What is passive income?
Passive income is something earned from something you are not actively working for. It is a regular income you are earning from something you do very little or no work for. As in you have already done all the hard work for and are now reaping the benefits. Similar to a artist making a song and getting paid every time the song is streamed or played on the radio. This can also be rent from an investment property or dividends from your share portfolio.
Passive income is a great way to become financially independent and can be done in many ways. Its about creating a product or service that continues to pay you in the future with little to no effort. Once you have it up and running you can continue onto the next idea.
“Financial freedom is available to those who learn about it and work for it” – Robert Kiyosaki
Youtube: Youtube can be a great source of extra income although now it takes a lot of work in the beginning to create quality content and get subscribers. You need to create videos that will be continually looked up into the future. Then monetize these videos to create a revenue stream. You need to be patient as this can take time. You can also earn money buy posting affiliate links to products at the bottom of your video. E.g a certain product you spoke about in your video.
Udemy: Udemy is a great way to make a passive income as you can create online courses on something that you are good at and people will pay you for your knowledge. If you know more than the average person and are willing to put time and effort into making quality content that people can learn from you can make some good money from helping people out.
Amazon Affiliates: You can make a website, blog or facebook page and advertise affiliate links for other peoples products and make a commission. This still requires a little amount of work to update page with new products but can be a good little earner.
Make a website: You can make a website and advertise people products and services. Google adsense is a good way to monetize your website and get paid when people click the adds.
Make a blog: This is similar to making a website. Make a blog about something people would be interested in reading about and add Google adsense to the page.
Sell photos: Fancy yourself a bit of a photographer? You can sell your photos on websites such as Shuttershock and Istockphoto
Shopify: You can start an online ecommerce store and use Facebook advertising to advertise. You don’t even need products you can find good drop shipping stores to do it all for you.
E-book: You can write a self published e-book and sell it on Amazon. Use Facebook advertising to promote it.
There are plenty of ways to make a passive income, you just need to discover what works for you. It is best to start with one first. If you try to many passive income ideas at once it will never work. You won’t spend the time it needs to get it working properly.
“You cannot fail, you can only learn and grow” – Larry Wilson
Another great way to earn passive income is fractional investing in property. Through Brickx you can buy a small portion of a property from as little as $100 and get paid a monthly return. Brickx take care of paying insurances, rates, body corporate and even renting the property. This makes it super easy to get started. Check it out below:
There are plenty of ways to earn extra income its just finding what best suits you and your current situation. There is also more on this topic on our passive income page. Here are a few ideas to earn an extra income:
Uber: You can become a Uber driver in your spare time to earn some extra income. What do you need to become an uber driver?
-Be 21 years of age or older
-Have a vehicle that meets their requirements
-Have held a drivers license for at least 12 months
-Full drivers license
-Proof of insurance
Mow Lawns: You can mow lawns in your local area to earn extra money. There are some great apps for this such as Yardie.
Air BNB: Got a spare room you can rent out? You can always rent out your spare room for some extra cash on Air BNB or privately to get that extra money you are after.
Upwork: You can become a freelancer on upwork.com you can do anything from design, marketing accounting and writing.
HI pages: If you’re a tradie you can find some extra work on hi pages.
Etsy: Consider yourself a bit of an artist? You can sell your work on etsy.com
There are lots of ways of making an extra income. Just think about what you are good at, How much time you have and look at the ways you could possibly earn some extra money.
“your greatest asset is your earning ability. Your greatest resource is your time” – Brian Tracey