There are 6 ways to build passive income every day that many people aren’t fully aware of. In this article, we are going to discuss them one by one and get to grips with these three questions of them:
- How much effort is required to start it?
- How long does it take to generate the first $500 profit?
- What are the efforts to maintain it?
However, don’t think you won’t need to do any job here just because it’s the so-called “passive income.” You need to understand that there’s no such thing as a completely passive income. If there is, no one would be exhausting themselves working tirelessly in their chosen field.
No one would throw out money at you— without you having to lift a finger. The truth is, you will need to do some work to make it run.
Creating a passive income isn’t really about getting rich and having a lot of fat bank accounts. It’s more on the side of having freedom. It’s about investing in your future, so you wouldn’t have to work nine to five until your retirement days.
When you begin establishing a passive income that truly makes a profit, you’re actually doing yourself a favor since you won’t forever get trapped in the little cubicle of your soulless company.
Once you have a passive income stream that earns you a good amount of money, you will have the liberty to pursue your passion— whether that’s giving to charity, traveling in places across the globe, or maybe just simply having the pleasure to chill at home.
The internet is filled with get-rich-quick schemes, preying on people’s dreams and aspirations. However, unless you are lucky enough to win the lottery, there is no other way for you to become a millionaire overnight.
If you’re so inquisitive to know about the ideas that can easily make you $500 a day, keep your eyes on the screen because here are the 7.5 passive income ideas that can make you money:
1. Internet Money
There were hardly any billionaires way back in the 80s and 90s, but they suddenly grew in number when the internet became widespread. These billionaires reproduced, and their numbers shot up to hundreds.
You can do an online enterprise with two different sorts of products. The first option you have is to create any product that could be created through a computer. For instance, you could create a course on how to create a website, an application, or a course as stupidly simple as how to eat cheeseburgers.
The great thing about creating courses to sell is that you just have to do back-breaking work once and sell them at an unlimited number. It’s quite easy to get started with this, especially if the product you have in mind is just one magic lamp.
The second option that you have is to sell physical products that are tangible. Since these products exist in the real world, you would need a manufacturing company’s help to produce them. Not to mention that they aren’t also that easy to scale.
If you went for the physical product, you would need to produce a copy each time someone makes a purchase. You need to make sure that your business stands out 24/7 online.
Creating your first $500 won’t be much, and you can achieve it as early as a few weeks or a couple of years. According to studies, it takes about three years for a business to be profitable. However, once you get grips with running it, it could be a good passive income for you, especially if you have a good team.
2. YouTube Channel
Even though YouTube is already flooded with influencers who are trying to make money, it’s still not too late for you to begin. As soon as you finish creating an account with the platform, you can immediately begin uploading content into your account.
Making an account and uploading videos aren’t the real hardships you’ll face. The real difficulty you will face is in the content making and in the competition.
In order for you to earn money, you need to join YouTube’s partnership program. However, you need to have at least 1,000 subscribers and 4,000 hours of watching hours.
Depending on various factors, YouTube pays $6-$8 per 1,000 views.
3. Affiliate Marketing
Unlike what most people think, affiliate marketing isn’t just for YouTube influencers and bloggers who have a huge number following. Affiliate marketing is basically just talking about someone else’s product or service to another person or a particular set of audiences.
Every time someone uses your link to avail whatever it is that you are promoting, you will be able to make a commission. Though your following in various social media networks may not be so big, there are brands that specifically prefer working with micro-influencers since they are cheaper.
4. Stock Investing
Investing in stocks will never be risk-free, but this could make you a profitable passive income stream as long as you can mitigate the risk. Rather than investing your money in just one stock, invest it in an index fund that tracks the movement of hundred different stocks. For instance, there’s Vanguard 500 or S&P 500.
Putting your money on various stocks is less risky because if one stock falls down in value, another stock will be able to compensate for that loss.
If you only own Google stocks and Google dropped immensely in value, there’s a big chance that you’ll lose the rest of your portfolio. But if you buy Google stocks and Apple stocks, even if Google decline in value, you will not suffer a big loss because Apple is there to neutralize the loss.
5. Real Estate
Real estate investing may sound costly, but there’s actually a way how you can kick off your journey in this field with just a couple of hundred dollars. This could be possible through real estate crowdfunding.
Crowdfunding is essentially getting money from a crowd (a bunch of investors) until you acquire enough capital to purchase real estate without having to go through the hassle of making hundreds of thousands of dollars. You can take advantage of crowdfunding sites Fundrise and Crowdtree.
Aside from stocks, it’s also good to have a real estate investment in your portfolio.
6. Lend Out Your Crypto
Rather than just letting your cryptocurrency sit comfortably on your crypto wallet, it would be a better idea to lend it to other people in exchange for monthly interest ranging from 3-17% monthly.
This could be a good passive income opportunity for you since you won’t have to do anything back-breaking to start. However, you should keep in mind that many cryptocurrency scams exist. So, you need to be careful about whom to trust.
