2020 is the year we set up multiple streams of income to help us live our best life possible. I know you are probably thinking this sounds like some first world stuff and you are so wrong! Have you ever wondered how some people are able to live comfortably without being super-rich? One of the reasons for this could be due to Passive Income.
What is Passive Income?
Passive income is income that requires little to no effort to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income. Keep reading if you are interested in implementing Passive Income sources to make more money while you sleep.
Youtube/Blog
This will take some effort to start and a S.M.A.R.T strategy might be needed to keep the ball rolling but once it gets going it picks up like wildfire. The key here is not to go in to solely make money but to share your personality and amazing information that adds value, find a niche and be successful. YouTubers and Bloggers have lucrative careers where they earn money in various ways including ads placed on their sites and videos.
Sell a Service
The possibilities are endless! This again is tied into your skill and how you can monetize them. If you are great at writing, designing, doing voice-overs, graphics, web design, and the list goes on you can sign up with sites likes Fiverr and Freelancer and sell your services. These allow you to have a side-hustle that is scalable!
Affiliate Marketing
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Think of this as selling products for other people and get a percentage of each sale made. I am yet to tap into this as I think it takes a certain amount of time to get started and a bit of a learning curve. There are tons of people online, as well as here in Jamaica and all over the world who have mastered being affiliates for brands who make a comfortable living. If you have a large following this will be great for you as you will be able to share with a large number of people and earn more.
Create + Sell Digital Products
We live in the age of information where everything and everyone is online! If you have mastered a skill online and have created value in that niche — you should package and sell your knowledge. You can create PDFs, E-Books, MasterClass, Digital Courses and other Digital Products like Invitations, Media Kits and so much more. Sites to look into for this are Amazon, Udemy, Etsy, Edx and Coursecraft.
Become a Realtor
This industry is booming as interest rates on houses are significantly lower and more people are getting in. Here in Jamaica, there is a board for Real Estate and you will need to become certified and take and pass an exam in order to become a legal realtor. This again takes a while to get started but once you do you can build a really great career out of it.
Start a Social Media Agency
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Yes! This again takes a while to get started and get clients but if you are one of those people who are always on Social Media and have a true passion for it this is great for you. You simply create a website, your own Social Media Pages (make it look legitimate) start promoting your services and really put yourself out there. This is one of my side hustles and it has so far been extremely been great to me as I continue to learn and grow my skills.
2020 is your year to truly live your best life and elevate your financial status. We hope these tips will help to give you some ideas on Passive Income Sources.
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