The most well known sources of income can be mainly categorized in active income, passive income, and portfolio income. Passive income has been a relatively loosely used term. Passive income is money you earn from a source in which you aren’t actively involved or invest little or no effort in generating the income. You may think of passive income as money you generate while you may not be at work or even involved at that moment.
The simple strategies without Investing in stocks or Real Estate can be summed up in 3 ways.
Passive Income Strategy No. 1 is Affiliate Marketing
Affiliate Marketing is just commission sales in which you have systems in place to automate the processes of transactions.. Affiliate marketing involves the process of referring a product or service via a blog, social media platforms, or website. When someone buys, through your unique link, the product or the service you are promoting, the affiliate earns a commission. This method of generating income works the best for those with blogs, email lists, social media channels and websites. If you want to get started with affiliate marketing and create a consistent stream of income with Affiliate Marketing check out this FREE TRAINING.
Passive Income Strategy No. 2 is E-Book Sales
E-Book Sales
Selling digital products can actually form a very practical base of Passive Income. However this takes the most time, effort and talent to create the product once and build a solid system to keep generating traffic and leads. With writing and storytelling skills, you can consider writing a book and selling it online. There is no need to pay for the content to be published on pages or sold on store shelves. You can type the contents of the book using your tablet, mobile phone or laptop and proceed to post it on various websites. You can automate the processes of production and logistics to a third-party or hire a virtual assistant to handle customer support services and basic marketing – mostly updating social media.
You may check the Start Writing Your Book Today: A Step-by-Step Plan for some practical tips for writing an e-book.
Passive Income Strategy No. 3 is Rent Out a Room
If you own a home or rent a big house with several rooms, you can leverage it as an asset to generate passive income by renting out spare rooms to long-term housemates. The income from the spare rooms can cover part of living expenses, maintenance expenses, mortgage repayments and retirement savings.
To rent a spare space to another person has never been easier. Nowadays, Airbnb can assist you in finding the customers for your spare space. Airbnb is an online marketplace that connects people who want to rent out their homes with people who are looking for accommodations for a certain period. It stands for Air bed and Breakfast.
