Multiple streams of revenue is the key to financial success.
#1: Dividend paying stocks and other investments
The first passive income idea on this list does take some start-up cash, but it absolutely helps me earn more than $1,000 per month. Dividend-paying stocks, ETFs, and other investments like Fundrise and Lending Club are helping me earn money around the clock – and all with no work on my part. While the amounts I have invested in these accounts vary, they’re all paying me more than $1,000 per month. Dividend investing in particular has been a profitable endeavor for me and for many other investors. According to Forbes contributor Brett Owens, dividend investors who look ahead have the potential to score annual returns of 15%, 20%, or even 25%, if only they pick the right dividend-paying stocks and stay the course. Obviously, it takes time and consistent investing to build up your portfolio where you’re earning $1,000 per month. But you have to start somewhere, right?
#2: Affiliate Marketing
Where investing is a wealth-building strategy that has been around forever, the second passive income option on this list is fairly new. Affiliate marketing is an income idea that requires you to have a website or platform you can use to promote other companies, or “affiliates.” When someone uses your affiliate link to purchase a product or sign up for a service, you get paid. My main website, chrisphudson.com, earns all kinds of affiliate income through relationships we have with investment firms, insurance companies, online banks, and more. But you don’t have to do things the way I did; you could start nearly any type of website and find affiliates that work in your niche. And remember, you don’t necessarily have to start a blog per se. I know people who are crushing it with affiliates using YouTube, podcasts, and other avenues. You can even build an affiliate business using social media!
The beauty of having online property is the fact that you can monetize it in so many ways. Display ads work like billboards you see on the side of the highway, only they’re featured on your website instead. The point is that advertisers are paying to promote their products — their ads just so happen to be on your website. Most display ads are set up by ad networks that work as the middlemen between you and advertisers who want to pay you. The best part about display ads is they are entirely passive. You can get paid a ridiculous amount of money based on your traffic — even while you sleep. If you don't already have a website, you'll want to find a good hosting company first... Web hosting being one of the first steps to start a website or blog it can be a bit time-consuming to research and choose from all the options available in the market nowadays. But is certainly important to make sure that you get the best in terms of pricing, services, user experience, and performance. Consumers Advocate analyzed and compared different companies and put together this guideso you can check which one will be a great fit for your ideas, projects, or business!
#4: CPC Ads (Cost Per Click)
With affiliate advertising, you only get paid when someone clicks on your link and signs up for something or buys something. Display ads, on the other hand, pay based on the amount of traffic and eyeballs you get on their ads. With CPC ads, also known as “cost per click” ads, on the other hand, you get paid when someone clicks on an ad no matter what they do after that.
#5: Course Sales
Create an online education course.
#6: Create a Digital Product
While courses are digital products you can sell over and over, there are other types of digital products you can dive into. I’m talking about e-books, online instruction guides, and basically anything else you can market and sell online.
#7: YouTube Ads
While YouTube ads aren’t nearly as “passive” as some income-producing strategies on this list, they still fit in with the rest of this post. I’m making YouTube videos anyway, so why not post ads that bring in additional revenue? The passive part comes in because I make the video once and earn income over and over as more and more people see it.