Making money online is a dream for many. Some work actively, day and night, to pursue this dream, and others set a time apart from their regular working routine – All in the ultimate chase to create an online source to make passive income.
You only need one thing to create passive income streams: stick with a proven method that works instead of getting inflicted with shiny object syndrome.
In this article, you will explore the four best passive income ways that never betray and become an asset that produces cash every month.
Let’s dive right in.
Start a Profitable Blog
Starting a blog is an excellent way to open doors for passive income. You might be curious that a blog needs a lot of upfront work, like writing all the content, implementing search engine optimization (SEO) strategies, and more.
Yes! This is how a blog works. But, that doesn’t mean you have to produce content and implement techniques yourself. You can always hire a freelancer to perform these tasks for you.
A blog is an asset that lets you generate passive income, and growing an income-producing asset demands hard work. Either you’ll do it yourself or hire someone to do it for you.
Just as a business needs initial investment to start its operations and provide dividends to the owners, a blog should also be viewed as a business.
Here are the chores you need to outsource to grow a profitable blog:
- Content creation
- On-page SEO
- Off-page SEO, aka backlink strategy
A blog is one of the best passive income sources that can make you rich in the coming years through:
- Affiliate Income
- Selling your courses and eBooks
- Sponsored placements
- Sponsored content
The key is to nurture a blog until it starts showing results and becomes profitable. Have defined targets for how many articles you need to write a month and what backlink strategy you want to employ to unleash the full power of the blog.
Invest in Cryptocurrency
Cryptocurrencies are decentralized digital money that can be transferred between users without third-party involvement. This makes them ideal for financial transactions and investment purposes.
Bitcoin, Ethereum, Ripple, Dash, etc., are just some examples of cryptocurrencies we can use daily. Cryptocurrencies have been around for many years, and their popularity has dramatically increased over the past few years. Their prices have also increased significantly over time, from mere pennies to hundreds of dollars per coin in recent years. That’s why you need to dive into the world of cryptocurrencies to seek what opportunities they offer. There are cryptocurrency trading platforms that have been gaining popularity in the last few years where you can trade digital currencies. This is because they offer a wide variety of virtual currencies at a reasonable price. They are also easy to use and can be used by beginners and experienced traders. One such trading platform is eToro, where you can trade cryptocurrencies and generate passive income in the comfort of your home.
Invest in Companies That Pay Dividends
Investing in the stock exchange is one of the ways the rich make money. Through a broker in the stock exchange, you can invest in stocks, aka shares of fortune companies that pay dividends, and kick start your passive income business.
When you purchase shares of a company, you become its shareholder. So, whenever that company earns or goes in profits, it pays dividends to its shareholders. It is the best long-term strategy to become a millionaire. In fact, this is how Warren Buffet has become a billionaire.
Investing in stocks requires an understanding of the financial statements of a company. Check the company’s profit and loss statement (P&L) and cash-flow statement (CFS) before you invest in it.
A P&L will let you know whether the company is in profit or not. The CFS will show you the company’s current cash situation, therefore making you eligible to ascertain whether it can fulfill its future cash commitments or not.
Sell Digital Products on Etsy
Selling digital products on Etsy is another best passive income way. A digital product is anything a customer can download and use instantly. For example, a budget tracker, work planner, etc.
Setting up an Etsy account works exactly like having an online store. You create digital products and list them on your Etsy account. If you genuinely want it to pay you huge sums passively, you need to stick with a niche. For example, you can limit yourself in selling wall art of a specific kind, like boho wall art. So, whenever a customer wants to buy a printable boho art, your store’s name will pop up in its head.
SEO content and graphic designing are determinant factors in the success of an Etsy store. You must write SEO descriptions of your digital products to rank them on Etsy and showcase the best images. The best thing is that you can completely outsource the making of your Etsy shop to freelancers. Here’s what you need to outsource:
- Creating digital products
- Writing SEO product descriptions
- Creating display images of products
- List all the digital products
You have now put in the work. It’s time to reap the rewards. Once your shop starts ranking, a non-stop cycle of passive income will start functioning. Earlier it was nothing, and now it’s a fully operational asset that produces income passively.
So, these were some of the best passive income streams I’ve created recently. Indeed, they require investment and patience, and so does every other business. But once you hone over it, they pay you exponentially for years. The one piece of advice you can take from this article is to start building a passive income asset following one method first, and once it starts paying off, pivot to other passive income streams.