How To Generate Passive Income
Table Of Content
Trying to figure out how to make extra money?
Or are you wondering how can you get started earning passive income?
That's how I started too. Asking myself -
How can you make an income from multiple streams of passive income and create a life for yourself that not only frees you from 9-5 but gives you the lifestyle of abundance?
For over two years, I have been working my a** off. I've come to a point where I can say that, okay, I'm generating,
I'm generating passive income through five different streams. So it might be a dream, a dream number for some people, but I get too excited. You need to put in the hard work and consistency.
There's nothing "passive" about it
When I say passive income, what I mean is you do the work once, and you sell that product or service again and again.
So, for instance, Creating a course, creating an ebook and using what you created once and selling that ebook to multiple people, again and again, creating upgrades, creating different versions, and adding more information to it.
I know that there is no such thing as passive income, and that's what I want to share with you guys, that there is no such thing as passive income or free money you have to put in the efforts you have to put in the time and hard work to actually generate the passive income.
This article will show you how passive income works and how you can start earning it right now.
Investing in stocks
The first strategy you can do is invest in stocks.
Don't get mad at me because I know there is a bad aura, bad life against investing in stock, but investing in stock in itself is not a bad idea.
Making risky investments by not doing your own research and investing in something in stocks is the worst thing you can do.
If you don't have time or resources to do the research, you can invest like refined index funds or are blue-chip stocks and invest in those stocks.
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How to pick stocks
So ask yourself what other companies and products you use every day? And you find stocks. Products.
And you invest in those stocks because you know that you guys are using them yourself. You believe in that product, you believe in that company, and you should invest in the stock to grow.
You get better service from them and start earning compound interest on your investment.
So this is very easy. It's the easiest way to get started with passive income because of so many apps like Robin hood VBL. Econs, if you're not in the United States, not all my audience is from the United States.
Many are from India, Pakistan, Sri Lanka. And I am sure there are many, many bad farms in your own country. So just do your research. Find, find those applications and start investing in stocks start small, essentially.
This is how I started. I began with the icons app whenever I made any daily purchase; it invested in the change in an ETF.
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Starting a podcast
The second strategy is starting a podcast, which is getting massively popular.
It's like creating content. If you want to put yourself out there, you need to find media to create content and add value to people.
People's life and creating content is super important today, and podcasting does not have any algorithms as YouTube does.
Although, there are many podcasters, and I'm just getting started. And that's why I think this is a number one strategy to let number, do strategy, to start making passive income.
So what do you do is the way you make money through podcasting is you create content every week, every month, whatever frequency it's comfortable for you, you start creating content, and you attract.
Do your product to your salon services, and sell services on the backend.
Basically, the first step is to create content, add massive value to your audience, and that's it.
People start to trust you and begin to see, okay, that guy has something, something good to say. So I should really, if I'm getting so much a free value, how much weight would he add effect by this premium content?
There are so many platforms out there like anchor.FM, redcircle, podcast tools like audacity, garage band. There are so many free tools are available out there.
Monetizing Your Podcast
You can just get started but to start making money, I would say it's a medium-level difficulty because you need to make an effort to actually begin, like create content every single week, and you need to find sponsorships.
You need to find products and reach out to them for affiliate marketing, or create your own course and make the people trust you to buy your course. So I would say starting to make money. It's medium-level difficulty and talking about affiliate marketing, marketing.
Affiliate Marketing
The next strategy is basically, what you do is you find someone you trust, you find some services that you use yourself, a product you use yourself, and you got immense value from, from that product or service. And then you market the product and make money on commission out of it. So you reach out to the creator of that service or product when you get your own unique link, and you own on commissions.
So that's what I do for my books. Essentially, I have two eBooks that are immensely popular, like the HTML to react and how to make money on Instagram. So I started off selling those eBooks myself.
People started trusting those eBooks, and it’s incredible how other content creators reached out to me and asked me for affiliate marketing my products.
So I give each of them a unique link, and I share, give out like 50% commission for every sale they make for me. It's a win-win situation for both of us.
I would say it is difficult to start. You need a platform to create content. You need to reach out to people, and you should be able to convince them that this is how you're going to market their service.
You Need Audience
It could be Instagram podcasts or Pinterest, anything you'd like, you can also run ads on it. So there, there's this learning curve of marketing that you need to learn. To start making money out of it. So there is another way you could go about it.
The first thing you need is an audience. The second thing you need to do to your audience is consistently giving them free value again and again.
So then, when they come back to you, distract, trusting you.
Once you get a massive audience. You can make many different ways to start making money out of it.
Digital Products
This is my major source of passive income.
The fourth strategy is you can create your own digital product. You make your own digital product, like an ebook or a video. You can create an application. Software or web apps like templates, Excel sheets, notion templates, anything you'd like a digital product.
You usually create once, and you sell it repeatedly, and it's challenging to get started.
I would say it's easy because creating an ebook is easy. You just need Google documents and Canva. It's free for creating graphics and an ebook cover for your ebook. You just create a hundred-page ebook, sell it, and make it like $10 per ebook, a copy.
And you sell it daily too, to your audience.
That’s how you get started. And so starting to make money, I would again say it's a medium-level difficulty because you need the audience again. You need to create content consistently. People, people have to trust you before they invest in you. So I would say, like any other content creation, medium.
This strategy requires a medium-level difficulty to get started to make money.
Membership Sites
This will be my focus in this year too.
I immensely love this strategy. When you are actually seriously thinking about creating an online business, if you want to create something so that people start being you, again and again, distract coming back to you again and again.
So creating a recurring source of income when it comes to passive income is the best to scale your business. That's where membership sites come into the picture. So it's pretty similar to deal product.
Still, instead of just creating a product once and selling it, you basically position yourself to provide value to your people and your audience again and again.
For example, you can create a discord channel or telegram a group or a Patrion site. So basically what you do, or for example, what you can do is like, some so many people give out training stocks, net people can buy like signals, like alerts and calls to buy and sell stocks or options trading.
You could do that. I mean, I wouldn't. I’m not mocking for any of those things. I'm just saying this is a possibility.
So, people come back to them repeatedly, every month, and they pay for the services every month. So that's how you generate a recurring. So starting to make money here is difficult because even if you get an audience that trusts you, you need to convince them that you can give them consistent value every month.
Starting to make money with this strategy is, is a little tricky.
But if you actually continue to try and be patient with the process, you will scale your business. You are just going to sit back and relax and enjoy and reap the benefits of recurring income, and just tricky to get started.
I would say it's pretty easy. There are so many sites right now. As I said, this is the number one secret to building a scalable online business, providing free value, and creating a massive audience.
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Conclusion
I hope you enjoyed this article and learned something new about how to generate passive income this year. I can't wait to see you create your first or next source of passive income.
Tell me which one are you going to choose and execute on?
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