If you’ve read the finance papers or the business blogs as of late, then you already know that the days of working one job and expecting security until you retire might (at least in some cases) become a thing of the past. More and more people are worried about their future, as technology is rapidly changing the corporate landscape around us, and with it also the type of jobs that will be available.
If you’re worried about what’s going to happen to you and your future income, then stop worrying right now. Can you imagine waking up in the morning, fully aware that no matter how you choose to spend it you’ll passively earn income?
Although your current job may not be around in the next 10-15 years, there’s actually never been a better time to create financial freedom for yourself, then right now. You can do this by engaging in one of the many ways to generate what is known as a passive income.
Passive income refers to a type of income that doesn’t require for you to constantly sell your services or engage in physical labor. You will have to perform a bit of groundwork in the beginning, but once you’ve laid the foundation (depending on the project you’re working on), then you can sit back and collect an income on a regular basis, without having to do much else.
The beauty of a passive income is that you can take the steps necessary to start this journey, and generate money in your spare time. Do you have a few hours before or after work? Do you have weekends available? How about a half hour or so during your lunch breaks? If you can squeeze out a bit of extra time to create a plan and work on it, then you can be on the road to create absolute freedom for yourself via passive income streams.
Thanks to the technology of our day, and all the possibilities it brings, there’s plenty of ways for you to start generating more money. Below are 5 ideas to help get you started to create passive income and a whole new life.
1. Review blog
A review blog is one in which the blogger selects a product niche, using the space of their blog to create review content. The content could be based on any type of consumer product or service. Of course, it’s always best for the blogger to have some personal experience or expertise when they write about the product or the service.
The blogger can generate passive income through their platform in a variety of ways. The most common methods involve inserting affiliate marketing links into the blog’s content. When the blog reader clicks on the link, they’ll be led to a sales page. If they purchase the product being advertised on the sales page, then the blogger will earn a commission, based upon a pre-set percentage.
Another method bloggers use to generate income is through advertising. They’ll use an ad network such as AdSense, and earn commission via a revenue-sharing model that the ad network sets up for marketers. If you have a product niche or a service that you’re passionate about, then perhaps a review blog is the right way for you to create freedom for yourself.
2. Affilite marketing
A very popular way of creating passive income for yourself these days is through affiliate marketing. Instead of creating content on a website, you simply find products or services that have an affiliate program and start putting out online ads to promote them, thus driving traffic to these websites. It could be on social media, video platforms, forums, search engines etc, and if these ads lead to a sale you’ll earn a commission.
If combined with a blog, where you can further promote that product or service, you’ll have a very powerful way of reaching a big audience. Instead of hoping to capture the attention of random people on social media, you’ll have a fully-engaged and captive audience who have indicated that they want to know what you have to say, along with what you have to offer. And if these products or services are part of a subscription, then yes, you’ll earn that commission every month for as long as that customer is active, without lifting a finger.
Streaming video is one of the most popular means of reaching a digital audience, and it shows no signs of slowing down. This is thanks to the increased use of mobile devices. People find it much easier to consume video content on the go. Text content isn’t as easy to consume on mobile devices.
Most of the streaming content consumed can be found on platforms such as YouTube or Bitchute, but you can also find plentiful on Facebook and Instagram. You can join the rank of vloggers (video bloggers) by creating content around an industry niche or a topic that you’re passionate about. But instead of posting your content to a blog, you’ll upload a video.
If writing isn’t your particular brand of fun, then this is a great choice for you, and you don’t have to set up a blog or pay for hosting. Vlogs are featured on platforms that are already in place, so there’s no money to spend. Best of all, you can refer to the product or the service you’d like to market within your video, then place a link to the sales or landing page within the description area of your vlogging account. Again, as subscribers/audience increase, you can always allow for ads. Entirely up to you!
4. Brand ambassadorship
Here’s another benefit of becoming a digital marketer: You can score a profitable brand ambassadorship with interested companies. Today’s companies (and many large corporations) understand that digital marketers are the new PR companies. Marketers serve as influencers, determining if a product launch succeeds, or fails.
This in mind, digital marketers who have thousands (or millions) of followers can command huge royalties and commissions in affiliation with companies that want to partner with the marketer’s brand. Imagine being able to create freedom for yourself by being paid to positively represent the products and the interests of a company you like?
5. Online Courses
Here’s another way to generate passive income for yourself: Think of a topic that you could teach to others. Next, set up an account on a platform such as Skillshare, Udemy, or Coursera.
All you have to do is make a video of yourself teaching the course. After your course is uploaded and approved, and once prospective students sign up for your course to pay for it, then you’ll generate money from the sales.
What’s more, you can also sign up as an affiliate for these platforms. Not only will you generate passive income from the sales of your course, but you can also generate passive income by advertising and marketing other courses on the platforms. Simply brilliant!
Once you have steady income streams, you’ll be able to decide whether or not you want to continue working as an employee at your current job. In all likelyhood, you won’t have to.
This leads of course to an absurd amount of extra time to spend any way you see fit, and you’ll quickly realise there are even further ways for you to generate passive income, including stock dividend investments, creating content for revenue-sharing platforms, renting your car and home, investing in real estate, leaving space on your website for advertising banners, and lots more. Or why not write an e-book and sell on Amazon?
As soon as your eyes have opened up properly to passive income ideas, you’ll start seeing opportunities all over the internet. However, avoid overwhelm and start with one idea, and then as the money starts rolling in you can engage in more projects.
Now, there are always going to be those who are pessimistic about the many opportunities out there. “If it sounds too good to be true then”…etc, I’m sure you know the type. Well, if you’re reading this and thinking “there’s no such thing as passive income,” that’s a real shame. Honestly, it is. You’ve already decided the premise of this article is false, so you’ll never start the journey to build passive wealth that increases over time.
I hope you love your 9-5 job, cause you’re going to be there a while. Or worse, jumping from one job to another. If you need me, I’ll be over here building even more passive income streams that work around the clock — even when I don’t feel like it.
However, if you are really interested in more detailed information about where to go from here, then look no further. Click the link below and discover the possibilities yourself.