7 Ways To Generate Passive Income With Your Day Job
How about making money while you’re sleeping or you’re on vacation..?
sounds like a dream, doesn’t it?
The simple solution to this is Passive Income.
Researchers have even pinpointed a statistic that millionaires, on average have not just one, but multiple streams of income. Sometimes it’s up to seven.
But, if you’re sitting there thinking that passive income is impossible because you’re too busy working a day job, think again. Not only is it possible. But, you’d be crazy not to put as much of your effort into generating a new stream of passive income.
“If you don’t find a way to make money while you sleep, you will work until you die.”
Warren Buffet
Creating Passive income takes hard work and a substantial amount of time. Sure, the money may not be much at first, but if you are determined about the idea and continue putting the right amount of effort into it, you’re going to see great results. Eventually, it will become one of the most rewarding sources of income you’ll ever have and That’s when the real magic starts to happen.
Passive income provides the freedom to work on yourself, It allows you to pursue things that you love rather than what pays the bills, and most important It provides a platform for Financial Stability and accelerates growth towards Financial Freedom.
Most of the professionals doesn’t have the time or energy to put in all those extra hours because of their 9-to-5 day job. don’t you think, Life may be too short for a 9-to-5 job, but possibly it might just “get-you-to-where-you-want-to-get”, Depending on how you want to spend your life, For that, you may need some passive income ideas or ways to make money with little investment of time and effort on your part.
After reading books like “ The $100 Startup”, “ Rich Dad Poor Dad “ and watching hundreds of youtube videos on Passive income. I became so much obsessed with this concept that it made me think why not share this Fantastic information with you guys.
Here’s a list of 7 passive income ideas that you can do along with your day job. You just have to figure out exactly what works better for you.
1. Start a Blog
This is one of my favorite ways you can create a passive income. yes, in the beginning, it takes time and a lot of effort from your part to start with. Eventually, if your blog draws a steady stream of traffic such that you no longer need to promote it, you can turn it into a passive income ATM machine. potentially, you can earn up to five or six figures per year, sometimes even more. it totally depends on your creativity to get traffic.
There are some basic steps you’ll need to take before you start a blog. Don’t just rush headfirst into this without planning. Pick a particular niche assuming you are doing a day-job you can pick a niche related your work or blog about a niche that generates the most traffic. do some research.
Ways you can earn money from blogging.
- get Google Adsense approval
- Use affiliate marketing on your blog.
- Add banner adverts to your website
- Write advertorials and sponsored content(require a strong niche audience).
- Sell digital products on your blog.
- you can even sell your blog if it does well.
2. Freelancing
One of the best ways you can create a passive income is by freelancing. In some cases, it is associated with active income depending on what kind of job you do. however, it has always been a popular way to generate passive income online and the Internet has plenty of options. websites like fiverr.com, upwork.com, freelancer.com are the most popular websites that provide freelance jobs. All you need to do is apply for the tasks that suit you and try to make your portfolio strong, and by strong portfolio, I mean to show the best work you have done. If you have worked on some big projects at your daily job, put up some screenshots and a description of the project, because If you’re new to freelancing, there’s a 90% chance you’ll lose out on projects to a more experienced freelancer
As a freelancer, You can earn anywhere between $5 to $100 for one job and maybe even more than you would in a full-time job.
3. Make Youtube Videos
Youtube is growing rapidly and it’s the second most used platform after google. This is the platform that almost everyone uses, but few people are making their own content. You can create videos in just about any area that suits you Educational tutorials, opinions, tech news, gadget reviews, vlogs anything you want. There’s a good bit of work that goes into creating videos, but once a video is done it can be one of your greatest sources of passive income opportunities.
Ways you can earn money from youtube
- Become a YouTube Partner and earn money from ads.
- Sell products or merchandise.
- Work with brands as an influencer or affiliate.
4. Write an ebook.
This can be a lot of work up front, but once the ebook is created and marketed it can provide you with a passive revenue stream for years. You can either sell the ebook on your own website or offer it as an affiliate arrangement with other websites that provide content related to your ebook or you can do this the simple way and just publish it on websites like Amazon’s KDP, Payhip or Blirb.
5. Invest In Mutual Funds
If you want to generate passive income, Mutual Funds are great ways to do it.
A mutual fund is not an alternative investment option to stocks and bonds, rather it pools the money of several investors and invests this in stocks, bonds, money market instruments, and other types of securities.
Buying a mutual fund is like buying a small slice of a big pizza. The owner of a mutual fund unit gets a proportional share of the fund’s gains, losses, income, and expenses.
6. Build an App, Tool or a Plugin
This can be an incredibly lucrative source of income. Think about how many people today have smartphones, laptops, and the Internet in all those electronic devices. almost everyone with a decent salary uses these devices. due to which all these tools and applications are in high demand than they have ever been. Many IT companies are looking for these skills, but if you’re looking for a life free from a set schedule, closely clocking in and clocking out, and supporting someone else’s dreams, then passive income is the way to go.
How can you make passive income?
It doesn’t matter if you come from an IT background or you’re not, you can always learn a new set of skills in programming and development or you can hire a developer to build your requirement based on your idea. This could end up being an expensive option, although it will be worthwhile.
Related: If you want to learn a new set of programming skills, check out my other Blog — Fastest-Growing new programming languages to Learn in 2020.
There are many different ways of making passive income in this stream. Some ideas include creating and selling tools, animations, themes, widgets, apps, plugins, bots, and software.
this field is extremely broad, so you have many options to generate relatively passive income.
7. Create an online course.
If you are an expert in a particular subject. Why not create an online course..?
Teaching online can be a fun and profitable business. You can start part-time to generate some extra income and grow it to become a full-time business if you like. people are making an insane amount of money selling online courses and the demand for online content is continually growing.
How much can you make selling online courses?
according to data provided by onlinecoursehow.com
Your online course could earn anywhere from $1k — $50k per month.
There are a number of ways you can produce and host your own online course. the simplest way is to use websites like Coursera, Skillshare, Lynda, and, Udemy. if only considering Udemy it has over fifty million students as of 2020 and It is a great way to get your content in front of this many people and the other way is to promote your course on your own website.
Did I miss any cool ideas? Let us know which Passive Income ways deserve more love and attention!
Thanks for reading! Stay awesome.
Originally published at https://limedroid.com on April 14, 2020.