A lot of people want to know how to make passive income while putting in part-time hours. The great news is that it’s completely possible in more ways than you can imagine, all thanks to the power of the Internet. For decades, regular people have been leveraging the power of the Internet to create passive income in just a few hours a week. Now more than ever, everyday workers are building multiple passive income streams from the comfort of their own homes.
Because of the connectivity made possible online, clever entrepreneurs can use social media and search engines to reach an unlimited number of potential customers. It’s all about setting up the systems and automation that will allow them to keep the money rolling in forever.
If you want to learn more, here’s how you can turn most side hustles or full time jobs into passive income.
What is Passive Income?
To put it simply, passive income is money you make while you are asleep. Basically, you are not trading your time or energy for a fixed rate, so the amount of money you can make is limitless. You can only fit so many jobs into one 40-hour week. But if you harness the power of passive income, there’s no end to the riches you can create for yourself.
1. Create High-Value Content For a Niche Audience
With the power of the web, you can start your own media company this second. After you identify what kind of content you want to make and who your audience is, you will need to find a content management system (CMS) that can help you produce and distribute content that your viewers will love. After that, start posting on social media and begin driving traffic to your website domain. As your traffic grows, you can generate ad revenue, sell your own products, or become an affiliate for other brands who are looking to reach your customers.
2. Automate Time-Intensive Tasks
Whether you are using bots, delegating to a virtual assistant, or using new apps and plug-ins to make a traditional sales process easier, the power of automation is at your fingertips. Don’t be a hero that tries to do everything on their own. Give your customers and yourself the peace of mind to know that a qualified specialist is handling the important details of your business. Maybe it’s sending DMs, responding to emails, or transcribing text for your blog. If you find yourself spending more time and energy on a task than you should, do some quick research on the automation options that are available. You might be surprised by what you find!
3. Rent Out Unused Property (Real Estate, Digital Or Intellectual)
Whether it’s your car or music studio, you may have a resource that other people will pay just to use. Subleasing a car or room in your home is one way to create passive income. But that’s only the beginning. Imagine how many more clients you can reach by renting or licensing out your digital property and assets. Create a website, app, or social media page that keeps people engaged then charge people for access to it. Or produce and protect your own piece of intellectual property that you can license to music, film, or book publishers
4. High Interest Saving
Compound Interest is one of the most powerful forces in economics. The sooner you can start saving and investing, the better chance you have of creating wealth long-term.
Patience is key when it comes to high interest saving.
5. Low Risk Investing
As long as your returns outpace the annual inflation of the dollar (about 1-4 percent per year), you will be setting yourself up for long term wealth thanks to the power of compounding interest. So don’t chase high risk high return investments with all of your money. Create a solid foundation for your investments by finding low risk assets that will be profitable for decades. Bonds, 401K’s and Roth IRA accounts may not be as sexy as hot stocks and cryptocurrency bets, but you can give yourself room to take those risky shots with the big payoffs by securing the easy gains in the long-term first.
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