Have you heard those stories about people making money while they sleep? Who doesn’t want that, right? In the online world, we call this passive income. Now, if you aren’t familiar with this term, it typically refers to income that you make when you aren’t actively working. That’s what we’re going to be talking about today. In this video, you will learn what passive income is, it isn’t, how to avoid scams, how I earn money passively, and how to diversify to increase your earnings, and also protect yourself from a loss. Now, make sure you stay till the end of the video to find out how you can get a list of my favorite extra-money makers for free.
Now, passive income can mean different things to different people. While someone people would lead you to believe that you never have to do anything to continue making money from your idea, that rarely, if ever, is the case. There might be a little updating here, or promoting to keep certain things out there and earning money, or maybe you just need to use a certain website, or app, or card to earn some extra cash by doing something that you’re going to be doing anyway. That’s the kind of things that we are going to be talking about today. Now, what passive income isn’t is some of the things that you see online that lead you into sometimes falling in to some scams. If it sounds too good to be true, it probably is. Like I said, passive income almost always requires some kind of work up front or maybe some updating along the way. It’s rarely ever just totally passive, you didn’t do anything to earn this free money that’s falling from the sky. How do I earn money passively? I have quite a few things going on. And the more, the better if it’s passive, because you aren’t actually having to put in those hours over and over again to make that money.
As a blogger, affiliate marketing is my bread and butter. I earn a commission when visitors on my site purchase some of the things that I recommend. I earn more money just through affiliate marketing than I could’ve ever imagined back at my previous nine-to-five job. The key to passive income through affiliate marketing is creating great content that will promote itself for years to come. I have a couple of blog posts in particular that earn around $10,000 per year each just promoting a couple of things that I mention only in those two posts. These aren’t things that I promote regularly. They aren’t things that I promote to my email subscribers. They’re only mentioned in those posts, and those posts are almost three years old. That’s passive income. Investing used to be something reserved for people in higher income brackets or for extra money. But, what is extra money? Who really has extra money? We all know that the more you make, the more you spend. And even if pennies started falling from the sky, there’s going to be something that comes up that’s going to demand those free pennies from heaven.
The important thing to remember when it comes to investing is that if it’s important, make it a priority. Make it a bill. If you make it a bill, it’ll be easier to find other areas to cut if necessary. Let’s not forget that it kind of should be a priority. If you’re working from home, you probably aren’t contributing to a 401K program anymore, and you want to retire, don’t you? Maybe you want to retire early.
You can get started with investing by going to your local investment advisor, or financial advisor, or wealth planner. You can also get started by some of the little online options that are available today that are called microinvesting. Acorns is a popular beginner investor option. This one rounds up your purchases and then invests that spare change. I’ve been using this one for a while, and it’s a really fun way to use, get that little extra money invested without really feeling the pain of writing a big check. There’s no minimum to start with Acorns. Another great way that I earn passive income is through digital products. Now, I’ve had little eBooks available for purchase on and off over the years. It wasn’t until late 2016 that I really started making an effort to get that income stream off the ground. Today, I have several digital products available for sale. These are all things that I rarely actively promote to my audience through launches, but they do sell themselves day after day through things like automated email sequences that I set up many months ago.
Another great opportunity I take advantage of to earn passive income is cashback programs. You should always make sure your credit cards are working for you. I earned a little over $400 in cashback bonuses from Discover last year. My earning from Ebates, not including what I earn by referring other people to the program, was about $150 for my online purchases alone. Then, I also take advantage of Ibotta, which is a cashback program for your groceries and some others. Again, this is easy money, folks, and it doesn’t cost you anything to get started. So what’s your excuse? One thing I want to stress when it comes to passive income is that it’s really important that you get your main gig in place before you start adding to the mix. If you’re diluting your efforts too much, you may find that you just aren’t earning money anywhere. The same goes for additional passive income avenues. Put one in place fully before you start moving on to the next thing.
Now, as you could see, very few of the passive income opportunities require no work at all, but many require very little. These certainly won’t replace your full-time income without becoming a full-time job that sells, but they can be a great way to add a little bit of extra money to your bank account. The point of implementing these avenues is to not only increase your earnings, but also provide you with a buffer during slow times, add a little bit of extra money to your nest day, or even your emergency bank account, or something that you’re saving for for a rainy day.
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