Technological evolution is responsible for changes to the way we interact with the world, and one of those ways is the ability to easily bring in a passive income.
To benefit from this and make a living, or to make life a little more comfortable, consider the following five smart ways to earn a passive income.
1. Investing
Modern technology means that the trading world is at our fingertips, with smartphones having the ability to interact with countless brokers. If you do your research, put a strategy together, and keep your emotions in check, investing is a great way to earn passive income.
Even if you decide that risky investments are on for you, there are “safer” options out there. For example, many well-established companies pay a dividend every single month, meaning you earn money for allowing your investment to sit.
2. Blogging
Advances in web-based technology mean that anyone can build a website, and you don’t even need to understand how coding works. By using a CMS (content management system) like WordPress or Wix, you can make attractive websites and start blogging. If you can attract a large enough audience to your blog, you can begin to monetize it through PPC ads, subscriptions, and selling premium content like eBooks.
Even though blogging has the potential to earn a passive income, you need to understand how competitive the internet is – there are thousands upon thousands of results per Google search query. With this in mind, you have to be prepared to put the time in to get your blog off the ground, and then commit to ongoing updates and maintenance.
3. Affiliate Marketing
Affiliate marketing is tied to blogging, and it’s a great way to boost your monetization. By partnering up with affiliate programs like Amazon Affiliates, you can help direct users to products. Every time one of your readers makes a purchase using your link, you receive a cut of a percentage. There are hundreds of affiliate programs out there, which means you’ll find one no matter what your niche is.
If you’re going to do affiliate marketing, you should know that underhand tactics won’t work. You need to be transparent on your website that your content includes affiliate links. Additionally, if you send members of your audience to links under false promises or pretenses, you’ll find your readership declines.
4. On-Demand Designs and Prints
If you’re well-versed in digital design and understand the latest social trends, you should consider trying out prints and designs on demand. Operating your new business this way means that there’s very little risk, as you’re only stocking inventory for the sold items.
In many cases, you don’t need to have any inventory yourself because you can work with a fulfillment firm. For example, companies like Teespring and Printful will print and fulfill orders on your behalf. If you choose this option, all you need to do is supply high-quality designs that people want, all while safely navigating copyright laws.
5. Teaching Online
If you consider yourself the master of a craft, then why not teach others online to help them reach your level? There are countless platforms online that let you register, create courses, and then sell them. You can be as hands-on as you want with this. For example, you can create self-taught courses for students to follow or you can host virtual video lessons. Either way, you’re being paid to teach people online.
Earning a passive income in 2023 is relatively easy; you just need to have access to a computer, smartphone, or tablet. Whether you end up investing, blogging, teaching online, creating prints, or anything in between, you will be thankful for the income boost to support your financial goals.
