7 Straightforward Ways to Generate a Passive Income

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Maybe you have heard about those people who are able to live their lives however they want, but don’t need to do a 9 to 5 job? While they might be in the minority, there are many ways that you can generate a passive income which can support you, or at least add to your income. Despite what you might think, these ideas to make a passive income are not as hard as you might think, but they do need some initial hard work to get you started.

  1. Blogging

Blogging has taken off in a big way in recent years, with more people starting blogs every day than ever before. While many of them will give up after a year or so, there are plenty of them which go on to make a good income from blogging. It isn’t something that will generate money overnight, but if you can put the right systems in place, it can continue to generate money even when you aren’t doing anything. Some of the most popular blogs for making money is money related blogs, diet and fitness, and relationships. The key is to create something people want and then getting them to buy it or use advertising to make money from the visitors.

  1. Webinars

These are generating some serious revenue for those that create them, and they are becoming more popular. The way to do them is to record a live webinar each week for a year. It might sound like a lot of work, but once they are complete, you can automate them, so they continue to help people and generate an income. You need to find a topic that many people want the answers to, such as starting their own business or losing weight. If you can hit a good audience stream, then there is no limit to the number of people you can reach.

  1. Write an eBook

When it comes to being an author, there is no guarantee that a publisher will take on your story, no matter how good it might be. However, in recent years, the evolution of the eBook has made it possible for people to bypass the publishers and create books themselves. There are a couple of ways that you can publish eBooks, but the selling of them is the same. Once they are published, you receive part of the price of the book. If you sell enough of them, then they can start to generate a good passive income. It is especially true if you also have a blog or other way of generating interest in the book. That is why it can be a good idea to have one running alongside your blog or webinar.

  1. Investing

Some people see investing as an expensive business that means you have to take bold risks to succeed. While some people do take risks, that isn’t the only way to invest, and if you do it right, it can create a good passive income for you. There are many ways to invest, one of them involves finding the best penny stocks to use for your investments. These are a low priced stock that will give you a big return if considered correctly. Another good investment is property because it is considered one of the more stable ways to use your money. Property can also be used for many years to help you with additional income, or as a retirement fund. You can also invest in a business venture and take a cut of the profits as a result. You need to know a lot about the business you are investing in, and it isn’t without its risks. However, there are many who have used this type of investment to build a good income.

  1. Affiliate Marketing

When it comes to making a passive income, affiliate marketing is one that is often used as an example. However, this takes time to create, and you also need to keep on top of the products you are offering. You need to have a big email list of people that you can build a relationship with. Get them involved in your story and what you are offering, then you can start to offer them products you think they will like. If they then go on to buy them, you get a commission. Although it is easier to do if you have your own blog, it isn’t a necessity. You can use other sites like Medium or Quora to build your following and send them links that way. To keep the process working well, you need to ensure the products or services are high quality and that you won’t leave anyone disappointed. Some of the highest commission fees in this niche are paid by online forex brokers who have various affiliate programs.

  1. Create a Service

You might be surprised at the types of things that can generate money for you. For example, if you love taking photos, then why not consider sending some to be used as stock photography? There are many sites which will let you upload your photos and give you a commission on any that are bought. The time needed by you doesn’t have to be huge, but the benefits can be big, especially if you upload photos that many people want.

  1. Create a Mobile App or Game

Even though this might need a little more work at the beginning, it is the type of idea that can keep giving even after you have finished it. If you have an idea for a mobile app or game, then you need to think about how you can get it from the idea to the finished product. If you have no experience yourself, then there are many freelance people out there that can help you. Once it’s finished, you can place it on the Google Play store or Apple store, and if people like it, they will buy it.

Creating a way to generate a passive income can seem like a lot of work in the beginning, but if you are determined, then you can quickly start to generate an income that can last for many years.

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CBN

Founded in 1994 by the late Pamela Hulse Andrews, Cascade Business News (CBN) became Central Oregon’s premier business publication. CascadeBusNews.com • CBN@CascadeBusNews.com

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