Want to earn Passive income? Here is the ultimate guide!
That’s right! That is what they say about Passive income.
According to T. Harv Eker
‘If you don’t find a way to make money while you sleep, you will work until you die’.
It means you have to work hard. It takes time to generate a stable passive source of income. In 2021, there are countless ways to earn adequate side money that you can either save or spend to buy something you were wishing for so long.
E-commerce, affiliate marketing, and freelancing have proven to be top choices to earn as a sidekick. If you have enough savings, go for Amazon FBA or wholesale business. The hustle of starting a business will pay off in the end. If you cannot afford to spend money or you are a student or housewife, freelancing is a great choice. Join Upwork, Fiverr, or any other freelancing website and showcase your skills there. There are countless smart passive income ideas. You just have to dig deeper.
Let me explain the whole deal in detail so that you can have a clear idea of every option mentioned above.
- Online Business
The world is running on digital and social media. Everyone has a smartphone, everyone is on Facebook, Instagram, and other social media apps. Running an online business is one of the best business strategies to earn passive income. It can be anything, from selling clothes, crockery, spare parts to making your designs and sharing them on social media.
Try to build your worth, increase your connections and followers, and try selling your work online. It will be steady but it will grow eventually.
2. Affiliate Marketing
In 2021, affiliate marketing is in high demand. It can become a permanent source of passive income for you if you give serious attention to its strategies. In affiliate marketing, different website owners, bloggers, influencers, or social media stars promote a third party’s product by adding a link to their posts and urge their audience to buy that product.
The trust build between both parties helps the third party in generating their revenue milestones. As a result, the website owners and social media personalities earn commission on every sale through their link. The commission is approximately 3% to 7% and it becomes enough to generate hefty side income.
There is not any shortcut to get rich quickly and be a millionaire. You have to invest your time and in case some cents to achieve your goal of earning side money.
E-commerce business is for those who are willing to invest first in their business. You can either start with Amazon FBA or Amazon Wholesale. In addition to this, there are many other sites like Shopify, Etsy, Daraz, and many more where you can make your online store and sell your products.
Once your store gets established, the cash flow becomes consistent. You are earning a handsome amount before you even know it.
What are you waiting for? Start your store now!
This is another method to have a passive income source.
Invest your money. Start from investing in bonds or GICs. Then move on to investing in the stock exchange. If you get lucky, you can have a hell lot of money saved. If you want to be on the safe side, do a partnership with someone trustworthy.
Investing is the most secure method for generating passive income. You can also rent your property and enjoy rental payments every month. But you have to do maintenance, still, it is a safe source of having passive income.
If you have the skill and you don’t know what to do with it, join freelancing apps right now. There are many websites where you can sell your skills online. Fiverr, Upwork, Freelancer, Truelancer are a few of many online platforms. Just learn the skill in demand and start selling. This is the best idea for students who want to earn some extra cash.
Let me tell you a secret, start blogging or make YouTube videos, any kind, educational, funny, documentaries or just talk to your audience. There are few tricks and you are good to go. YouTube can help you in generating a good passive income. You just have to work hard in setting your channel so that it can grow organically.
Also, selling your courses or e-books online can be your thing. People who are educated enough to write e-books should go for it.
You don’t become a sensation overnight, there is always blood and sweat needed.
HW Charles said in Forbes Magazine
‘The key is to work very hard for a short period (1–5 years), create abundant wealth, and then make money work hard for you through wise investments that yield a passive income for life.