The state of wealth distribution and fair compensation is dire right now. Workers are having to work longer hours and develop multiple streams of income to see the kind of income and wealth satisfaction they feel comfortable with. If you’re in this boat, and wondering how to increase your earnings per year, you should consider branching out to passive methods.
Starting a website, a drop shipping business, or teaching online can greatly aid your income and allow you to earn money passively. This means you can earn money while not actively working, like when you’re sleeping or on vacation. This kind of income generation is possible, but it takes a good idea and work in the setup as well. Here’s a list of the best, quickest, and easiest ways to set up passive income.
Start a Website
Almost everyone is online now, and many are online so much they simply don’t have enough material to read through or watch while they’re online. You can fill a hole in this interest gap by starting your own website and watching users flock to your site.
Starting a website is easier than ever, with companies like Wix and Squarespace helping you choose the proper template and other elements to give people the information and experience they want. Making steady income with a website is usually done by attracting advertisers, themselves attracted by the number of views your site has, along with the pass-thru rate and time spent on the site per visitor.
Found a Drop Shipping Business
Drop shipping is a type of business where the seller doesn’t actually buy their goods in bulk, but purchases them through a third-party seller. When customers order from your drop shipping business, you’ll simply send them the ordered products through another party and pocket the income not split with your third-party affiliate.
This is a simple business model, but it can take a fair amount of work to make a drop shipping business work for you. You’ll need to do research into the types and categories of products you’ll be selling and calculate how much those products cost to transport. Gauging the need for these products is essential, as is the passion and knowledge of your customer base.
Write an E-Book
For those who make their money through writing, such as bloggers, technical writers, or creative writers, writing an e-book represents a great opportunity to make some extra cash and sit back as sales numbers come in. If you already have an established following through your blog or social media apparatus, you can sell your e-book to those followers.
E-books are cheaper to write, produce, and “ship” because they require no physical printing or transportation; rather, all you have to do is write it and send it electronically to those customers who send money your way for the book. This cheap and streamlined process makes writing e-books a great source of easy, passive income. The two largest considerations are actually writing the book and selling it to potential buyers.
Teach an Online Course
People don’t just use the internet to buy goods. They also use it to buy expertise and information. Many people are tuning to paid instructional videos and other courses to learn how to become great at certain hobbies and skills. For example, cooking videos and “start your own business” videos are quickly gaining traction online and speaking to a wide array of customers who want to know how to cook and become entrepreneurs.
You can make your own line of videos and blogs explaining how to do any number of things that you’re already familiar with and that other people would like to learn. You can then either posts these videos and blogs on your website and spark passive income from advertisers, or place your videos and blogs behind a “paywall” and be paid whenever someone accesses the information.
Utilize YouTube Ads
If you want to make videos, rather than write, YouTube is the place to go. YouTube is by far the largest video sharing site on the planet, with billions of views every few hours from billions around the globe. You can start your own YouTube channel and be paid by advertisers when people watch the videos you make.
Starting and growing a channel is hard work and it will take time to truly nurture your viewer base, but the rewards can be extraordinary. The great part about making YouTube videos is that there’s no limitation to the number of topics you can discuss. You can choose any niche you desire and bring people into your viewership count by expounding on your knowledge of the niche you choose.
Never Underestimate Cash Back and Reward Apps
One of the easiest and most convenient ways to make money on the products and services you already buy everyday is stack cash back and rewards apps. Many companies are willing to give you a “kick back” on the products you buy from them, and signing up for enough of these programs will actually have a substantial effect before long.
There are dozens of cash back and rewards apps, but some of the most popular include Ebates, Drop, and Dosh. These companies will give you money back on many of the products you buy, helping you literally earn money by spending it. Of course, you’ll never earn as much you spend with this method, but it can be a great way to decrease some of your shopping expenses and make things more affordable in the long run.
Sell Stories
You can sell anything on Amazon, even short stories that you write yourself. If you spend a few hours per day writing stories, polishing, them, and self-publishing them through Amazon or other book sites such as Barnes & Noble, people will pay you to read your work.
This is a great way to earn some decent money per month for absolutely no work aside from the writing and publishing of the stories. You can keep your stories on these sties for years on end with no more work, and watch as interested parties buy your stories and put extra money in your pocket every month.
Choose Careful Investments
Not all passive income is made through selling or buying other commodities. Sometimes you simply need to invest carefully to watch your wealth rise right before your eyes. The U.S. is actually in the middle of an unprecedented and lucrative bull run, which started about six months after the pandemic hit.
You can invest your savings into an ETF or mutual funds to watch your earnings grow steadily. The best part about putting your money into something in the market is that you don’t have to watch it everyday or do any substantial work. You can contribute money to the market every month or so and forget about it for years, letting it quietly and passively earn interest while it gains in value.
