What is passive income and what are easy ways to earn passive income?
Most times, relying on the salary from your 9-5 job or revenue from that small business you’re still sweating on how to keep alive or expand is never enough. So you decide to increase your income stream, and that’s how passive income comes in
In its simplest form, passive income is money you earn that doesn’t require you to do a lot of “active” work to keep it coming. In essence, you can do most of the work in advance, and with little improvements or routines, your money just keeps coming, keeps piling up.
Imagine creating an online course, the only thing you would need to do is to apply occasional updates to its contents and your money is guaranteed to keep coming.
A financial expert and coach, Andrea revealed these 5 easy ways to earn passive income including google ads and investing in real estate, and we thought to share them with you.
#1. Google Ads
If you have a website with regular viewership and traffic, you could start charging for advertising fees, says the financial coach, Andrea.
For instance, Google’s advertising scheme AdSense allows online-content creators to monetize their websites or YouTube videos and generate passive income through ads.
#2. Affiliate marketing
This is one of the very huge opportunities to earn money today.
Affiliate marketing allows content creators to direct viewers to another brand’s site. Then, when a viewer makes a purchase, the creator earns a percentage profit of the purchase.
Andrea tells Business Insider, “All you have to do is apply for affiliate programs, explain why you want to work with them, and how you’ll drive income.” There are numerous affiliate programs out there. Check out this post for a couple of simple ones you can start.
#3. Investing in Bonds
What are bonds? Bonds are simply loans that corporations and establishments take out and give to investors. Bonds are similar to stocks, but are much more lower in terms of risks, making them ideal for starters.
When purchasing a bond, investors have to wait until the value ‘matures’ to see the return. If you are willing to wait long enough, some bonds have interest rates as high as 9%, said the expert.
#4. Real Estate
You’ve probably heard this one a million times. Yes, real estate is a thing everywhere, and is increasingly the most advertised passive income opportunity now in Nigeria.
Real estate simply involves purchasing, renting, or selling landed properties. It could be residential homes, offices, stores, warehouses, or undeveloped land.
Companies such as Revolution Plus Properties and Ardon Homes and Property have great investment plans and options that enable you earn the properties appreciate.
#5/ Sponsored Posts
Sponsored posts can be a lucrative way to generate income as a content creator.
What are sponsored posts? Sponsored posts involve reaching out to brands and companies to support your posts financially in exchange for visibility and advertisement.
Andrea says, “When reaching out to brands about potential partnerships, make sure your media kit is comprehensive and enticing — it’s how companies gauge whether they want to work with you.”