![]() Slowly but surely, your podcast will grow and eventually make money. Find a topic, get a recording set up, and hit record. What’s more interesting is that you don’t need much equipment to start. Podcasting can earn you money through brand partnerships, leads, and collaborations. See the guide to monetizing your YouTube channel here.Ī great alternative to making videos is recording podcasts. Do this repetitively, and eventually, you will earn passive income with YouTube. Assess your skills and find something that you can make videos about, or even walkthroughs and upload to YouTube. You can also use YouTube to develop your business leads, promote brands, and allow Google Ads. YouTube Partner Program has continued to create income opportunities for people globally. Ultimately, P2P can make you extra income over time, depending on your investment value. Peer-2-peer lending works well if you have extra money, you can lend others. This interest is what you share as a group. This money is loaned to those in need and they pay with interest. The idea here is to pool funds as a group. All you do is list an apartment with Airbnb, receive guests, and get compensated. Airbnb is basically like Uber for accommodation. Success stories l ike this here and that of the parking lot attendant who retired with a net worth of over $500k should inspire you to consider making some investments of your own.Īirbnb has a lucrative business model that can make you earn passive money from anywhere. The nice thing about dividends is that they do compound. Choose from the top REIT companies in the US and get started. They handle all the messy work of purchasing, managing and maintaining the properties and share the gains with investors. REITs are companies that own or finance real estate projects and property with great income potentials. If you are not certain where to start, consider buying REITs. Investing in securities that generate dividends can become a good passive income stream. Therefore, depending on the type of income-generating activity you are into, updates, follow-ups, or maintenances may be necessary.ĪLSO READ: 5 Great Tools For Managing Your Budget In 2021 #4 – Invest in dividend earning securities Even though we have seen that passive income doesn’t require much action after the initial work, your effort is somehow needed. Investment here refers to your initial effort. ![]() ![]() More so, having multiple income streams gives you financial security. Your money works for you to make more money. It all boils down to the fact that you don’t need to put in extra effort for you to earn. The beauty of passive income is that you can have multiple streams. After all, you will not have to do much apart from waiting during this period. In most cases, you might have to wait for years to make a significant passive income. Sadly, some people think passive income is a get-rich-quick scheme. The amount of money you can make is not limited by the amount of time you have available.ĪLSO READ: 10 Game-Changing Remote Jobs You Can Start Now This is because the money keeps rolling in long after the initial effort. For example, f you spend a week creating an e-book and put it on sale, the money you get from it is passive income. Passive income, however, allows you to make money without directly exchanging your time for money. However, you only have so many hours in a day (24 to be exact) that you can offer so the only ways to scale your income when exchanging your time for money is either by increasing the amount of money you charge for you time OR put in more hours. You are exchanging your time and expertise for money. As a freelance writer, you sit down for four hours and produce a 2000-words article for your client and get paid the agreed amount-that’s active income. To put it into perspective, let’s compare it with its counterpart, active income, using two scenarios. Simply put, passive income is making money on autopilot.
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