For most normal people, working 9-5, Monday through Friday can really start to feel like a dead end.
To put it bluntly, most of us hope for a little more in life than working 40 hours a week for the next 30 years or so to maybe retire and have enough money to be sustainable.
So instead of promising another get rich quick scheme, or slipping into your Facebook PM’s to share a special “business” opportunity with you, let me introduce you to the idea of passive income.
With passive income – money never sleeps. So quite literally, passive income is a financial opportunity that anyone and everyone can, and should, be putting into practice.
Here’s the part with passive income most people won’t share with you – it takes work. Passive, income regardless of the form, is an investment, and investments take time and effort. But at the end of the day, if you want to build wealth, quit your day job, and invest your resources wisely – check out these ways to create passive income right now online.
Online Courses
Online courses can be an extremely effective way to generate passive income. Depending on what you desire to accomplish, creating a course and curriculum can be as easy or as challenging as the effort you put into it.
If you have a lower budget and don’t have an established audience just yet, you can use a free platform like Loom to screen record tutorials and host your course on a platform like Udemy that will market it for you. Otherwise, reach out to your email list, and use a hosting platform like Teachable or CourseCraft that will help you launch your curriculum.
Membership Site
Instead of continuing to bust your tail trying to sell content – consider batching it for membership. Batching your content simply means creating multiple pieces of content in one sitting – and with a membership website, you can generate monthly revenue doing just this. Charge a lower price to get clients in the door, and watch your money accumulate over time.
Affiliate Marketing
Different than multi-level marketing, affiliate marketing simply gives affiliates, preferably in a company’s target audience, a code with a discounted rate. The affiliate is paid commissions for the sales they make on your product, and as a result, affiliates drive more traffic to your website.
There’s no pyramid structure or contractual compensation agreement here and the affiliate is paid commission off of their sales. Basically, think of affiliate marketing as selling your product at a lower rate (to pay the commission) to sell more products.
On the flip side, you can also make passive income by becoming an affiliate. If you have a product you love and truly believe in, consider asking that company for an affiliate code to give to your family and friends to give them a discount, and receive a portion of the sale. Just don’t get spammy.
YouTube
Everyone loves YouTube, and you don’t have to be the next big influencer to generate passive income here. Though curated videos and excellent content can be desirable, think of YouTube as a search engine. How often do you find yourself on this platform looking for a tutorial?
To generate passive income on this platform, it’s as simple as creating a channel filming tutorials or explaining concepts relevant to the things you’re passionate about. Then, you can pocket the extra income over time on ads.
Have a family member that needs help refurbishing furniture? Film it. Got a college degree in film or literature that you’re not using? Teach some YouTube course on that subject. Working on a project for a marketing client? Film a tutorial of the steps you take to do it.
Amazon
Amazon does just about everything now – including more affiliate marketing. Their Amazon Associates program is essentially just a broader form of affiliate marketing that allows you to advertise products relevant to you in order to monetize your website. It’s easy to join, and if you’ve got a passion project type of blog, this would be a great place to make some extra income.
Sell Your Own Product
You used to only be able to generate passive income by selling physical products – but thanks to the internet, you can sell digital ones too. Whether it be an E-Book, template, script, spreadsheet, song, movie, or tutorial, you can sell it online.
