Passive income refers to the income you get without being actively involved. It’s not for nothing they say that ‘time is money’. Many people appreciate this way of making money because it doesn’t take a lot of your time. Though there are plenty of ways to do it, today we are going to focus on how to get passive income in modern ways.
How to Get Passive Income in 2017
1. Buy an Existing Business
This method requires a little bit of research and some money in the beginning, but it can turn out to be a great investment. There are plenty of online businesses and blogs that are very profitable nowadays. At the same time, you can be on the lookout for a significant deal, which will cut down your investment. You can just own the business and let other people take care of it if you’re not willing to spend so much time for it.
2. Dividend-Paying Stocks
Another great option you have if you want to learn how to get passive income in 2017 is to invest in stocks of companies. Choose the companies that have a history of paying dividends. Basically, this is a way for them to share their profits with shareholders. Usually, this happens for a fixed dollar amount/ share of ownership. It’s a great long-term investment if you want to make your money work for you.
For those of you who have programming skills, you can make money by making apps. A useful app can be downloaded millions of times, thus earning you a lot of money. Many people earn thousands of dollars by having several apps on the market. Naturally, you need some investment of time and money in the beginning, but it can yield impressive results. If you don’t know coding, there are plenty of online courses and materials you can use.
4. Rented Real Estate
This has been a recipe for extra profit for decades now, and there’s a good reason behind it. There’s always going to be a demand for real estate. You can buy a property and then rent it. With the rent you get, you can pay the mortgage and still have some extra profit. However, make sure you do your research and know exactly what are the costs of property ownership.
5. Affiliate Links
If you already own a blog or a website, you can get affiliate links. Amazon offers an affiliate program, as well as other retailers on the market. In this way, they manage to forward traffic to certain products they want to promote. If you choose this path, you will get a percentage of any revenue triggered by you. There are various methods of promotions, so you can inform yourself and choose the right one for you.
The content marketing industry is a very productive one, especially in the recent years. If you’re knowledgeable on a topic, you can write several e-books about it and publish them. There aren’t strict rules here, but you do need to know a little about your target market and other competition you might have. Once you post it, you can get significant profit even if you set it at a couple of dollars. You can even hire someone to write a book for you if you’re not good at it.
Besides publishing e-books and signing up for affiliate marketing programs, there are other ways to monetize your blog. One of them is advertising, for example. With it, you can generate significant income without too much effort. If you have a couple of thousands of visitors each month, you can install even a single ad and you will get hundreds or thousands of dollars. Of course, here you have countless possibilities, but make sure you still offer relevant content on the page, not just ads.
Naturally, there are plenty of other ways to get passive income. The suggestions above are modern and applied to the possibilities you get in 2017 and 2018. But let’s have a look at other approaches on how to get passive income, in case you’re not satisfied with the list above:
Create Your Own Digital Courses
There are plenty of people who make vlogs or training clips. If you master any topic, record yourself and explain important concepts in that field. For example, you can create tutoring clips and post them online. Then, you can either make people sign up for them and pay a fee or rely on ads. You will need to invest some money and time in the beginning, but it’s a surefire way of ensuring a long-term profit.
We know, online business sounds like you should make a lot of effort. However, that’s not always true. Let’s say you set up a web design company. You don’t need to make your customer’s websites yourself, but you can externalize the service. Hire other designers that can do everything for you. Name a manager and let them take care of everything. However, it wouldn’t be recommended to let the business run without your supervision. Keep an eye on it to make sure everything’s okay.
Create a Comparison Site
Another idea if you want to make money online is to have a comparison site. You are using plenty of products in your home anyway, so why not make an extra effort and compare them? Choose a niche, for example, tech products. Then, have a weekly post where you compare different brands and versions. Most people are interested in seeing which are the best options they can buy, so they’ll find it useful.
To draw a conclusion, there are plenty of ideas you can use if you want to know how to get passive income. From using the Internet (which is widely exploited now) to renting properties and writing books, all you need to supplement your income is a little bit of creativity. Moreover, you can come up with your own ways of making passive income in 2017 or 2018.
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