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There is passive investing in which you don’t have to do much to allow your money to work for you. Then there’s passive income which is when you have money coming in without much effort. Passive income is a dream for many as it usually involves fantasies of sitting on a beach drinking margaritas while you make money.
Though this can happen, it is usually not the case. But, passive income is a good way to make money without needing to trade your time for money. In other words, even when you’ve stopped working on your projects, they continue to generate money as assets that make money on their own. In other words, you put in the hard work now to reap the benefits later.
In this article, let’s go over several of the ways that you can earn a passive income.
Buying and growing websites
A blog or other type of revenue generating website is a good way to earn some passive income. Even if you have no interest in the topic of the site, you can put in some work and then let it continue to make money for you in due time.
The way that many websites make money is through advertising and affiliate commissions. The trick is to bring in traffic to the website to generate views on the ads placed there and also to content that will bring people to the affiliate offer.
The way ads make money is as you would expect. The more people that see the ads, the more money you make. It takes no effort after having created the content to get those views. Affiliate income is a bit different as you rely on the readers to click a link to a product that they then buy. Because of your unique tracking code, if they buy a product that you recommend within a certain amount of time, you will get a small percentage of the purchase price.
You’ll need to learn some SEO techniques to be able to generate the traffic to the site and find a good writer to make the site’s content. All of this can be done in your spare time and the revenue comes in whether you are working on it or not.
Buying up real estate and renting it out is almost always a good way to generate extra income. Is it truly passive, though?
This highly depends on how you plan to go about it. You can be a hands on landlord and be the one that gets called to fix a toilet or keep the yard landscaped. This is still mostly passive as the rent checks continue to come in even when you have nothing to maintain or fix.
If you truly want it to be passive, then you can pay a management company to take care of everything your tenants need. They will be responsible for sending a plumber or taking care of the landscaping so you do nothing but collect the rent. Of course, this means that you’ll have lower profit margins as you’ll pay the management company for this service.