a blog can start easily, you don’t need any coding skills or some advanced level computer expertise “NO”.
With blogging platforms, you can just click and drop and make a website within minutes.
Make it a Passion: People say it’s hard to find what they are passionate about I can disagree to that because when I started blogging.
I hated writing or even reading books and articles but I never gave it a second thought to blogging.
Which within a few days I started to love writing and reading which made me keep on with the blogging journey and became a passion of mine.
Help Others: Blogging is a serious skill by which you can make a lot of money and recognition. This skill you can teach others and help them start blogging journey.
I know the feeling of helping and teaching my visitors who read my blogs it’s an amazing feeling it makes me feel like I can change and impact people.
Helping them with what I know, so help others will make you happier.
Make Money: I still remember when I made my first income from Blogging it was 200$ but oh my god it was the best feeling of my life and probably the most memorable of my blogging journey.
Because I read 1000’s of blogs and saw people who made a fortune with blogging, Like 7-figures per month.
It is possible to make that much money with blogging all you need a proper planning and right attitude towards it and you can make it a lucrative business in blogging.
WRITE A BOOK
A cliché but probably one of the most effective ways to make money is through writing a book.
Well, you have to put in the initial hard work writing a book then selling your books can be a great way to produce some lucrative Passive Income.
Amazon Kindle is one of the best ways to make money online because once your book starts selling you will get a cheque every month for doing absolutely nothing.
It’s not that hard you’re your perception makes things hard, you need an effective plan to write and market your book and you will make money.
Thousands of people have made money from it so why not you change your attitude and you are good to go.
Important point: the more you market your books the more money you will make period. (Spend time learning how to do effective marketing)
“Get Free Access To The Affiliate Bootcamp Interview Series”
“Affiliate marketing has made businesses millions and ordinary people millionaires. -Bo Bennet.”
This above statement is true Affiliate Marketing has made Businesses millions and people millionaires.
Though it’s tough as hell you can make lots of money from affiliate marketing because it’s not going anywhere and will stay for a long time.
All you need a Website (go and register your website-“action time”), and a product to promote and you will get commissions per purchase.
More details on “Affiliate marketing” on another post where I have explained with every detail. Try Affiliate marketing it is worth it.
SELL PRODUCTS ON AMAZON
AMAZON, most of the world does shopping on Amazon, it is one of the great ways people make money online through selling on Amazon.
You don’t have to worry about marketing your products because Amazon has an amazing marketing way to promote your products and show them to your target audience.
Simple does not mean it’s very easy so be careful before you enter into this market and do your research first.
Did you know that you can sell your own products on Amazon and have them even ship the products for you?
I know a friend who makes six-figure per year just selling on Amazon.
Take Surveys Online
A Few minutes of your time daily can make you some extra bucks on taking Online Surveys, it won’t make you rich quickly.
Online surveys work on the basis of points, Like Swagbucks, if you do online shopping through their portal, fill out online surveys or watch their recommended videos, etc.
You could earn points which accumulatively within few surveys can make money. Swagbucks gives a $10 sign up bonus.
E-commerce is exploding and drop shipping is getting popular day by day. Here’s how it works: You create an online store that offers products from certain manufacturers.
A person visits your site and orders a product, and then your system sends the order to the specific manufacturer.
The manufacturer then completes the order by shipping it directly to the customer.
One of the cool things about this type of business is that you do NOT need to order inventory.
The customer pays for the product; you collect the profits, and the manufacturer stores and ships the products to the customer. It’s as simple as that.
CREATE A YOUTUBE CHANNEL
There is no such thing as it’s too late now for someone who is an ambitious and successful person.
If Someone tells you that it’s too late now to start a YouTube Channel because it’s overpopulated and too competitive then don’t listen to them.
Start a YouTube Channel today on whatever topic you like and people will watch your videos.
Everyday regular people like you and I are making money on YouTube.
Each time someone watches one of your videos, ads can appear, and you can make money from those ads.
The key to becoming successful with YouTube is building a large enough subscriber and viewer base.
It can take a lot of time upfront, but once your videos are live there is potential for you to make passive income from each video indefinitely.
Granted you probably will not make a living off of just a few videos. Be prepared to make over 100 videos if you really want this to take off.
Be an Instagram Influencer
Instagram is one of the best places to build a brand online.
With more than 500 million active Instagram users you can have a targeted loyal audience that can help you grow your business online.
Once you’ve decided a niche you’re interested in then start posting on Instagram and build a following on your account.
Instagram influencer charge around $100 to $1000’s of dollars per post.
Providing value to your audience is the only best way to build a massive following on Instagram and once you’ve built a strong connection with your audience then you can charge for shoutouts, create a nice product physical or digital and make money off Instagram.
Take the skills and Expertise you have inside you and package it into something that the world will pay for said by “Ramit Sethi”
Online courses can be a great source of passive income. Here’s how they work: you create a value-packed online course that helps solve a problem or fills a need.
The course can include videos, e-books, and emails with pertinent information.
Customers sign up to purchase the course, and your system automatically emails them everything they need to access the materials.
Online courses are low-risk, high-reward, and scale very well. You can use them to reach thousands of people all over the world.
It’s become the crux of our business and now we generate over 95% of our revenue through our own products. I can’t recommend it enough.
Start A Podcast
Starting a Podcast is like starting a YouTube channel or a blog because it all comes down to telling your interesting stories and building an engaging audience around your Niche.
Starting podcasts is one of the best ways to make passive income though it will take time to build a big audience if you will start loving the process then it’s going to be fun.
John Lee Dumas is one of the top Podcasters in the world where he interviews great leaders and entrepreneurs in his podcast Entrepreneurs on fire.
The best thing I love about John’s Podcast is that he publishes all his online income on his blog where he makes more than $200,000 a month off podcast alone.
People are looking for new ideas and content every day so it’s never too late to start something from the beginning all you need a sound idea that you love.
The important point is you need a niche that you’re interested in like something you can talk about passionately.
You can write down lists of topics you are interested in and search online which topics are in demand and trending start with that topic.
Hopefully, this list has helped you narrow down which source of income is best for you.
implement a few of the passive income strategies above so you can start working less and making more money while you sleep today.
There are so many other ways to make Passive income online but I thought of not writing all of them because too much information can lead to procrastination and you will not take any action.
The whole motive of this article is to get you started with something so that you don’t get stuck with just information and not even take the first step.
So take action now and trust yourself things will work out because people who take actions get results.
Passive Income is a good way to get started with your next side income.
The only question is, which one are you going to pick?
Let me know in the comments below