A lot of people find the prospect of being financially free so appealing. Not having to worry about daily expenses and emergencies simply is very attractive, and many people work hard for it. Some on the other hand don’t exert much effort in earning the money they need to climb up society’s ranks and get that financial freedom that they desire. Instead, they make big investments in order to earn some passive income.
Now we’ve talked about passive income in a different post in the past. For those who don’t quite get it or totally unfamiliar with it though, passive or residual income is basically earning money with little to no work involved. Indeed, you make money, but you don’t directly involve yourself in the process of earning it. This is a very lucrative method of earning money, the reason why some people work hard to make money that they can invest in order to earn passive income.
Now for those who are curious, here are a few methods through which you can earn money passively:
If you can write great stories or compose a literature fit to be called a book, then grab a pen, get writing, and have your work published. You don’t simply get paid for the sales mind you. Long after you are paid your due, money will still keep flowing in in small yet steady amounts. This is called royalty, money that you earn as the author of the reading material.
Now why does it have to take long before you earn your royalty? This is because the money given to you is basically an advance pay for the projected sales of your work. You will actually pay for it, but not from your own pocket. Instead, your royalties will serve as the payment until the amount paid to you has been covered. After this, you will receive your royalties, which is a small sum equal to a percentage of your book’s value.
You can also try your hands on online marketing, particularly on affiliate marketing. Here, you market someone else’s business through many different ways, and get paid for every customer or the traffic that you bring in. What’s great with this marketing scheme is that while you can choose to actively advertise the business you are promoting, you can simply put it as a banner advertisement or the like in your blog and encourage people to click it.
Run a Room for Rent Business
Real estate is known as a great way to earn income passively. However, it involves a lot of capital, mainly to purchase or build a property and many other fees, legal or otherwise. The money earned in real estate is the rent paid by the tenants, and this is by no means a small amount.
Now if you want to earn through rent and have no money to purchase a residential building, your best course of action is to rent out a part of your house. It can be an adequately-sized room that can be converted to just about anything that comes in mind – an apartment, a studio, or even a small, personal office. This won’t earn you as much as a full-fledged real estate business could, but it would still make for a good addition to an existing income.
Now these are what we can call great methods to earn passive income. None of these call for a lot of work, and will help a lot if you already have an existing source of income, like a job.