Who doesn’t want to wake up every morning when you feel like it, work for a couple of hours, then spend some quality time doing the things that you love? If it sounds like retirement to you, you’re wrong! With passive income, you may be able to lead a fairly work-light existence.
Think of it this way: A 9 – 5 job where you need to work every day to earn money is “active” income. Every dollar you earn has a corresponding amount of work. If you stop showing up to your job or quit doing work for clients, you likely won’t continue to earn any money from your previous efforts. Passive income, on the other hand, is income that continues coming in even when you’re not actually working at it. You don’t have to continuously work to continue making money. Instead, your upfront investment of time, energy and money will keep the business going with relatively little upkeep.
How can I earn passive income?
There are tons of ways to get passive income. Some types of passive income are more popular than others. Some can also be quite risky. Here are just a few types of passive income you might want to consider:
Many people start earning passive income by purchasing and operating vending machines. You’ll have to buy, place and stock them, but once you’ve got them in place, there’s relatively little upkeep required. Just make sure they’re stocked with candy, coffee or whatever you’re shilling and the money makes itself. Of course, stocking vending machines could be a full-time job in and of itself, so don’t let it fool you. However, you’ll keep making money even if you need to take some time off, as long as your machines don’t run out of stock.
Write an ebook.
If you have expertise that you’d like to share with others, writing an ebook could be an excellent way to generate passive income. By charging people for your knowledge, you could make a decent amount of money. However, you’ll need writing skills (or the money to pay a ghostwriter) and you’ll want to market your ebook once it’s available to the public.
An affiliate site can be a great way to get passive income. You’ll need to have some Internet skills, but with a little research, you could set up your own affiliate site. Simply sign up with an affiliate program and start putting the links on your site. This could be a great way to monetize an existing blog or build passive income from the ground up.
No matter what method you choose, you’ll need to ensure that it’s sustainable even when you’re not working. Some methods require more upkeep – a blog-based affiliate site, for example – while others are fairly hands-off. Although you’ll probably need to keep your day job, each source of passive income brings you one step closer to your dream of working less for the money you need.