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Ways To Generate Passive Income
Ways To Generate Passive Income
The term passive income basically means earning a regular stream of income without taking so much of your time and energy to generate and maintain it. Common passive income streams include income from rented out real estate, royalties from books or music, and new online revenue streams from network marketing, affiliate marketing and online advertising.
Passive income can also be obtained from financial instruments like stocks and other investments. Among these instruments include Forex trading, a unique financial investment tool that if practiced properly according to what will be shared in the next sections – can earn for you substantial passive income that can set you up comfortably in the years to come.
1. Using Forex Trading to Generate Passive income
There are basically two types of Forex trading, one of which can generate for you considerable passive income. The first type of foreign exchange is Discretionary Forex Trading, which is basically based in the buying and selling of foreign currencies. You earn based on these trading activities. Without any trading activities, there will be no income. You don’t earn passive income from discretionary Forex trading.
2. Peer-to-Peer Lending.
Although most people probably wouldn’t think of it as traditional investing, peer-to-peer (P2P) lending could be thought of as such because YOU get to be the bank. That means with this type of service, you loan the money and decide what interest rate you want to charge. That could be as high as approximately +30%! The only catches are that the borrowers could default on their loans (which is why you need to thoroughly review your candidates before you loan the money) and the P2P service takes a cut for brokering the deal
An annuity is the ultimate in truly passive income! In short you hand over a lump-sum amount of money to an insurance company and they pay you a set amount of money every month for the rest of your life. No other work involved! Annuities have been around since the days of the Romans, and today there are many different kinds of ones to consider.
How in the world does a blog make you money? Simple:Traffic. The more people you get to come to your website, the higher the potential for those visitors to click on an ad and buy something. Advertisers know this and depending on what your site can do for them they will be willing to pay to work with you. This usually comes in the form of either direct advertising or some type of affiliate marketing.
Basically to be successful as a blogger, you need reliable web hosting , to write articles that people will find interesting, and then to keep that audience coming back for more. In one year’s time I went from never having done much more than look at a website to actually creating them and writing their content – all in my spare time!
Sometimes bloggers and website creators concentrate their efforts on promoting certain products where they get a percentage of the cut if a product or service gets sold. This can be done either on your blog or through the use of a niche site (see No. 17 for this topic). Of all the passive income ideas, this is one is truly “passive” because as people click on your ads, you don’t have to do anything at all. There are dozens of affiliate broker services out there (Google Adsense, Amazon Associates,ClickBank, Commission Junction, Flex Offers, etc) and they allow you pick from thousands of different products in your particular niche.
5. Email Marketing:
This is another form of affiliate marketing where you use your list of blog subscribers to promote a certain product. Lots of successful bloggers swear by this process because they claim that your website subscribers are a “target audience” for your niche; thereby increasing the chances of more purchases.
6. Niche Websites:
If blogging sounds too time intensive, then why not make a smaller one focused on one particular topic. These types of websites are called niche sites. This very website is example of a niche site: It is focused primarily on the topic of discussing passive income ideas. A niche website may be as small as 5 pages (also called a micro-niche site) or as big as 100 pages. It all depends on how much work the creator wants to put into it. Webmasters make money from niche sites either through the advertising or by selling them at auction websites like Flippa. The really successful ones take it to the extreme and create a portfolio of niche sites. Think about it: If you had 10 sites each bringing in an average of $500 per month, that would be $5,000 of passive income. Click here to learn more about creating a collection of money-making websites.
7. Website Services:
Anyone who starts a website can tell you how frustrating it is in the beginning; especially for the technically challenged. There’s all kinds of setup, programming, and small tricks to know if you want things to look right. The good news is that people are willing to pay for someone else to deal with that nonsense, and that someone could be you! If you have any talent at anything reltated to website creation such as search engine optimization (SEO), post writing, creating graphics, creating website themes, programming, etc, then you could sell your services to those in need. The easiest place to market yourself to those who are looking would be through a broker such as Elance, Freelance, or 99designs. Surprisingly you could also market yourself through an add on eBay. And there’s always your own network of friends and referrals via your own website (or Facebook account).