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.
