How to Passive Income?
Passive income is money earned with minimal activity through a variety of ventures which require little daily effort or upkeep on the individual’s part.
The initial downtime you put into passive income can be as involved as starting a blog or as simple as logging into a robo-advisor platform and investing $100. You can earn passive income whether you’re an entrepreneur with a brilliant business plan, a talented artist, or just happen to have extra cash to invest.
There’s no magic trick that turns your time directly into money. Instead, you plant seeds so your money will grow, even when you’re sleeping or at the park walking
- Start a Blog:Take it from someone who’s reaping the benefits as we speak — blogs are an unbelievable source of passive income. But there’s more to making bank with a blog than just posting good content.If you’re looking for an extremely cheap, yet highly scalable way to create a passive income for yourself, you might want to take a moment and consider starting a blog.Did you know: you can start a blog for as little as a penny for your first month, and just a couple dollars per month thereafter?Here’s the idea: If you can consistently use your blog and create a lot of value for a lot of people, you can generate an extraordinary amount of passive income. As you post to your blog, more and more, your site will start bringing in traffic whether you put in any additional time or not.
Hour after hour, day after day, your blog is out there doing work for you; it’s the most cost-effective method to creating a truly passive income stream I know of.
What’s the catch? It takes time to get it rolling. That’s it. The sooner you start, the sooner an income stream can begin to grow.
This guide will show how to make your first $1,000 from blogging. You’ll find access to our Make 1k Challenge, which is a free email course that walks through the steps to start your first blog and make your first $1,000.
- Buy a Blog: Thousands of blogs are abandoned by their owners every year. If you can buy blogs with a reasonable amount of web traffic and demonstrated cash flow, it could be a perfect passive income source.Most blogs employ Google AdSense, which provides a monthly revenue stream based on ads that Google places on the site. There may also be affiliate programs generating additional revenue.From a financial perspective, blogs usually sell for 24 times their monthly income. So if the site generates $250 a month in income, you can likely buy it for no more than $6,000. Translation: a $6,000 investment will buy you $3,000 per year in cash flow.
Some sites have good “evergreen content that will continue generating revenue even years after the site has gone silent, so a simple $5,000 investment can net you ongoing passive income.
Bonus tip: If you buy such a site then reinvigorate it with fresh content, you may be able to increase the monthly revenue and sell the site at a later date for substantially more than what you paid for it.
I recommend buying a blog on Flippa. Here are some quick facts on this awesome marketplace:
- Includes everything from small sites to ones that garner millions
- Currently has more than 2,000 web-based businesses for sale
- Based on a bidding system and fulfilled by Flippa Escrow program to ensure your money and business are safely secured.
- Rent Your Car: HyreCar: With an Uber or Lyft inspection report, photos, and a description of your ride, you can start earning. 24 hours before a rider takes your car. you’re provided with insurance coverage for the rental period. Renters typically pay around $35 to $65 a day, providing you with a nice stream of passive income.Turo: Similar to HyreCar, Turo offers optional accident protection and allows users to rent their cars easily through the website. With Turo, car owners collect anywhere from 65-85% of the trip’s fare, or 90% if they forego insurance. Your pay gets direct deposited within a week of the ride. Piece of cake.FluidMarket: If you have a truck, you can rent it to movers in need. According to the Fluid market website, you can make up to $12,000 a year with a pickup and potentially earn $24,000 with a box truck. And you never have to lift a single moving box.
- Rent Your Space: If you’re interested in making money in real estate but want more of a hands-on approach, renting out your vacation home, house, apartment, or even a single room can be a stellar way to earn passively.
Airbnb allows people to travel all around the world and to stay in accommodations that are a lot less expensive than traditional hotels. Their site breaks rentals into three categories: private room, shared room, and entire home.
Paula Pant, cubicle renegade at AffordAnything.com, took a stab at making extra money renting out locations exclusively through Airbnb. Her Airbnb experiment netted her an extra $19,000 in revenue and 1 police visit! 🙂
Airbnb charges you 3% on every booking for their services, and you receive payment 24 hours after your guests check in. Wherever you are, you can make money on space in your home that might just be sitting empty otherwise.