Are you looking for ways to earn passive income while you continue to work at your current company? You want to bring more money onto the table for your family? Need more money to support your lifestyle?
There are many ways to earn extra income but the best one is to earn it passively. Passive income means you continue to earn money even though you are not at work. In the event you are sick, but your income continue to come in while you are recovering from your sickness.
There are incident whereby unforseen circumstances happen that stop you from going out. Passive income will come in handy to provide the income you need. Take for example like current Wuhan Coronavirus that spreading in many countries which originated from China. Some of the affected patients may not able to go to work and their income has been affected severely.
Before we get into the detail, let us watch the video below. This will provide you with some ideas to earn your passive income.
Best Ways To Get Passive Income
Here are some of the best ways you can consider to start and get yourself the passive income you want.
1) Starting a blog or website – you can create your niche website and start do your blogging by creating useful contents for other people to read. Once your blog has many readers and have sufficient traffic, you can consider to apply for Google Adsense to earn advertising fee. Or you can consider to become Affiliate Marketer by putting affiliate link on your website for other to click and earn commission. (This is the one I am using now to earn my passive income)
2) Create Online Course – When you have good knowledge of a particular field, you can teach other people by creating your online course and sell it on popular platform. There are various tools like Teachable you can use to create your online course and start making passive income from this model.
3) Investing on high-yield stock – Learn from Waffen Buffet how to invest on good quality stock and let its yield give you the best return over a longer period. Overtimes your investment will give you the highest return and allow you to draw income regularly without working anymore.
4) Purchase Real Estate Property – This approach require you to have higher capital to invest on a real estate property. As your property value appreciate in times, you can collect monthly rental as your income or sell off the property to earn one-off property gain.
5) Investing on REITs – Purchasing shares from those listed public company who in turn invest your money to buy properties. There are many types of REITs and you need to be knowledgable on which company to trust your money, before you invest your money on them. Most REITs pay out their earning with annual dividend to you, thus you earn passive income from it.
(6) Creating Digital products – If you are computer expert like software engineer, you can consider to create WordPress Plug-in which then market and sell them online. This is great way to make income continuously whenever people download your plug-in on their website.
(7) Promoting Membership – This is one of best way to earn passive income and a lot of businesses are similar to this business model. Your mobile phone subscription plan is one of them. When you sign-up for a 2-year plan, the telecom company will have monthly recurring income for 2 years. (Want to explore this option? Check out my Wealthy Affiliate program which has membership program for you to promote)
Learn From Successful People
Since we were kids, our parent send us to the school to learn new knowledge and acquire skills for our future. Our parent also share with us about their experiences in life and tell us what are the good things we should do.
There are many successful people whom have succeed in life with good passive income to support them in their old age. We just need to learn from them and know what are the techniques they have used.
If you are keen to explore Affilate Marketing or promoting membership, I have the platform for you to consider. These are the 2 options which I am using now to earn my passive income. I have real experiences of earning passive income from these two method and would like to share with you, where I pick up these skills and you too can start learning from it.
Take Action Weekly
Plan without action will lead no way. It is crucial that you keep reminding yourself to take action weekly or daily. There are a lot of tips online teaching you how to do your task efficiently and effectively. Have a read of them and take action.
Once you keep doing the task constantly, it will become a habit and you will be able to handle them more at ease. Set a habit to do it each day if you can. The more often you do, the easier it become and become more skillful.
Time Management
Since you have your day job to do, you cannot take on additiional job which uses the same time zone as your day job. All those options which I recommend above do not need you to work during your working hour. You can do it after your office hour, work on them at night and also weekend or your off day.
It is important that you practice time management and set your priority right. Set the time you need to stop work from your day work, so that you have ample time to work on your passive income generation activities. Without a plan, you will loose sight on your goal and achieve nothing.
Do not rush yourselves to do too many things at once. Work on one task at a time, and gradually you will build up your momentum and create your intended outcome.
Conclusion
Is your current day job provide the kind of income your desire? Are there prospect for you to move up and earn higher income? Is the job secure and allow you to work till 65 years old or older till 75 years old? (likely we need to because our lifespan is getting longer and we need income to support ourselves when you grow old)
If the answer to above are not positive, you need to start taking action and build up a way to earn passive income in the years ahead. When you get older, it will be tougher to start.
How about start with the free lesson on our platform and see what this option can lead you to?
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