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What is Passive income?
Passive income involves making money in a way that is not dependent on your time.
Passive Income Streams
Stocks and Shares
Investing in Stocks and Shares with Index Funds such as the S&P 500 through a stockbroker or stockbroker platform will bring you a long-term passive income-earning of up to 10% annual return. This percentage is from historical stock market data.
Investing in this type of fund is a lot less risky, and it means that you are investing in the top 500 companies in the US. Each of the 500 companies gets a share of your investment. Webull is among the brokers you can choose if you live in the US. Those in the UK can use Freetrade or Vanguard. Once you have this investment set up, maintaining it is easy.
YouTube
Starting a YouTube channel is very straightforward. However, it is far more difficult to produce high-quality YouTube videos that can make you money. You need 1000 subscribers and 4000 hours of watching time. It takes approximately 90 plus videos to reach these numbers. Therefore, you will need to be patient, put in a lot of work, and do it for a long time. It’s explained in more detail here.
Podcasting
In comparison to having your own YouTube channel, creating a podcast is much easier. It is, however, a lot harder to grow a podcast since there is no algorithm to help you grow it. You can create, distribute, and monetise yours by using websites such as Buzzsprout. It’s hands down the easiest and best way to do podcasting. In as little as five minutes after recording, your podcast can be available in all major podcast directories such as Apple Podcasts, Spotify, Google Podcasts, and many more.
Whether you want to learn every aspect of the podcasting process or become a podcast host, The Podcast Host Academy is the best place for you to learn and grow. A sponsorship deal or brand agency deal is the best way for podcasters to generate income from their podcasts. You can make 18 USD (13GBP) for a 30-second ad and 25 USD (18GBP) for a 60-second ad for every thousand views or listens. You can make more money on YouTube than you can with a podcast.
Affiliate Marketing
When you participate in affiliate marketing, you’re recommending other people’s products and getting a cut of the sales as a commission. It’s simply selling the merchandise of other people in return for a commission. Approximately 48% of affiliate marketers earn up to USD 20,000.00 annually. Affiliate marketing is a simple business to start. Unlike other trades, there are few or no costs involved, and you don’t have to worry about handling after-sales queries.
The largest and best-known affiliate program in the world is Amazon Associates. Signing up is free, and you can begin promoting products available on Amazon immediately. It is easy to join the Amazon Associate program if you already have an Amazon account. Your Amazon promotional link will be unique to you and to each product you promote. By sending people to the Amazon website through your link, any products they purchase within 24 hours will earn you a commission.
Selling Digital Products
Digital products are products that you create once and sell over and over again. Examples are ebooks, subscriptions, mobile apps, online courses, website themes.
People want solutions to their problems, so you must create something that will address these needs. Getting people to buy your products is the hardest part. The good news is that you can earn a significant amount of money on auto-pilot once you’ve overcome these hurdles.
Membership Program
For your membership program to succeed, you will have to provide content that is so compelling that people are willing to pay a monthly or annual fee. Once you have subscribers paying for your membership program, you can easily maintain it.
To grow a membership program, you need five key steps. As you plan your marketing efforts, you must first attract people, convert them to joining your program and orient them as soon as they register by introducing them to your community. The fourth step is to maintain their loyalty by gathering them and inviting them to participate. The final step is to install a billing and administration system to maximize your revenue and enhance your customer relationships.
Print On Demand Dropshipping
To earn passive income using Print on Demand, you’ll need to have the right products, the right audience, the right marketing plan, as well as using the right dropshipping platform. Your profit would range between $5 (£3.5) and $8 (£5.8) if you made just one sale per day. Although these amounts are approximate, they can give you an idea of how much more money you could earn if you made several sales per day. Printify is one of the most well-known companies that provide Print on Demand dropshipping services. There are different printing suppliers on Printify who offer their services. Therefore, it is essential to choose the supplier and the products beneficial to your business. Printify offers over 300 products that you can customise with your design, including mugs, socks, and t-shirts.
Order samples from your print supplier to make sure your products look and feel as you expected. Once you are satisfied with the final product, you can publish your customised items automatically to your online store. Printify integrates seamlessly with e-commerce platforms like Shopify, Etsy, Wix, and many more.
Self-Publishing
Self-publishing is an excellent way to earn passive income. You can publish in both digital and print formats. Publishing your work will enable you to earn income for many years to come. Kindle Direct Publishing is the fastest way to self-publish. Amazon allows authors to publish ebooks and paperbacks at no cost. In addition to reaching millions of readers, you will certainly get more exposure. Your book can be available in Kindle stores around the world within 24 hours. The publishing process takes less than five minutes.
In addition to providing you with a price recommendation, Amazon allows you to set your list price and maintain control over your rights.
It is possible to earn up to 70% in e-book royalties, a rate significantly higher than traditional publishing. You can also make more money if you enroll in KDP Select, which comprises Kindle Unlimited and Kindle Owners’ Lending Library. Aside from that, you can edit your book whenever you want.
Audiobook Narrator
A career as an audiobook narrator can generate passive income. Through ACX, you can find a limitless number of acting jobs. You will also be able to sell your audiobooks on Audible, Amazon, and iTunes. The best part is that you can decide whether you want to get paid your own set per-hour rate, or you can decide to share the revenue generated from the sale with the rightsholder. The latter option lets you get paid repeatedly.
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