Best Ways To Make A Passive Income
Would you like to become wealthy one day? You won’t be able to become wealthy if you aren’t able to make a passive income. To make a passive income, you will need to do some work at the beginning, and one day it will pay off continuously without needing to work for it anymore. By the end of this article, you will have a good idea of the “best ways to make a passive income”!
Table of Contents
What is Passive Income
Passive income is defined as:
“Passive income is income that requires little to no effort to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income. Examples of passive income include rental income and any business activities in which the earner does not materially participate.”
Not all passive income is passive at first. You might have to put in some effort to build something that will become passive income in the future. But unlike working a job for a salary (where you get paid regardless if you work or not), passive income is made by the entrepreneur that works today and gets paid for their efforts tomorrow!
Top 10 “Best Ways to Make Passive Income”
The headline reads, “top ten best ways to make a passive income,” but there are millions of ways to make passive income. From my own experience, I will tell you the 10 best ways that I have been able to make a passive income.
- Make a website – With a website, you can build it once and promote other companies through reviews, and when people click on the links that you provide, you will get a commission for every sale. With a website, once you establish traffic, you can then tell google that you want AdWords on your site. (Google Adwords is advertising like the little banners that you see on other websites) every time someone clicks on an ad from your website, you will get paid a determined amount of money. (please read my Wealthy Affiliate review here)
- Youtube Channel – If you are not too shy about getting in front of a camera and making a video, Youtube is a great form of passive income. It used to be easy to get paid by youtube (the requirement was to get only views to get paid); these days, it’s a bit tougher, however doable. Youtube requirements for them to pay you is 4000 watched hours and 1000 subscribers to your channel. Once you meet the requirements, youtube will start showing ads on your videos and they will pay you monthly for the ad slots on your videos. Another way to make a passive income with youtube is: when you write the video description of what it is about, then add in a link to a relevant product, and when someone clicks on the link and buys that product, you will get paid a commission. Youtube videos have been around for more than 10 years, and I have videos that I made 7 years ago still making me money today.
- Create a course – If you have a skill, you can teach other people how to do it, then take a course and sell it. Every person on this planet is good at something; you just have to figure what that something is. But once you figure it out, then start videotaping yourself doing it and explain the process of it while you are doing it. The videos don’t have to be that long but keep in mind that the more information you put in, the more you can charge others to learn it. There are several places where you can upload your course for free, and when someone buys your course, you will get a royalty for it. Or you can open an affiliate page and have other affiliates drive traffic to your course. One place you can do that is on Clickbank. Sites for courses.
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- Invest in Cryptocurrency – Cryptocurrency (crypto for short) is digital money. At the time of writing this article, crypto is being adopted by world leaders and their people. With a small investment now can grow into a sizable income. Since that is more of an investment, here are a couple of ways to turn that into a passive income. Deposit the crypto in crypto savings account on an exchange, and you will get paid crypto in return for holding it (just like a bank’s savings account); you will get free crypto each day, and you can use that income to invest or to cash out and use for daily life. Another way to get free crypto is by participating in airdrops. An airdrop is where a crypto company will give you free cryptocurrency for doing micro-tasks, Ie, sharing their project to your social media and getting others to sign up. When you finish, you will get paid free crypto where you can do what you want with. Whether you invest it in savings, account for passive income or cash it in for free money. My favourite place that offers these services is Binance.
- Buy A house and rent it out – This one takes a large investment for it to work but say your mortgage is only $1500 per month and you rent it out to someone for $2500 per month, then that you be an extra $1000 per month in passive income. The downside to this is having to deal with the tenants and could be more work than passive income. However, the equity that appreciates the value increases over time you could consider that passive income as you didn’t have to work for the extra money.
- Advertise as an affiliate marketer – As mentioned in building a website, you can promote other companies through a partner program called affiliates. You can spend time promoting these companies on classified ad space, youtube, social media platforms etc., and so long as the ad is still up and people clicking and buying from it, you could create passive income with that.
- Invest your money – Investments are a great way to earn passive income. One place I would have to tell about is a company that I personally invest in. It is called Cashfxgroup. This is a place that trades on the forex marketplace. What I do is deposit at least $300 into an account, and every week I get a %R.O.I. where I can choose to spend it or roll it back into the investment so that I can turn it into compound interest. Every 6 months, I double my money. The more you put in, the more you get out. Only put in what you feel comfortable with. Many different companies out there do the same but make sure that you do your do-diligence and research before investing. That companies name again is CashFxgroup >>>>sign up here<<<<
- Amazon FBA – FBA stands for Fulfilled by Amazon. This stream of income takes some time and investment to get up and running; however, in about 6 months to a year, you can have a nice passive income, and you can automate the entire process or hire someone else to do the work for you. Selling on Amazon is a big process. I won’t get into great detail, but it involves you figuring out a good product to sell, sourcing the product out and shipping it to Amazon warehouse anywhere in the world. Then list that product on Amazon, and they do the rest (shipping and customer service) and send you money. The only work you have to do beyond that is to reorder from your supplier and make sure that you don’t run out of stock. This is 2021, and yes, Amazon is saturated, but there is always room for growth.
- Write a book – or more specifically, an Ebook. Did you know that you can publish an ebook online? There are about three places where you can publish a book, and when you sell a book, you get a royalty from the sale. Also, you are not limited to just one publisher. You can publish the same book with several places online, and each one will pay you for each sale. A couple of ideas for you, You can hire someone on Fiverr or Upwork to write the book and release the copyright to you so that you can sell the book. Or you can write about something you know. Many ebook creators can help you easily write ebooks like Ultimate ebook creator, Designrr, Canva, Kindle, Flipbooks, Sqribble or PowerPoint. I have used designer and … and they are both good. (do your own research) the best part about writing your own ebook is that you can drop in affiliate links for relevant products. Ebooks alone can give you several passive income streams.
- Loaning out your money or cryptocurrency – There are secure places on the internet that you can loan your own money or cryptocurrency to others and collect a %interest. With crypto, it is a bit easier and more secure. Each month that you loan out your crypto, you get a % return on interest. Depending on how much money you’re loaning out, that monthly interest could mean the difference of you needing to go to work for your money.
Build Multiple Streams Of Income
With all that you do to make a passive income online (or off), once you build one stream, don’t stop there, Continue building the next stream of passive income. That way, if one source slows down or stops, you will have other streams to fall back onto.
Imagine having 20 streams of income? making enough money to one day create generational wealth because you are making more every day than you can spend! Let me tell you, IT IS POSSIBLE!!!! If you build a 10k per month passive income, then do the same process 10 more times, at the same amount that is 100k per month. Let me tell you that many people online earn that much or more each month.
With the 10 best ways of making a passive income that I had just shared with you, you can create two or more streams. So I guess that I told you about at least 20 ways.
Have Your Money Work For You
Get your money working for you. If you don’t have money to invest right away to start building, you can start for free, but you need to put in more time to get to where you want to be. You just need to take action and start now, not tomorrow. If you want to get started without needing to invest, please read this article, and I will explain different ways of making money online without initial investment (other than time). However, if you have money to invest, you can start right away in any of the ways that I had mentioned above.
Live Life On Your Terms
With needing to stay at home because of the virus or your government, or you no longer want to have to wake up each day to go to work and make someones else’s stream of income a success, then start now and build your own passive income so that one day soon you can retire and have the money to enjoy life. Live life on your terms, not someones else’s. In this day and age, it’s easy to make money online and to be able to live your dreams.
I wish you the best of luck, and if you have any questions or want to comment on anything that I mentioned, please leave that question or comment below or send me an email. I would be happy to reply.
To your Health, Wealth and Happiness!
2 Replies to “Best Ways To Make A Passive Income – Generate Wealth Forever”
Hi Clifford, thank you so much for providing the passive income ideas. I’ve been trying to do some of the mentioned ways, but it hasn’t generated quite a good income until now. Now, I’ve been curious about trading. Is stock trading can also be considered as a passive income? I see that you recommend cashfxgroup there for international forex trading, but do you have any recommendations for stock trading? Thanks
Thank you for your comment and questions.
I couldn’t give you much advice on stock trading on the NYSE or others but yes I would agree that stock trading is a form of passive income however with stocks there is a risk of losing your money altogether. So in a way, it’s not a smart way of passive income unless it pays dividends.
I recommend Cashfxgroup due to the fact that they do the training for me. But with a sign-up to their platform, they gic=ve you a school/course that teaches you how to trade on the forex incase you want to try your hand at trading your own money.
As for stock trading, I can’t give you much information unless you want to talk about cryptocurrency trading. That I do know a lot about.