When it comes to supplementing your income, you think of things like part-time jobs or side hustles. There are, however, more ways to help you financially, which are legal and don’t require you to spend any extra time on them. Passive Income could come in various forms; selling websites, sponsored Instagram posts, create an app, investing in stocks or real estate, renting out property or equipment, and affiliate marketing.
We approached industry professionals to talk about how you can earn from these passive forms of income.
“The most effective way of passive income is affiliate marketing. You place links in your blog posts, and that’s it. You don’t need to do anything, and whoever clicks on that link and buy the product makes you earn a small commission. I have an article that makes me around $20 per day. Affiliate marketing is a great way of passive income where you don’t need to create your own products and put extra time into developing something you don’t know if will have success.”
Hugo Guerreiro, Founder of The Men Hero
“I have been running a successful affiliate program for a long time already, and starting this isn’t a piece of cake but is a sure way for a passive income. Be practical, you can’t quit and wait for years before you start working again. What’s good about this passive income is that it can support your lifestyle and is legal at the same time. There are certain factors and aspects of affiliate marketing that you have to carefully study as one simple mistake will entail you to start over. One of which is choosing a niche.” says Willie Greer, Founder of The Product Analyst.
Greer explains how important it is that you choose the right niche, “If the reason you start a blog or marketing platform is for affiliates, then you have to be crucial in choosing a niche as this is what will drive you sales in the future. Your niche should be something you really are engaged in, as you’ll certainly be doing this for a long time, and your interest in it will be your fuel should you run tired of such. Another option is for it to be marketable to a larger scale, so that sales can drive motivation instead. The niche will be the pedestal of your sales. If you can’t be cohesive on it, do not expect affiliate earnings.”
However, simply getting a partnership is not enough. Greer emphasizes on the key point to focus on- “Keep in mind that affiliate is only passive depending on your marketing content. If it was able to pique someone to purchase, then that will be the only time you are granted earnings from it, but if your content is dull and boring, then it’s a no brainer, and your affiliate partnership is all for nothing.”
“Many people have been interested in generating passive income, which is consistent earnings from a source other than an employer or contractor. As a CEO and Founder, I’d like to suggest the best forms of passive income that might provide a significant level of income to an earner. To begin, if someone possesses a property, they may turn it into rental space, which is a great way to generate passive income. They might as well be involved in dividend stocks, certificates of deposits, and savings accounts which are great passive income if they are knowledgeable about financial markets. Shareholders in firms with dividend-paying stocks receive a payout from the company at regular periods. Also, investing in a high-yield certificate of deposit (CD) or savings account at an online bank can provide a passive income while also providing one of the highest interest rates available in the market.”
“I am in the real estate industry and I can testify that investing in real estate is one of the most reliable sources of passive income. *Investors are in this space for a long time and it has maintained its relevance for a reason: it is effective*. In real estate, you can borrow other people’s money to make more money. And that is *another advantage of real estate. It is one of the cheapest ways to earn big money*. Of course, the risk is high. But if you succeed, returns are high. I know someone who turned 30k to 500k in real estate. Overall. Real estate can be cheap when you’re just starting. This industry has a good track record that it is unlikely that you’ll lose money. Even if the industry took a hit, investors usually know what to do with it. It is one of the secure forms of investing that you will enjoy in your retirement.”
Tal Shelef, Realtor and Co-Founder of CondoWizard
Rent out Your Tools
“When it comes to renting, you have the option of looking beyond your house and driveway to your shed! On numerous levels, providing community rentals of larger-ticket products such as lawnmowers, power tools, and other items can be a terrific idea. It allows everyone in your area to get things done quickly without having to spend thousands of dollars on different pieces of equipment that are only used sometimes. And if you happen to be the owner of some of these items, you may cut your costs by sharing them for a price while you’re not using them. You can try to organize something similar on a local level (as long as your neighbors are trustworthy!) or use a peer-to-peer renting app.”
Or you could also rent out other equipment; “Aside from tools, you may include items such as camping equipment, kayaks, furnishings in college towns, and so on. If you rent something that potentially causes injury, make careful to think about the legal implications.”
Lee Grant, CEO at Wrangu
Renting Out Property
“Rental properties are a great source of passive income. In today’s world, you can outsource running the property to a management company, making this a truly passive income source. You can have a single-family home or use an accessory dwelling unit on your property as an Airbnb. However you choose to do this, it’s a great opportunity to create a passive income stream.”
Alex Czarnecki, the Founder and CEO of Cottage
- Along with leading the team, Millard also works alongside different Fortune500 companies as their management Consultant/Financial Analyst, which shows his passion in helping other businesses grow.