Passive income seems to be a hot topic among entrepreneurs, especially in the age of the internet. But most people tend to forget what truly passive income means.
By my definition, passive income is income that you can earn by putting in the work upfront and steadily earning from it over time.
If that sounds appealing to you, stick around and find out how you can get your hands on some extra monthly cash.
1 Investing
The tried and true classic way of earning passive income. If you have any interest in the stock market, youve likely heard of this method before.
By investing in stocks, cryptocurrency, real estate, or anything else of the sort, you can make a profit by waiting until the asset is worth more than what you paid for it.
The safest type of investing involves waiting years for a steady increase in value, but there are also more risky options such as flipping NFTs, penny stocks and day trading that you could look into if youre interested in that kind of thing.
2 Print on Demand
Are you the artistic type? Maybe you know your way around the photoshop text editor? If so, this could be the option for you.
With websites like Redbubble and Teepublic, you can upload your merch designs and have them advertised for you for free, earning money through the upcharge you set on the products being sold.
While this may be a difficult one to get traction with, it can prove to be quite the money maker for those who know how to follow trends closely.
3 Dropshipping
If youre looking for ways to make passive income, theres no doubt in my mind that you know what dropshipping is.
Essentially, you market a product from a site like Aliexpress through your own website created with either Shopify, Squarespace, or anything similar, then advertise the product and make a killing of the upcharge.
Theres a lot to learn before you make your first sale, and if you make any mistakes, it could very well cost you thousands of dollars before you get any real profits to roll in, but it remains one of the best ways to make money online in the modern day.
4 Affiliate Marketing.
I know, I know, this may not sound like the most appealing option, but you cant deny that it pays to be a sellout.
Affiliate marketing is essentially joining an affiliate program with some company that will pay you for every new member you recruit to their app/service/etc.
This one is most effective if you already have an online following built up somewhere such as YouTube, a blog, or any other location online that receives a decent amount of traffic.
With that being said, theres a certain option for building up an audience from scratch that you might find useful.
5 Writing on Medium
Who wouldve thought, a passive income guide on Medium that suggests using Medium to earn money? Impossible, I know.
This really goes hand in hand with the previous method though, since a combination of profits from the Medium Partner Program alongside some affiliate marketing links slipped in here and there could prove to make quite a good amount of money for those willing to put in the effort.
The trick with this site is to write consistently, publishing an article every day or two to keep yourself relevant. Keep in mind that youll need to reach 100 followers before you can start earning money, so get started on that grind!
Thats all, folks!
And with that said, weve come to the end of the list. What ideas did you find most intriguing? Have you started making your own passive income through another method? Let me know in the comments!
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