Learn how to make passive income and several easy ways to make money online without dependence on an employer. Here are 5 ways to make passive income that will help you unlock the financial freedom to do what you want, when you want.
Simple Ways to Make Passive and Residual Income
Good web content is worth money.
This is a great passive income idea if you don’t have a lot of money to invest upfront. Once you get a considerable amount of traffic, your revenue stream grows exponentially. Also, with a blog you can write about topics you are passionate about. You have the freedom to write about anything from makeup to your favorite recipes. In essence, this is an excellent way to make money online!
The best part? It’s EASY to get started. All you need is a hosting plan and a domain name. Bluehost is the largest and most popular website hosting service and allows you to create a website with little effort. It also comes with services like WordPress, so you don’t need any experience with coding to make your website. They have great customer support and essentially guide you step-by-step on how to create a website.
If you want to make money online, this is the way to go. And once you get traffic to your blog (through paid/social media advertising), you can monetize your website and start building up your passive income. You can place ads on your website with Google Adsense or promote affiliated products on Amazon. As long as you are able to get traffic, you will make money.
There are 4 crucial steps to consider when blogging:
- Creating your website*
- Creating valuable content
- Driving traffic to your website
- Monetizing your website
Create your website today and watch the money roll in.
This is something you can do part time.
If you have a passion for photography, this is the passive income path for you. First, take captivating pictures of anything you can think of. Then, simply upload your photos to a stock photo website like iStockPhoto. They take care of marketing and acquiring customers for your photos, so this is one of the best passive income ideas because little work is required of you.
Stock photography is a competitive market, because anyone can simply take pictures and upload them. You want to be able to differentiate yourself from the competition. Consider investing in a quality camera and maybe taking a few photography classes. Additional gear such as a quality lens is a plus. Likewise, many wisely invest in a photo editing software to enhance their photos. Photoshop is excellent at giving your photos that extra distinction.
If you are serious about photography, you can find a lot of success with it using the right mindset and tools. Photography is an art and you want to ensure you are producing the best quality content.
Make money capturing life’s greatest moments.
Own a Business
Have unlimited earning potential owning a business.
This is by far one of the best ways to make passive income. As a business owner, you dictate the amount of money you earn based on the performance of your business. You also have control over how to operate and run your business. And once you have a system in place that is self-sustaining, you can sit back and watch the passive income roll in.
Many choose not to take this path because they are afraid to take risks. They follow the norm: go to school, get good grades, and hopefully find a high paying job. Robert Kiyosaki highlights the fallacy of this mindset in his book Rich Dad Poor Dad. He reveals how he makes his money work for him, whereas others must work for money.
This book is the foundation for many entrepreneurs and businessmen alike. It changes your mindset on how to make money and reveals the path to follow if you’re interested in starting a business. Additionally, check out this post if you’re looking for more reasons to start your own business.
Good luck future, business owners!
Write a Book
Unleash your inner writer.
Books are the oldest forms of knowledge and entertainment. They allow readers to better understand concepts or visualize a fantasized world. As an author, you make passive income writing about the things you’re passionate about, and you don’t have to be J.K. Rowling to be successful doing so.
To begin, you can start writing short eBooks. This avoids the costs of printing paperbacks, shipping, etc. Then, sell your completed eBook on platforms such as Amazon as a kindle version. Lastly, you can choose to market your eBook through whatever outlets you decide upon. This is another one of the best passive income ideas for those wanting to learn how to make money online.
One of the greatest benefits of writing a book is you can make money passively years after you have published it! Here are some simple steps to writing a compelling eBook.
Start making money at home with this passive income idea.
Invest in Index Funds
Be a smart investor like Warren Buffett.
This is arguably one of the easiest and simplest ways to make passive income. Buffett once made a bet with hedge fund managers that none of them could outperform an Index Fund tracking the S&P 500. It was the easiest money he had ever made.
Index funds passively invest money for you in the stock market. On average, the stock market returns 7% annually. This is money earned literally through no effort other than having a well established company invest money for you. Index funds such as Vanguard’s Total Stock Market Index Funds are great ways to make passive income and help you create multiple streams of income.
Invest today, prosper tomorrow.
These are just some of the passive income ideas out there. Click here to check out more passive income ideas. Comment below to let me know your favorite idea and/or how you make passive income. Also, subscribe to our newsletter to receive More Than College update! We will send you an email every time we have a new post you’ll love.
Disclaimer: I am a paid affiliate for linked products and services. Though I receive commission, I personally use all of the products listed and/or hold each in high regard.