To be a financially successful person you have to work really hard and there is no way around it. You have to give at least 40 to 50 hours a week to earn an active income. But what if I told you that you can also earn while you sleep? Too good to be true right? But it is true, though it requires a little bit of your time, but again everything worthwhile requires time.
You can dedicate your free time into earning passive incomes. What is a passive income, you ask? Passive income is any source of income where you do not take part actively but do it on a less regular basis, like in your free time which continues to earn money for you even while you sleep.
To have a strong financial foundation, having more than one income source is very essential. You can read it in every financial book or hear it from every great investor that having more than one source of income is of the vital importance.
So, you understood that and want to take up on your own passive income venture, but you are confused about how to get things rolling initially. If this is your dilemma then do not fear, even a little because I am here to help you out with your problem. I will discuss some great passive income sources which you can take up in your free time and open many different channels of income.
Most passive income ideas will either generate poor returns or consume lots of your time (not very passive!). So the question is…what really works?
So, without wasting any time, let us get started.
Blogging took the world by storm a few years back and even today it is very popular. Many people have their own blogs which have become their primary source of income. If you also want to start an alternative cash flow you should consider opening a blog. There are various free and paid blogging platforms where you can get started. The main income for blogs are advertisements and affiliate programs. Your aim should be to write interesting articles which drive an insane amount of traffic to your blog.
Sell An Ebook
This model is used most often by bloggers and content creators everywhere. You can package a 10-50 page report of how to do something effectively, something you know how to do and think people will be willing to pay you for it. Write about it, get a graphic art to design a cover page for you and convert it to a pdf format and wahlao!!!, your ebook is ready.
You can price your ebook as low as N2,000 or $5 and as much as N10,000 or $50. When placed on an active blog with tons of visitors, you’ll see constant and regular patronise daily without you having to do any more work.
Another place to have your ebook is on Amazon.
If you know how to bake cake, how to do make-up or how to develop a website/blog using wordpress; you can similarly teach this and make serious income from it.
This is very simple, all you need to do is get a good video-grapher if you’re going to be teaching LIVE practicals of how to, say, bake cake for example. Record various sessions, like the introduction, step 1, step 2, etc. Package the entire videos and get an online developer to create an online course platform for you.
You can have as many people registering to be part of the tutorial daily even when you’re snoring!
So what can you do? Can you convert it into a course and host it online today? Give it a shot and thank me later.
With this few expository passive income of mine, I hope I’m able to convince you and not confuse you that, yes, you can keep earning money even when you’re in your bed (but don’t pee on bed cos of too much money ooo 🙂 ).