4 Tips to start building a $1000 passive income stream!
We’re living in a world where it’s easy to make money online just by having a device with internet capabilities and with the right product and audience. Let’s face it, working as an employee to earn a living to support your family will only put you in financial ruth just from paying a mortgage, buying groceries, clothes and other bills that come along the way. However, after ten years in the workforce, sitting at a desk for 35 to 40 hours per week just isn’t as exhilarating as we thought it was.
“But I have no choice,” no, that’s what we may think but that’s not true. What’s the secret you may ask? Well, the answers and resources have always been right there in front of you. There are several cultivating streams of passive income, it’s just to find the right market and niche. Just think – you could be earning income while you sleep! If you built up your passive income streams big enough, you could easily quit your job. Plenty of people have done it. While it’s not that easy, it is DEFINITELY possible.
Here are 4 ways you can generate immediate passive income. Some may require an investment of time or work upfront but can generate an income passively ad infinitum once the project is completed.
1) Pay a professional to write an e-book.
Writing an e-book is very popular among bloggers, as many have noted that “it’s just a bunch of blog posts put together!” You will not only have to make an investment of time and energy to create the e-book but market it correctly and you could have residual sales that last a very long time.
Generally, e-books can sell very well because they are priced low. If your customers can afford to have a functioning laptop, tablet, or smartphone on which to read the e-book, they can afford to buy a cheap e-book without much financial difficulty. Fiverr is a great platform for hiring a professional writer who can deliver an e-book within 7-days.
2) Create an online course.
This is a fast-growing market. If you have specialized knowledge in a certain topic, you can put together an online course to teach others. For example, if you have experience in makeup tutorials, you can create an online course “Makeup Tutorials 101”. The benefit of an online course is that once you create the course material, you can sell it to as many people as you want.
Udemy and Teachable are two online platforms where you can create and start selling your online courses.
3) Get paid to do things you enjoy doing
Are you always on the web? Then why not answer polls and surveys? Watch funny videos? See what color best matches your personality?
There are a lot of things you’re doing on the web that you could, if you signed up for the right services, get paid to do.
See what things you’re doing already that you could be paid for. YouTube is another platform that you can use to start a commentary video blog.
4) Promote products and earn affiliate income.
Do you have a social influence? Do you have a blog, then you can make money by becoming an affiliate and promoting products to your readership. Basically, when they click through to the website using your unique link, you will receive a commission on their purchase. This is how many bloggers have grown their income from month to month.
To learn more, Making Sense of Affiliate Marketing by Michelle Schroeder-Gardner of Making Sense of Cents is a highly recommended course. Amazon is also a good source to find products to promote. You can easily install their plugin on your WordPress blog.
If you need to start a blog, first you need to find the right host, and try not to spend a lot at first. You then need to find a web design that is fast loading, easy design and affordable. As for content, make sure you do your research on what market and niche can and will relate to your blog including the audience.