Passive income is a great way to make yourself more money, but you have to be dedicated enough to commit to the process and give yourself time to ground your platform and gain a following. Patience and hard work is required for every aspect of life, and this is no exception. Each of the options that you choose takes a lot of time to start up, but if you’re persistent and passionate about what you do, the hard work will pay off in the long run and you’ll have something to show for it.
It’s best to have at least four different platforms of passive income so that if one doesn’t work out, you still have three to fall back on. There is such a diverse range of things that you can do, which all depend on your capability and willingness to undertake them, but we’ve chosen five to go through.
just to give you an idea of what the possibilities are. The first two will be explored in Part 1, and the remaining three will be within Part 2.
What and how you ask? Well, a blog is simply a web-based platform (a website or YouTube channel) that you regularly post on with articles or videos that readers will find interesting which will hopefully make those readers want to come back, as well as recommending the site to friends and family. From there, you can include ads to your site, which you can source, or if your following is large enough, readers may approach you offering you a certain amount of money for promotion of their product.
The way it works is so simple. You earn money through traffic. Just like a city, the more people in the city, the more money the businesses make. However, instead of physically going into a store, they’re clicking the ad to go to the online store or website. This money is offered by the company that wants the ad on your site, and is an upfront payment for every click that they get from your Blog
Vlogging is an up-and-coming platform on YouTube that has proven that, if done well, can be extremely successful. Logan and Jake Paul are prime examples of successful Vloggers as they’ve grown from nothing, into multi-millionaires in a matter of 12 months simply from establishing their followers and making their Vlogs relatable and entertaining.
Dividend Stock Investing:
The theory behind Dividend Stock Investing is choosing stocks that have both a high potential to show growth (called capital gains) and will also pay you a large amount of the company’s earning every quarter (which is called the dividend payment) just for investing in the company. The general idea is to obtain as many of these high-quality stocks so that you can obtain payments from each of these each quarter.
To simplify things a bit:
If your friend planted an orchard (company) and you helped to buy the trees (your purchased stocks)
once the fruit has grown (monetary value), you get a certain amount of the pickings (dividend payment).
For more ideas for beginning your passive income journey, check out Making More Money: Part 2.