Passive income is a phrase that has become very popular in the last few years, primarily because the opportunities to be able to make passive income are more prevalent than ever. If you’re interested in setting up some passive income streams, then get started with these three ideas.
Use investment apps
The best way to make new money is by multiplying your existing money. Investing is historically the best way to do this, but if you’re not familiar with investing, it can be an overwhelming undertaking. Not to mention, it’s easy to get burned from a few wrong decisions.
To dip your toes in investing, try investing apps like Acorn or Robin Hood. With these money earning apps, the setup is fairly simple: you connect your profile to an online bank account, and choose how often and to where you’d like your money to be invested. You can setup automatic transfers to periodically grow your account, and some apps even offer a roundup feature: the app connects to your primary spending account, and every time you make a purchase, the app rounds up the transaction to the nearest dollar, and invests that extra money in your savings account. It doesn’t get any easier than that!
Write a book
If you have any sort of passion for writing, or sharing your knowledge with the world, then a great way to make passive income is by writing a book. The self-publishing industry has exploded, and more people than ever are pursuing their dreams of writing a book. And these people are onto something – if you’re able to get a book live for sale on a site like Amazon (even an ebook), then you will have created a very simple, low-maintenance passive income source! Of course, there are a number of marketing and promotion considerations that will need to be factored into the time and money equation, but with the right strategy, having a book for sale online can really payoff as a passive income play.
Sell an online product
Similar to writing a book, if you have an area of expertise or an area of interest that you can monetize, then you should strongly consider selling a product online. Ecommerce has become huge in the last few years, with platforms like Shopify and Etsy making it so easy to get started selling online – sometimes in a matter of hours!
If you’re interested in selling a product online, then get started first by doing some research on what’s already out there. Doing this step early on will save you lots of time and energy, and increase your chances of success! From there, you can do competitive research, get your shop and/or product listings up and running, figure out your distribution methods, and launch your marketing campaigns. If you set up proper marketing campaigns, then ideally you will be able to drive continuous traffic to your store and through your sales funnels – without having to life a finger!
There are so many ways to make passive income, but generally it will take a while to get to the “passive” state. Do the hard work early on to reap rewards for months and years to come.
