You might be hearing it all the time now that you are trying to go frugal, but many people don't know what passive income really is. But it is very easy concept. Passive Income is something that you do work for initially, but then earns you money over time, even when you are sleeping, or on vacation. Passive income requires minimal upkeep, but still earns you anywhere from pennies a day, to hundreds of dollars a day.
To be more realistic, unless you are working at something, chances are, you won't earn anymore than simple pennies a day from it. If you are a niche in your field, that would definitely be different. But even pennies a day, or dimes a day, add up to dollars. And as I told you with my post about saving on food, even an extra 5 dollars a month can buy a days worth of food. Many people can even earn a living simply by earning passive income. Here are a few examples of how you can make a passive income:
To be more realistic, unless you are working at something, chances are, you won't earn anymore than simple pennies a day from it. If you are a niche in your field, that would definitely be different. But even pennies a day, or dimes a day, add up to dollars. And as I told you with my post about saving on food, even an extra 5 dollars a month can buy a days worth of food. Many people can even earn a living simply by earning passive income. Here are a few examples of how you can make a passive income:
1. Start A blog and then monetize it
This has to be one of the easiest ways of earning a passive income, but also won't net you much. You have to earn a readership, and make interesting content, and then you will be able to have enough views to justify putting ads on your blog.
Since this is very easy, everyone does it. So you are going to be met with the entire internet for competition. Ads alone on a blog will never earn you a living, but a few dollars a month if you are earning a few thousand views a month, up to a few dozen dollars monthly, but unless you work on affiliate ads, and sell products, etc, you will not earn a lot at all. But again, a passive income is rarely going to be more than a supplement to your already existing income stream.
Since this is very easy, everyone does it. So you are going to be met with the entire internet for competition. Ads alone on a blog will never earn you a living, but a few dollars a month if you are earning a few thousand views a month, up to a few dozen dollars monthly, but unless you work on affiliate ads, and sell products, etc, you will not earn a lot at all. But again, a passive income is rarely going to be more than a supplement to your already existing income stream.
2. Start a YouTube channel
Be engaging, make good videos, and you are good to go. Many people have found it possible to earn a living just by making youtube videos, and you really don't need tons of views to do that. Just a few thousand to make a fair amount of pocket change. One of my many YouTube channels got 257 views for the month of June without me putting much effort into it, I made about 5 small videos for that month, not a lot of quality, but interesting topics, and I got 20 cents for it.
That's 20 cents mainly for the older videos, because I only made 40 views for the content I made during the month. So most of what I made was Passive Income. Money from videos on the channel for which I already made, and do not have to put any extra work into. If you worked hard enough at it, you can actually make a full income using YouTube, but if you just want to make a video every now and then, it's still a good choice for some pocket change.
That's 20 cents mainly for the older videos, because I only made 40 views for the content I made during the month. So most of what I made was Passive Income. Money from videos on the channel for which I already made, and do not have to put any extra work into. If you worked hard enough at it, you can actually make a full income using YouTube, but if you just want to make a video every now and then, it's still a good choice for some pocket change.
3. Write an E-Book and self-publish
Lulu and Amazon are two places that allow you to publish ebooks that you write, even if it is only in PDF format. You can write anything from novels to erotic short stories, and earn a small amount of income through those sales. If you can find a niche audience, you will be more likely to sell your book as opposed to writing something that has already been done a million times.
If you can do the initial work for that, you can then earn money from people finding your book and buying it. You will need to market the e-book well though, and even then you have to make it an interesting topic, and not anything too cliche.
If you can do the initial work for that, you can then earn money from people finding your book and buying it. You will need to market the e-book well though, and even then you have to make it an interesting topic, and not anything too cliche.
Conclusion
There are many ways even aside from this for which you can make money off of, such as stocks and bonds, and owning multiple homes, but many people don't have the money available to attempt such things.
I personally do all three of the above, and so far make a small amount from them, which helps to purchase things like Groceries and the like. These are the easiest ways to earn some pocket change without having to do much work in the process. I'll mention a few other proven ways of earning some money in your free time on a later date
I personally do all three of the above, and so far make a small amount from them, which helps to purchase things like Groceries and the like. These are the easiest ways to earn some pocket change without having to do much work in the process. I'll mention a few other proven ways of earning some money in your free time on a later date