How to make passive income online? The first sentence of this article starts with it because lots of people simply ask just that every day. That passive income should last for a long time. That idea should give you an income stream that will be still good the day you get retired. Well, how to make passive income online to be good and long lasting too?
This post contains affiliate links. See affiliate disclaimer here.
Today I’m gonna share a few ideas on how to generate passive incomes streams. They are not going to be just the ways that are possible to make money with. They are rather gonna be proven ways of making money from different sources.
Why Do People Need It & How To Make Passive Income Online?
I will try to explain it a little bit from my own experience. Even though I am an engineer by trade I still don’t make enough money. Therefore, I needed to come up with an alternative stream of income. Luckily for me, there are many possibilities of making money on the side, especially online businesses.
Most people out there would be panicking, no doubt about that. Because it’s not that easy to come up with a source of income that would easily replace your 9-5 job income. Not to mention that the people not only think about replacing their jobs incomes. They have this “getting rich” mentality and make 5x more than they make at a 9-5 job.
With all that said, let’s go and see some of my favorite ways to generate multiple streams of income. But, before I even go there, I need to clear something up. Let’s really quickly mention what a passive income is NOT:
- If you’re thinking how to make passive income online with a “get rich quick scheme” than you’re quite honestly on the wrong track here. It actually takes time to build it into something good and sustainable at the same time.
- It is not easy either. It actually takes a lot of hard work to make it happen. I agree it’s very nice to read how this guy and that girl make over $40,000 or something. It’s possible, of course, but with a lot of hard work.
Use Your Skills In Your Favor
The first one is going to be both general and specific at the same time. If you want to figure out how to make passive income online then you have to start to think and act differently.
Let’s assume you have a talent for something. Everybody has multiple talents, but they just have never realized that. You should get rid of distractions like watching too much TV or generally doing useless stuff that doesn’t add much value to your financial well being.
Instead, you can do something productive for your financial benefit. Why wouldn’t you be a person that is capable of running a small business? You might be thinking that you don’t have enough money to even start a business, or you might think you don’t have enough time for it.
They are all very reasonable excuses, but you are in the charge of everything that happens around you. If you really want something then there’s nothing that can stop you to get it. All you need to do is to get START!
Once you get started you will feel freedom you always wanted. You just need to make sure that you start some business that doesn’t cost a lot of money to start up. There are plenty of those, believe me. It would be more than silly to spend around $50,000 to start up a business and later on figure out that it’s not the right fit for you.
There are, however, many business ideas that cost almost next to nothing. For example, blogging will cost you nothing more than $50 to start. With blogging, you can put your writing skills into action.
1. Start Your Own Blog
Blogging is absolutely THE BEST way to make money online. When someone asks HOW TO MAKE PASSIVE INCOME ONLINE, the first thing that comes to my mind is blogging. How come is blogging a passive income? I just have mentioned that there is no easy way of making money right? Well, blogging is such a business that is capable of making more than $100,000 a year for their owners. A lot of bloggers make way more than that.
The coolest thing about blogging is that you can literally retire from it only after a year or two of work. Yes, you need to work your but off to be able to do so. Then you can just maintain your blog, outsource everything you need for it and still make more and more profits.
While you’re there you can start a parallel blog and make even more money on top of that first blog.
Great way to answer the question how to make passive income online.
Blogging is the real thing, you better believe it. It’s proven to work.
2. Affiliate Marketing
Blogging is not the only way you can make an affiliate commission. There are tons of sites that give you the opportunity to make an affiliate commission. Sites like ClickBank, Commission Junction, and Amazon give you plenty of opportunities to make money on commissions from the items you promote.
Besides promoting the products from your own website you can play around with Twitter, Facebook and Pinterest. There are plenty of possibilities to share a good quality product. if you happen to have a blog then you can get crazy creative about affiliate marketing. See the post about it.
3. Loan The Money You Already Have
This really exists, and if you do have spare money on the side you can loan it. It’s one of the most passive ways of making the passive income that you will ever find.
No, you’re not gonna be loansharking 🙂 . You can loan your money out and collect the interest. It’s not just the banks that do that. You can do that too on the platform which works like peer to peer lending money. Regular people lend their money to other people who happened to need that money. Interest rates are great.
This one really is a passive income on the side.