Thoughts On Passive Income Ideas?
Passive income can be a great way to help you generate extra cash flow, and the economic upheaval largely caused by the COVID-19 crisis is a testament to the value of having multiple streams of income.
With the pandemic throwing the job situation of many Americans into disarray, passive income helps you bridge the gap if you suddenly become unemployed or even if you voluntarily take time away from work. And if you’re worried about being able to save enough of your earnings to meet your retirement goals, building wealth through passive income is a strategy that might appeal to you, too.
With affiliate marketing, website owners, social media “influencers” or bloggers promote a third party’s product by including a link to the product on their site or social media account. Amazon might be the best-known affiliate partner, but eBay, Awin, and ShareASale are among the larger names, too. And Instagram and TikTok have become huge platforms for those looking to grow a following and promote products.
Here are some passive income ideas:
Ask for a job - Everyone knows a business owner or two, or a wealthy person or two. Reach out to them and ask them if they have tasks they need done, problems they need solved, projects they don't have time for, give them some ideas, and have them create you a job.
Get your own website - Everyone should have a website in their name. Use it to provide consulting services, speak on your area of expertise, conduct e-commerce, sell finger paintings, or whatever you want.
Create affiliate content - It's hard to get scale here, so you either need a targeted audience that will buy larger dollar items or a big audience on some platform. It's great to just add it to your blog to set and forget.
Sell merch on Amazon - Amazon has a service called Merch by Amazon where you upload your designs and they do all the printing, packaging, and shipping of whatever you design for clothing. They take a cut and you pay no upfront fees.
Would love to hear your thoughts!