Money shouldn’t be the object of your existence but wouldn’t it be nice to have an ample amount of savings to get you through the bad times? Think about how happy you’d be to find you’d saved a couple hundred dollars for a yearly shopping spree or vacation?
On the other hand, you may choose to work smart or earn smart and manage your money well. Did you know you can earn money from the comfort of your own home? Read on for some real passive and semi-passive earning tips.
What is passive earning?
Passive earning means you don’t really have to put in a lot of work for the money you earn. You first invest in something and do the work after. There is usually little effort required. It is also categorised in finance terms as “unearned income”. One example of passive income is renting out your apartment or a room and all you have to do is collect the rent every month. Interest from your bank account can also be called passive income. Active income, on the other hand, is income that stops or dwindles once you stop working.
Passive income sounds promising, even tempting. So how can you become a passive earner?
How to earn a passive income
#1 Be a landlord
If you have real estate properties that are idle, you may want to rent them out. This passive income can be easily saved for future use. But of course being a landlord may also entail some responsibility. But this will be easy if you rent it out to people you know will keep it in good shape.
#2 Invest in stocks
Investing in stocks may require some cunning and the ability to wait (for long term investments). There are several considerations when you opt for investing in stocks. If you’re new to stocks, you’ll want to choose the safest stock there is which can withstand long years of investment without bringing you any loss. Remember, this one is for long term investment. However, if you are daring enough, you may choose to be adventurous and pick any stock, see it rise and sell it the next day. This requires some work and monitoring, but it’s still worth a mention as a passive income source.
#3 Affiliate marketing
If you already have a website, you may consider doing some affiliate marketing. It’s something that works as a sideline to your main work online. There are many affiliate marketing options to choose from. The biggest players include Amazon and Google ads.
So while you’re maintaining a regular blog, you’re also getting a sideline earning from these affiliate products.
Do you enjoy writing? Why not write a book and enjoy the royalties? Writing one successful book means you’ll be reaping royalties from the sales forever. It doesn’t even have to be a book! If you’ve made something, discovered something or thought of something original and valuable, register and patent it. After that, you can sit back, relax and reap your earnings. But of course, the process of selling it first and making it known can be taxing, but worth it in the long run.
#5 Drop Google
Of course, among marketers, Google will always be the major player in the market. But if you’re just somebody who isn’t into digital marketing, consider dropping Google for Bing and get Bing rewards. You can use these rewards later by having it cashed out for gift cards.
#6 Design a shirt
Lots of website on the Internet are offering their services to aid you in this kind of passive income source. All you have to do is to submit a t-shirt design in a certain website. Then you just need to wait until somebody on the website asks for a print of the shirt. The website will send you the royalties from all the sales. Once it becomes a hit, you’ll just have to wait for the stream of money into your account.
How to earn a semi-passive income
We’ve already mentioned that blogging converts. Once you start doing it full time, it will convert well. You can start doing reviews for companies and feature big companies as well. Blogging can be a second job or something you do full time.
Also, you can start selling your articles to other blogs. Since content is very important in digital marketing today, you can earn a substantial amount of income for your writing services.
#8 Build an app
Building an app does require some maintenance after you’ve listed it on the app store. Updating your app means it will stay popular for longer. Here’s a step by step guide about app building from Mashable, How To Build An iPhone App: A Guide.
#9 Create YouTube videos
Videos are replacing the traditional medium of content in marketing. It’s becoming a new avenue for marketers to drive in traffic and is even predicted to be the future of content marketing. There are millions of videos that are clicked every day. If you like make up, you can post tutorials. If you like doing crafts, you can record your DIY projects. If you like finance, you can start your series on finance advising. If you’re into marketing, then you can upload tips to help out your audience.
#10 Sell on eBay
Got items you don’t want anymore? Sell them on eBay. This would help to declutter your place as well. Those jeans you don’t like could get a high bid on eBay. Old gadgets will also sell easily.
#11 Sell photos
Stock photos are in demand nowadays as digital marketing becomes more important. You can start doing this income generating project at home. You can start with basic stock photos and from there grow your repository of images. The website may take time to build and it may also take time to gather customers.
Passive income, active benefits
The passive and the semi-passive income sources we mentioned are just some you can try out with minimal effort. The truth is, there are just so many things available for you to do in order to save up for that Caribbean vacation or to save up for your dream car.
You need not become a financial expert or hire an expensive one. You can learn the financial ropes along the way, just be smart with your earnings.