If you value spending time living life and don't want to be a slave to the 9-5, creating a passive income is a great idea. This means that once set up you can earn money whilst you are lying on the beach, reading a book. This doesn't mean that this isn't hard work, just that the hard work goes into setting it up, and then it will require minimal maintenance. This article will provide you with ideas and tips on how to create sustainable passive income.
I am a little biased on this option as this is exactly what I do as a full time job. I run several blogs which make a steady passive income via advertising. They require minimal maintenance once established, although I do work on mine full time still, creating new content and updating old content to improve my page views and earn more money.
2. Affiliate marketing
This is a passive income earner that I also use in blogging, although you don't have to do it that way. Basically with affiliate marketing, every time someone buys a product or service using your link, you will make commission on the sale. I use affiliate links in my blog posts and also on my social media too.
3. Create your own product
Creating a downloadable product is a brilliant way of building up a passive income. Try creating printables which you can sell online (via Etsy perhaps). You can have the listings set up to automatically email the product to the buyer once they have paid so you don't need to be online all the time monitoring it.
4. Invest in stocks and bonds and crypto currency
Investing often seems like a daunting way to earn money but it can be lucrative if you are prepared to tolerate a risk. Stocks and bonds make great investments and require little work to make money from. Just keep an eye on the value of your investments and sell when they are on the up. A modern version of investing like this is to invest in Crypto currency. You can earn interest on crypto, up to 7% APY which is better than most savings accounts. Of course, remember the value of all of these investments can go down as well as up.
5. Sell your services online
If you have a skill, sell it online. Create a course in whatever you specialise in, be that photography, writing, flower arranging etc. You will need to spend some time creating the course, but once it is uploaded to a platform such as Teachable, it requires minimum input from you.
6. Create a membership site
This is a new and often forgotten about way of creating a passive income. Membership sites can vary - you just need to set one up that is in your area of expertise. For example you could set up a membership site sharing family friendly recipes. People would pay a small subscription each month for access to your recipes. Once you have built up a decent bank of recipes you won't need to do much to keep this running. The trick is to create the right product that people are willing to pay a subscription for.
7. Invest in real estate
If you are lucky enough to have a sum of money you can invest in property then this is a great way to create a sustainable income. If you do your research you can rent out your property to create a regular monthly income, and at the end of the mortgage term you will have a house that belongs to you. You could also get into the property renovating business. If you know what you are doing you could regularly flip houses, making a decent profit a couple of times a year, depending upon how fast you can turn the projects around. Generally property prices always go up so investing in real estate is usually a solid long term investment.
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