So you’re on the bandwagon and want to start earning yourself some sweet, sweet passive income. But now it’s time to decide on how to go about doing it There’s a million different ways that you can do it, and there’s no one-size-fits-all solution for everyone. Different methods will appeal to different individual strengths and sensibilities. Let’s go over just some of the ways that you can earn passive income.
Create your own Blog or Website
Creating your own blog or website gives you the ability to earn money in many different ways. Online advertising, merchandise, affiliate links, and direct sales of your own product are just a few methods of going about it.
Expanding upon the first point above, online advertising providers will pay you based on the number of times visitors on your website, mobile application, or blog view or click on an advertisement. Put simply, traffic = money.
Also mentioned above, affiliate links are also known as referrals. If you put a link on your website, app, blog, etc and your visitor clicks thru to the affiliate and completes a predefined action you’ll get some sort of commission. What sort of action? Well they might have to create an account with the affiliate and/or buy something with the affiliate for example.
Do you have an infectious personality? Are you the life of the party? Are you just really passionate about something that you want to share with the world? If any of the above are true then creating YouTube content might be up your alley! Your own YouTube channel can earn you money via online advertising (much like TV commercials), paid sponsorship, or you can sell your own merchandise once you have branded your channel and have a good following.
Knowledge is power, and people are always looking to learn and grow. You can compile your own online course and make it available to your audience for purchase. You can do this entirely by yourself on your own website if you wish, or if you want to leverage the existing infrastructure and expertise of other sites you can upload your content to them and they’ll split sales with you.
This one is pretty self explanatory, write your own book and publish it quickly and easily online. This could include eBooks, audio books, or even print. There are services available that can make your books easily accessible to anyone in electronic formats.
Similar to YouTube, paid sponsorship and merchandise are a couple big ways to make money once you have a solid following. The bigger the reach you have, the more value you can provide to both your listeners and advertisers.
The most obvious ways of monetizing your mobile application would be with ads, or by charging a fee for your app. Of course depending on your app there could be a million other ways to make money too, the sky is the limit.
Sell Your Photography
Sites like Alamy and accompanying mobile app Stockimo let you upload your own photos and split sales when someone purchases them.
Stocks, Bonds, Mutual Funds, and TFSAs, oh my. The more traditional concept of passive income, squirrel away your money and let it grow.
Peer to peer lending
My personal favorite, peer to peer lending means a group of lenders all contribute small amounts to fund the full amount of the loan – and all lenders earn interest on the loan. Lending Loop is one such site that’s available to Canadians.
Patreon is a service tailored to artists and content creators that let’s their followers donate a small monthly amount (say one or two dollars) to the artist because they appreciate and find value in the content they are creating.
Self Branding & Merch
As mentioned multiple times above, this can apply just about anywhere that you build a brand for yourself. Once you’ve done that you’ve opened up a whole new merchandizing outlet for yourself.
Any job or service in which you can automate the work for
The obligatory catch-all. There is no definitive list of all passive income sources, because it can be just about anything.
Is something obvious, or not-so-obvious missing from the list above? Drop a comment and let me know!