Have you ever wondered what’s the financial secret that the richest people in the world know? Wouldn’t it be useful to find out how they make money while they sleep?
Passive income is an essential way that the rich get richer. Wealthy people setup several passive income streams.
Passive income is continual income for minimal effort.
So, you could take a nap and make money.
That’s the goal. Profitable naps!
False beliefs about money can ruin your financial future. Most people don’t know that working for someone else is one of the WORST financial mistakes you can make!
You may have been brought up to think getting a job (active income) is the best way to make money. You earn active income by sacrificing most of your life working… to make someone else rich.
Passive income isn’t all lounging and napping.
At first, it will be a lot of work. You’ll be researching, planning, editing, designing, marketing and creating your product. It might pay YOU for the rest of your life. That’s time well-spent.
If your passive income makes more than enough to pay your bills, you could quit your day job. No more stressing about a cover-sheet for a pointless TPS report!
You can get passive income 2 ways: with or without an initial monetary investment.
I am about to give you 7 passive income ideas that don’t need an initial investment (FREE). You’re welcome. 😉
First, You’ll Need to Choose Your Passive Income Niche.
- What makes you slip into the “flow”?
- What subject do you know so well that you could teach a class about it?
- Write out 10 possible topics from that niche. If you can’t think of 10, then choose another niche.
- Take your subject and check its stats on Google Trends.
- Toss out the topics that bring in less than 1,000 or more than 50,000 views per month. You don’t want topics with tons of views because they have high competition.
- Choose from what’s left. Voilà, there’s your niche! Remember it because you’ll need it later.
Now, here are passive income generating ideas. Choose a few to try out.
WARNING: Passive Income is exhilarating and addicting.
1. Make an Online Class
Most Udemy professors make about $7,000 per month. Some people make 100k every year. No extra work, just continuous pay.
Companies don’t care about hiring someone who paid $100,000 for a piece of paper (degree). They want people who have hands-on skills and experience. They don’t need people that have read about doing it.
Here are some options for you to set up your online class.
Udemy (12 million students)
Udemy is the most popular e-learning website. This is a fantastic way to share your content with many people at once.
3 million students are waiting for your wisdom!
Skillshare includes support to help you customize your online classes.
You can check out other e-learning sites here.
Once you create an online course, it will work for you while you sleep! Plus, teaching a class is a great way to boost your portfolio.
2. Sell Informational Products
Make an informational e-book or video about your niche. It would be beneficial if you already created an online class and made some information products for your class.
You can sell them on your website, YouTube channel or blog.
3. Write a Book or an E-book
If you’ve got a story to tell and you’re a good writer, why not write a book? Writing a book always looks good for your portfolio.
This means you’ll be writing at least 6,000 words. If you choose to write a book that will be 55,000 or more words.
4. Fulfillment by Amazon (FBA)
If you created a physical product, you’ll have to ship it to customers. This can be a pain to deal with.
Does this sound efficient to you?
- Get an order from your website
- Gather your products and package them.
- Drive to UPS.
- Wait in line.
- Ship your product.
It’s not efficient at all and it sure isn’t passive income.
But, you can make it passive by handing over all the BS to Amazon to handle shipping. So, when someone orders your product it will go through Amazon and they will ship it to them.
Amazon is super reputable and massive. Who doesn’t love that they have free 2-day Prime shipping?
This way you can snooze on the beach and not worry about handling orders.
5. Become a YouTuber
Do you have ideas that could go viral? If you created an online course you can use your teaching abilities to make video tutorials.
Youtubers can make millions with their channel.
26-year-old DanTDM made the most money last year… 17 million dollars! Don’t assume you will make that much, but at least you know it’s possible.
You will need to set up 2 things: Adsense and affiliate marketing.
Adsense won’t be your main source of income because of the fact that you make $1,000 per 1,000,000 views.
You’ll need to post a video 2-3 times per week. This will give you a steady stream of viewers.
- Affiliate Marketing
You can recommend products on your Youtube channel. If your viewers order the product, then the retailers will pay you.
6. Start a Blog
Blogging also uses affiliate marketing and AdSense to make passive income.
- Research blog niches or use the one you chose earlier.
- Get your blog setup.
- Write tons of articles about your subject or you can pay someone to do the writing for you
- Put AdSense ads on your site
- Sign-up for Affiliate Marketing with Amazon
Are you an amazing singer? Can you make mind-blowing beats? Maybe you can act? Either way, you can earn money for life from your royalties. People will pay you to let them use your creations for their products.
Perhaps, you don’t have those talents, no problem! You can buy royalties at Royalty Exchange. You can also sell royalties there as well.
Passive income can free you from the shackles of a soul-sucking 9-to-5 job. It will allow you to embrace freedom and security.
Imagine when you’re finished creating your e-book, blog, YouTube channel, or online tutorial, you can kick back and let the cash flow in.
I’m so glad to share this useful and valuable information with you. I’m sure it will benefit you. Don’t forget to sign-up to receive wisdom4freedom.com posts every week!
Comment below. Would you try passive income?