Making money without actually having to work is the ultimate dream.
For most of us, our paychecks are determined by the limited time that we have in a day. And sometimes, this simply isn’t enough.
Passive income, on the other hand, allows you to make money even while you’re asleep. You can even make money while you’re on your commute on the way to work and even while you’re sitting on the toilet. Basically, you earn money anytime and anywhere.
With rising living costs, stagnant minimum wages, and an impending economic downturn, having a passive income stream is all the more important. So here are a few ideas to get you started.
Most people would probably shy away from the conversation once they hear the word “stocks.” Chances are, their minds are filled with images from The Big Short and Moneyball, as well as news reports on the latest company to go bust after their stock prices went down the toilet.
But what many don’t know is that Day Trading is an incredible passive income stream that can earn you thousands of dollars just by working an hour or two every day. So that time you spent in bed, mindlessly scrolling through social media? Well, you could have probably earned, say, $800 had you made a few trades instead.
Investopedia defines Day Trading as “the act of buying and selling a financial instrument within the same day or even multiple times over the course of a day.” If played correctly – which means that you’ve done your research and have a well-thought-out strategy – then you’ve probably just hit your cash cow.
Of course, with high returns comes high risk. Day Trading is incredibly dangerous if you’re a newbie or if you’re someone who went into it blind. While this can be a great and high-earning passive income stream, you’ll really need to stay on top of the latest market news and developments.
If you have some skills in the writing department, then a side hustle as a copywriter would be your best bet. This passive income stream allows you to earn a significant amount of money by generating content for blogs, newspapers, websites, and even authors. And all this from the comfort of your home!
Going down the copywriting route usually entails either monetizing traffic to your personal blog or moonlighting as a freelancer. Naturally, the former requires fewer responsibilities although it does take time to see returns. It’s a different story once you’ve hit your stride, though. In fact, according to Income School, a monetized blog can earn north of $7,000 per month once the traffic reaches about 170,000 monthly page views. Keep in mind, though, that traffic of this scale usually takes about two years to achieve.
While writing as a freelancer is a bit more stable and low-risk than a monetized blog, it takes way more effort to be successful. For one thing, you have to deal with clients and their wildly unpredictable demands. For another, the competition out there is ruthless.
Some freelance writers land long-term contracts worth thousands of dollars with large companies. So if you have the time, the skills, and most importantly, the patience, then why not try your hand at it?
Social Media Marketing
With social media infiltrating nearly every aspect of our lives, it’s sort of impossible to not have some know-how on it. The best times to post, how to increase a photo’s engagement, and what sort of captions to write are all things that we more or less know how to do, thanks to our personal accounts.
Unfortunately, there are still a ton of small businesses and organizations out there who could stand to benefit from a better social media marketing strategy. Most of them are willing to shell out money to upgrade their online presence too.
You’re already spending nearly half the day on social media. Might as well make money from it, right? From taking better photos of products to using the right set of hashtags, social media marketing is an easy and low-risk way to add to your monthly take-home pay.
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Take your life and your budget to greater heights by hopping on the passive income train! With tons of ideas and a massive audience base, you’ll be earning money in no time at all.