Passive Income Stream That You Can Start Now
Tuesday, January 21, 2020, 6:00 AM | Leave Comment
When it comes to earning money from home, there is typically one primary source, then multiple smaller sources.
But, you can take the heavy lifting out of some of those income streams by making them passive.
Now, it should be noted that even passive income streams need some time to be set up and running.
Photo By Vitaly Taranov on Unsplash
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eBook
If you have enough knowledge in any area, you can write a book! Now, while traditionally you would go through a publishing house, you can skip all of that and self-publish. You can choose to host your ebook on your own website, or you can use something like CreateSpace. The active part of this process is the writing of the book, the passive part is once it is done – you can continue to sell it for years.
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Real Estate & Investments
If you have a lump sum that you are saving for a rainy day, then that day is now. You’ll do better to get as much information and advice as you can from a professional trader and real estate manager. You can read this interview with Nathaniel Glas to get some idea of the knowledge you’ll need.
Real estate is typically considered a long term investment. You might consider renting the property out for a single-tenant, using it as an Airbnb or improving the property so that you can sell it on for a profit.
There are also a number of investment apps like Plum or Cleo. Where you can make smaller investments and have them managed by the app for a low monthly fee.
Before you invest anything, you’ll need to set some goals for your money.
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Create Courses
If you have a website, and you have traffic, then you have probably capitalised on that and got a healthy and active mailing list too. Consider those people your captive audience. Look at the content that you are getting high traffic for, study the demographics of people who are finding your site and create courses covering those topics.
You can have this one your website or put the on Udemy or Teachable. Much like the eBook, the active part of this is putting the course together. You can, however, use a lot of the material from your website to create the course.
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Website
If you like the idea of buying an up and running an internet business but don’t want to sink in too much cash. The check out Flippa. Flippa has a range of websites that are either set-up ready to make a profit or have a proven track record. You can buy the website, adjust some of the information and leave it to do its job.
Some will be set up to get high traffic and make money from content and advertisements, others will be eCommerce. Of course, you could skip purchasing a website and set your own up. You can find guides for creating websites that make ad profits online.
When it comes to making passive income, consider it a slow and steady project. And lots of smaller income soon adds up to a more significant amount over time.
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