Passive income is one of the easiest ways to make money. Well, after the hard work has been done. In this post I will go over exactly what a passive income is, and how to create it, and a few ideas for multiple streams of passive income.
This blog post containes affiliate links. You may read my disclaimer here
What is a passive income?
There are many people out there that will try to tell you that passive income is made with zero work. That is not true whatsoever. There is no such thing as money just appearing out of nowhere without having to put in some type of work to earn it. And even after the fact, you still have to put a little time in to market and promote it. It’s a great way to put a product out there, and bring in money while you are working on other things. In short, continuing to get paid over and over again, after the work is done. It can jumpstart your path to financial freedom. To be blunt, if you don’t like making money while you sleep, then what the heck is wrong with you?
Reverse Passive Income
Before we get into the good stuff of making money while you sleep, I want to talk about reverse passive income. You more than likely aren’t going to like this section of the post, but I need to be completely honest with you. Reverse passive income is basically “a penny saved is a penny earned”. What is your daily, weekly, monthly, spending like? Are you stopping at coffee shops every day and getting a $4-$7 coffee drink? Spending $7 every single day is $50 give or take a few dollars every week. Roughly $100 per month on coffee! Hey, I’m not completely innocent here with that. I bleed coffee. But it is an example I wanted to use to get my point across. Sit down and go through your online banking and take a look at everything you are spending money on that you really could cut back on. Fast food, unnecessary trips that could have been planned out better to save on gas. Things like that.
A lot of people claim they are so broke and start looking for ways to make money quickly, but won’t stop to take a good hard look at what they are already spending their money on.
How much can you make with passive income?
That is entirely based on what you have to offer, how much you have to offer, price point, marketing, as well as is the product something that is needed by consumers? Unless you have a goose that lays golden eggs every single day, everything takes time to generate an interest and then comes the income. If you already have something in mind, I highly suggest doing some research on your idea. Compare what is already out there, if it is, and study what that company or person is already doing, that you can do differently.
Here is my list of passive income that I have, as well as some other ideas that are out there.
Most of you that know me, know that I am a photographer and I have been for over 20 years. I have had a business for 10 years now. I was always getting asked about how to do this and that. So I started a blog for beginners. As soon as I started that blog, my eyes were open to so many different opportunities that I had no idea existed.
My passive income that comes straight from that blog:
Getting paid by a person or business for sales you have generated. You apply or sign up for an affiliate program in your niche’, talk about and recommend these products or services accompanied by your specific link for tracking. When customers purchase the products or services, you get a fixed percent. The business then pays you either weekly or monthly.
Creating an ebook or tutorials on any platform that allows you to save as a PDF, and then sell it digitally.
You can check out the ebooks I have available for photographers here:
You can create your own affiliate program and have people share your products.
Print on demand
Applying graphics (you made or purchased with a reselling license) to products that people can order online. I have a T-shirt shop on Etsy that is specifically for photographers. I purchased graphics that either came with a reselling license or a very low cost license. I created an account on Printful, and connected it to Etsy. Customers purchase the t-shirts, the order is then automatically sent to Printful and they fulfill the order and ship to the customer.
Lightroom presets or photoshop actions, to people that aren’t photographers, it’s like a filter you use in Instagram on your photos. Only these are made specifically for Adobe Photoshop and Lightroom. And a bit more complex than Instagram filters. I host these lightroom presets on my blog. I upload the file to a platform called Sendowl. Photographers purchase them on my blog and I get a percentage of the sales.
In the last 3 months I have generated about $1K just from these passive income streams. Not too shabby huh!
Other passive income ideas:
Teach a course
You can create a course by simply writing it, recording video, or using slides with your voice over. Create it once and upload it to sell online.
Where you can sell:
Your own platform
Apply for Google Adsense and run ads on your blog. This one can be a bit hard at first because it takes generating traffic to your blog to increase your income.
Sponsored ads from companies
Amazon Associates Program
This takes a bit of knowledge and research to get started, but has the potential to generate thousands of dollars. I have experience in this with a Shopify store and connecting it with Oberlo and Aliexpress. Pick a niche’, add products, people purchase from your store.
You can do this with almost anything. A room or a small house on AirBnb, your car, boat, RV, even your yard. That is of course if you have a backyard that is a great design, functional and highly sought after. But please be careful doing any of these if you do. I highly suggest some sort of a background check before renting anything out.
I was in a position after we moved to a different town 3 years ago, to rent out the house we moved from. This isn’t for everyone. And I quickly found out it wasn’t for us. We rented out our house for a year. The extra $600 per month was great! However, being a landlord, you are responsible for getting repairs done when needed. Whether that is you doing the repairs
yourself, or hiring someone. We were on vacation when the air conditioner broke in the middle of summer. That isn’t something that can just wait till we got home. I had to stop everything and find someone to fix it. I went with who the tenants suggested against my better judgement, and that created an entirely new issue. If you are in a position to do something like this, just make sure that you are able to handle it.
Cash back shopping apps
Having multiple streams of passive income
I do not recommend doing this until you master the first one. Then, you take your earnings from that one, and invest into another, and so on and so on. As much as it pains me to say this, the key is patience. You must have it. As well as some really good research.
I will be continually adding ideas to this post as I find them, and more than likely try them out. So bookmark this post and check back often.
I would love to hear your ideas for passive income streams! Leave me a comment below!
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