There are many ways to create passive income. This type of income is great for people who want to work in their pajamas while earning cash. The word “passive” may make you think you won’t have to work for it. For the most part, this is true, but not initially.
So, what does passive income look like exactly? It can take many forms. Some people enjoy writing e-books. Other people like to create online courses on platforms like Udemy. Still, others like to create passive income by other creative means such as coming up with phone applications or investing in stocks or options. There are a wide variety of ways to create passive income. Here are just my top 3!
Ways to Create Passive Income
Writing E-books is a great way to create Passive Income. You can choose any topic that is of interest to you. I have written fiction before, and while this has not netted me millionaire status, it was fun. Simply pick a subject you want to write about or a topic you enjoy and start writing. Once you finish writing and editing your e-book, you can upload it to Amazon Kindle and begin earning money from your writing. Just market yourself on social media and it can begin generating sales. This is especially true if you have a great story or topic that people are interested in. One thing I want to caution you on. Don’t just write about the new “it” thing. Many people will do that. You want to make sure your book and topic has a unique perspective. It will make your book more marketable.
Heck, some people find it fun to write an e-book about a subject they are passionate about and then create a course around it. This brings me to my second way to create passive income.
Creating an Online Course
This is a fabulous way to create passive income and do so on a monthly basis. It works best when done with thought and care. After all, you’ll be selling a product which is also about selling yourself and your knowledge on a topic. You want it to be the best it can be. This can often mean more time and substantially more effort than writing an e-book. You may also do your first run of the course and realize you want to add more to it. Through programs like Udemy that I mentioned at the top of this post as well as other sites like teachable, you can create fun and engaging courses.
Something to keep in mind when going this route. Depending on who you choose to go through, there will most likely be a cost (usually monthly) to host your course. I believe Udemy gives this to you free but you also have to get it approved by them. Teachable allows you to create your course without approvals but it does cost. The minimum I saw was $39.00 per month. It may be steep, but if you price your course accordingly while keeping in mind the transaction fees they charge, you can recoup your monthly cost with just one sale. Obviously, you want to get more than that but I was using that as an example.
Using Apps to Make $
I’ve talked about this a bit in a previous post, but it bears repeating. There are TONS of apps out there for both Apple and Android users to generate passive income. From Inbox Dollars to Ibotta, you can use these apps to get money back on purchases and even get cash for doing things like shopping online. In fact, look for a post soon on E-Bates! Apps can also be installed on browsers to generate this passive income. Simply shop, take surveys, or use the browser extensions on websites to get cash back and make money. Again, this will not make you rich, but it’s a great way to get some pocket money.
Well, that’s it for this entry. These are just a few ways to create passive income. I haven’t scratched the surface of this topic. What I wanted to do was to give you all a general overview of where to potentially get started in this interesting and often fun subject.
To check out my last entry on Proofreading for Profit click here. Until next time…HAPPY EARNING!