Creating passive income should be on your 2018 goal list!
One of the first questions people ask, when meeting you, is ‘what do you do?’ Your life’s work is a significant part of who we are. It gives us something to strive for. It gives us purpose. But sometimes our career of choice is not enough to sustain us financially. Wouldn’t it be nice if we could make an additional stream of income without having to change our profession?
Most of us are so busy that a second job is not an option. Even if it were an option, who has the time or energy for it. You may have family commitments, hobbies, or someone that you care for. You might even be pursuing an advanced degree while working full time? There are a few ways you can work smarter to free up a few hours in the day. But who wants to spend all their free time working.
Passive income has become a common term amongst people seeking to increase their income without a lot of time-consuming labor. For example, some entrepreneurs are able to hire people to take care of the day-to-day running of their business. This frees up their time to use their skills and creativity to start new business ventures.
Not there yet? Don’t worry. You don’t have to be a successful entrepreneur to create additional streams of income for yourself.
Some examples of passive income opportunities include:
- rental property income
- affiliate income from blogging
- reselling products on Amazon, eBay, and social media
- ebooks or audio courses
- online courses or digital products
- YouTube advertising revenue
Yes, these will require some sort of an investment of your time to get started. You might have to buy some equipment or consider a lifestyle change at first too. Once things are up and running and the money starts rolling in, you might also need to maintain momentum advertising or promotion. The silver lining is that beyond this initial work, your income starts to become passive – effectively you do little to nothing more to have that cash each month.
Another easy way to make a little extra cash each day is through trading. The trouble with trading is that it is risky if you don’t know what you’re doing. You will definitely need some education on proper trading practices and an initial cash deposit to get started. There is a company on Facebook that might be able to offer you the type of trading training you’ll need to achieve success.
Hobbies and interests fill our lives with pleasure and self-satisfaction. If you love doing what you do, then it might not feel like work should you choose to monetize it. You might use your music skills to teach others. Perhaps you can sell your crochet or pottery works? Love sketching? Set up a website or Etsy account and sell custom sketches. Doing what you love rarely feels like work!
How can you make more money without it feeling like you have to work for it?
*this is a contributor written post