Wouldn’t it be nice to have an income without worrying about it? I’m not talking about your regular 9 to 5 job but from passive income. Because, believe it or not, there are many easy ways to earn passive income. Yes, some methods may involve some work, time and money, but once you take notice, you can sit back and increase your bank balance.
“You know what they say: ‘Don’t work for your money. Make your money work for you,'” Jenna Goudreau, Managing Editor of Make It, By being smart about the resources you already have, an initial investment of effort can eventually earn you money while you sleep.”
However, residual income differs from part-time work, which is another great way to earn extra money. Although part-time work tends to continue, there is generally no residual income.
If you do not find a way to make money while you sleep, you will work until you die”Warren Buffet
lets look at 8 passive income ideas recommended by experts
You may have read blog posts and articles recommending a particular brand related to bags or water, so you can click on their hyperlinks. Often, when you do, someone is commissioned. If you have a blog, you can do the same. This is a win-win situation for all participants. You, the person who clicks on the link to receive your suggested product and product.
Learn about new trends in affiliate marketing- https://medlinpro.com/affiliate-marketing/affiliate-marketing-beginners/
Invest In Low-Cost Funds
You may already know that investments can make money immediately. However, it is a good reminder to invest. Even if you don’t know anything about investing! – Especially in low index funds.
“For long-term savings, investing in low-cost index funds is the ultimate passive strategy,” Goudreau says. “As legendary investor Warren Buffett recently told CNBC’s On the Money, ‘Consistently buy an S&P 500 low-cost index fund. I think it’s the thing that makes the most sense practically of all time.’ By not picking individual stocks and, instead, buying a low-cost fund that tracks the market, you pay less in fees and take less of a risk. Then you can sit back and watch your money grow over time.”
Use a High-Interest Savings Account
Some people use a savings account at the same bank as their checking account, but make sure it is not an easy transaction, but a high interest rate account.
. “For short-term savings that you have parked in a savings account for easy access, you can often make more money just by researching whether you’re getting the best interest rate,” Goudreau says. “While many traditional banks offer as little as 0.1% interest on savings, online banks tend to offer higher interest rates. By switching to an account that offers 1% interest or more, you would be making 10 times as much just by moving the money.”
Create an online course
So do you like to collect rare coins? There is a specialized experience market, especially if you can create an online course and sell it on an online platform like Udemy, skill share.
Few sites where you can create online course
- Udemy (Web, Android, iOS) for launching your first course.
- Skillshare (Web, Android, iOS) for teaching creative skills.
- Teachable (Web, iOS) for marketing your course.
- Podia (Web) for putting up a digital storefront.
- Thinkific (Web) for building a course from scratch.
- Kajabi (Web) for marketing a course on autopilot.
Sell stock photos
There’s a big demand for stock photos online (individuals, organizations and businesses use them when creating online content.) If you are a photographer with a backlog of great photos, send them to stock photo sites like DepositPhoto, which will pay. Commission for selling any photo.
Few sites where you can sell your photos
Whether you are using one or all of the above ideas, you can find a good passive income source for yourself and your lifestyle. You’re probably sitting in a gold mine and don’t doubt it! But over time, the implementation of the above will make the gold mine real.