Earning money is among the most basic necessities of life, and while financial success is often measured by active income—income earned through providing or performing services—more and more individuals have begun seeking financial freedom or supplements through passive income.
So, what is passive income? This type of income is essentially earned from an initial investment. While the initial investment generally requires individuals to provide some money upfront, as well as conduct primary research or execute other efforts to establish a solid foundation, after the investment, individuals can earn a consistent stream of income without exerting continuous effort to maintain that income.
The most common forms of passive income are stocks, bonds, and rental properties. However, there are several other ways to generate passive income and still keep your job.
Surprisingly, one of the best ways to generative passive income is to start blogging. While there is often a lack of income in the beginning—sometimes months without pay—blogging has the potential to produce an income of six or seven figures annually if handled correctly. Successful blogs provide useful, niche content that engages readers. Eventually, bloggers will be able to earn passive income from a variety of streams, including ads. Some other ways in which bloggers can make money include engaging with affiliate networks, hosting events, offering freelancing services, and creating virtual and physical products, such as books and eBooks.
Become an eBook Author
Whether it’s through Amazon Kindle Direct Publishing or other publishing means, creating eBooks can generate passive income. Once a book is written and published, it can be easily circulated through social media and word of mouth and turn a generous profit. While income depends on the quality of the book, other measures can be taken to ensure the book creates desirable income. For example, authors can easily turn an eBook into an audiobook to reach other markets and consumers.
Become an Affiliate Marketer
While becoming a successful affiliate often hinges on the number of connections and reach an individual has, affiliate marketing can generate monthly commissions that range from hundreds to thousands of dollars. As an affiliate, individuals promote products in hopes of convincing prospective customers to purchase. They then earn commission from the company for generating new consumers. The more successful affiliates are, the more likely they are able to expand their network and commission.
Passive income can provide individuals with financial freedom or supplemental income. While generating passive income can require some funds and creativity in the beginning, once started, these income streams can provide stability without much upkeep.