You may have seen me use the phrase “passive income” in my welcome post, but what exactly is it? How do I plan to obtain it? We’ll get into this and how you can begin to start earning passive income in your daily life!
So what is Passive Income?
Passive income is money that you make 24/7/365 no matter where you are or what you’re doing and can scale or grow. When most people read this they think to invest, but there are many different ways to earn passive income. In this post, I will briefly 4 of the best ways I have seen to earn passive income. Some of these I am trying currently, while others, with enough capital I hope to begin working on.
1. Online e-commerce
“Online e-commerce” seems like a very vague term, and that was completely intentional. In today’s age, there are countless ways to earn income, but it is important to note that not all of them are passive. For example, an automated online shop? Passive income! No matter where you are or what you’re doing that shop will sit on the internet and make you money. Drop Shipping through Amazon? Not passive income. Although it is a good way to make, potentially, lots of money, it requires daily work and is not easily scalable.
More specifically, Google AdSense, or something similar. They are those advertisements you see in the sidebar of every website, or at the bottom of all of my posts.
For every view or impression, these advertisements get on your website you make a small amount of money in return, like a commission.
3. Affiliate Marketing
Affiliate marketing is where you get a commission for someone buying a product you recommend. These can appear as simple links (like this one for a great book you should read if you haven’t already: https://amzn.to/2M6C1MP), all the way to full-page images with “Buy Now” buttons at the bottom. Affiliate marketing should be used sparingly, but when used correctly can really increase the monetizing potential of any website and begin earning you recurring passive income.
Investing in relation to passive income could, and will be a post all it’s own, but for the context of this post, I’ll provide a brief overview. In short investing is when you spend your money on a commodity or business, and in return expect to receive gains on your initial amount. All of this will be gone over in more detail here, with different types, including some I’m invested in right now!
Each of these subjects will certainly be the subject of another post, so be sure to check out the blog for the most recent post, as well as all of these!
See you on Wednesday, and thank you,