During this unconventional year, people have had to get creative about ways to generate revenue. Whether it's to pay your bills or to compensate for less hours due to a shutdown, many are turning to passive streams of income to offset debt and keep food on the table. If you haven't tried passive income streams yet, it's not too late to get creative. If you are curious about ways to bring in new money with little ongoing work, check out these four ways to earn passive income. You and your wallet will thank yourself for it in the future.
1. Become an affiliate marketer.
If the monthly payment on your car or home is stressing you out, you might want to look into another income stream by researching how to generate passive income. For many, the simple answer is taking advantage of those social media platforms we've all become so addicted to. Take a look at your followings. If you have a thousand followers or more on any platform, you may be able to land yourself an affiliate marketing job.
Affiliate marketing is simple and doesn't mean you have to be an influencer. Instead, if you take time to clean up your walls, boards, and even social networking groups, you can quickly attract businesses who hope to advertise with you. While influencers generally have businesses come to them, if your following isn't as big but you have friends and followers in a specific niche, many businesses would love to hear from you.
Affiliate marketers are paid by affiliate link clicks and a percentage of sales they've driven customers too. And it doesn't have to go through social media either. If you have a popular blog or website, it's easy enough to recommend a product or throw a newsletter out asking people to check a product you believe in out. If you are a blogger, affiliate marketing might be something worthwhile to check out.
2. Consider real estate investing.
One quick way to bring in passive income is refinancing your investment property. The money you save on interest payments alone will help with building wealth quickly. But it's more than working with what you have that may make a passive marketing plan work best for you. Consider buying an Airbnb property and renting it out to travelers. The monthly income you could get from this might be enough to tackle your current mortgage payment. Other ideas to consider are becoming a real estate investor, landlord, or peer lender. With real estate, income streams are limitless if you're willing to think creatively.
3. Discover mobile advertising.
Many are surprised to learn that it doesn't take advertising on social media to get paid for a no hassle marketing job. These days, companies are hiring people to throw magnets and stickers on their cars and drive around. If you're willing to promote a company on your vehicle, you could get paid to drive to the grocery store or even on your daily commute. Mobile advertising is becoming a trend many businesses are budgeting extra money for. Sound easy enough? Look into it. It could be the best thing you do this year for your wallet.
4. Publish a book.
Do you think you can write an eBook? It's worth finding out, since digital products are a great way to bring in passive income long after the work is done. With self publishing easier than ever, many people are looking to online book sales as part of their overall passive income strategy. While the time spent upfront can be a lot of work, the long haul may pay off.
Do you have a skill or topic you know a lot about? Why not share that information with the world? There are YouTube videos and online courses on how to publish a book and have it on all major platforms including Amazon in just a matter of months. This process is easier than you might expect and not reserved only for professionals. With a solid marketing plan, you might be surprised to learn how fast books can bring another line of royalty income in.
At the end of the day, how you decide to go about your passive income plan is up to you and your specific financial situation. Consider things you enjoy and ways you might be able to monetize your passions and hobbies. A little creative thinking could add up to big bucks with very little work for you. Passive income is basically free money, there for the taking.
