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Passive Income Ideas: 5 Ways To Earn 500$ a Day

Passive Income Ideas: 5 Ways To Earn 500$ a Day

Creating passive income is definitely possible. You have to know what you're doing and put your time and effort in the right places, and it takes a lot of hard work that you won't get the rewards from all of that passive income for quite a bit of time until you start seeing it come in.

At the end of the day, though passive income is definitely possible and hopefully this blog post can help you by shedding some light on what I've done over the last few years, and what you can do and start doing to create passive income for yourself.
               
5 Passive Income Ideas

1. Amazon links

For some people, this source of income is absolutely huge if you're somebody who likes to buy things, and then review them you can make your own youtube channel where you review these products, and if people like them they can click your link below each video that you make, and if they buy a product you will make a small tiny percent of each sale.

But if you wanted to make money with Amazon links I encourage you to instead of doing the links for products if you don't want to do product reviews to instead do their bounty program which is what I'm doing.

2. Print on Demand

This is another passive income idea that absolutely anyone can do. How this works is you create a design that you think would be good on a t-shirt, and then you upload it to a couple of different web sites, and then those websites make an image of what that design you uploaded would look like on a t-shirt, and then they market it to people and get people to their website to see it, and then if someone sees that and they like your design on a t-shirt, they can actually buy it from that website.

The website takes the order, collects the funds from the customer prints that design onto a t-shirt and ships it out to the customer, and then the website takes a little bit of the profit and gives you the rest of the profit right into your account, which is typically a few dollars and then it continues to list your design on a t-shirt on the website for future people to do the same thing.

The first thing you're probably thinking is I'm not a graphic designer so I can't do this one, print on demands not going to work for me, and I have to tell you that I've taught people who have no experience in design and even call themselves not creative how to do this and how to do this on a big level.

There are so many design tools out there where you can look at their templates, and you just change the words around change the colors and now you have designs that you can upload.
3. Online courses

We often sell ourselves short, and we don't realize how much knowledge and value we have in our brains that we've learned from our jobs or our day-to-day lives. There are people out there almost certainly that are willing to pay for the knowledge that's in your brain right now.

Online courses are getting kind of a strange rap right now because people are creating overpriced courses with low value, and it's creating a bad taste in people's mouth. But I want to say that they can absolutely serve a great purpose if the instructor you or me whoever the instructor is? is putting in good value into the course that is genuinely going to help the student who's paying for it.

What you do is you create your course, you decide what the title is, what the description of the courses and what that topic of the course is going to cover, and teach the student, you upload it to the marketplaces like Udemy and Skillshare, and they're going to set the price for you on what they think is right, and then whenever someone buys that course through Udemy, they instantly and automatically give them access to the course and then Udemy or Skillshare takes a cut of what the student paid for the course, and then you get the rest as the instructor.

That's a great passive income source is if you're creating a valuable online course that people can watch, and learn everything they need to know, and then Udemy or Skillshare is going to do all the marketing for you and continuing to sell the course over and over again, and they get a cut, you get a cut. That's the definition of passive income.

My biggest piece of advice on this is if you are going to go the online course route. Just make sure that the courses you're creating are under-promising and over-delivering. Make sure that you're really truly packing these courses with a lot of value and not holding back for the students. If they're paying for a course you want to, make sure that you're giving them exactly what they're paying for or more.

Make sure that you're not falling into the trap of creating a very basic level course, and then selling it for a high fee that is not going to go over well and that is not sustainable for long term passive income.

4. Dividend growth investing

If you don't know what that is. It's basically, I get paid for owning certain types of companies that are called blue-chip stocks. These are companies that include Walmart, Disney, coca-cola, Apple.

It's my favorite way of investing but the downside is that you actually need quite a lot of money to make any significant source of income, which is great for me because it encourages me to save as much of my money, and then invest it rather than spending it on things I don't need.

But for the month of October, I actually got paid 437.94 from 21 of the 100 companies that I own, and again some of them pay me monthly, some of them pay quarterly, and if you do want to start this kind of investing, don't chase the dividend yield as it's called, don't chase the monthly factor, it's like saying would you rather get paid 100 once per year or split two times or 12 times. whatever it is, it doesn't matter because the total amount will still be the same, no matter how many different ways it gets split up.

I'm tracking all of these 100 stocks through my google spreadsheets. Otherwise, there is no way that I'm going to be able to keep track of it, it tells me all of my schedules, all of my dividends, and everything I need to know, and I'm getting the same stock market data provider as the ones that Robinhood and all these other major brokerages are using as well.

For example, I know that out of that 437 dollars, I know that 20 of it is coming from the real estate sector, and another 15.8 percent is coming from the consumer staples industry, and if you are not familiar with what that is. that's an industry where it's always going to have similar, and or growing demand based upon the population. So people are always going to need to buy food water, shampoo, cigarettes, toilet paper.

5. Royalties

Royalties are something that I get paid as an artist from a percent of gross sales on a product that another company has produced for me, which sounds really complicated but it's really simple.

It's how your favorite music artists get paid when they pitch a song to a record label company, they'll come along, they'll produce this song and put it up on iTunes or wherever it is, Spotify and then, they'll pay the artist a certain percent of the sales of this song.

For most people including myself, I'm not a singer or a songwriter, so my royalties are coming from course sales which are going to be the truth for most people, and I've been having this source of passive income since I was 18 years old, and I've been generating at least 100 dollars every single month. for last month I actually made 113 dollars selling this product.

Over the last few years, I've been learning all about all these passive income streams online, and I've been testing them with trial and error finding out which ones work extremely well, which are the ones I just listed for you, and which ones do not work and cost me a lot of time, a lot of effort and in some cases a lot of money in order to find out that they didn't work.

Just remember going into this. Make sure you have the right mindset, don't chase the money rather, just create everything that you're doing as a helpful resource for someone else, and you can't go wrong, it is going to be a lot of hard work up front, whether that hard work is actually writing articles or thinking of creative t-shirt designs or using your brainpower, that's what it's going to come down to that's what a lot of people miss.