5 Passive Income ideas – The Fastest Way To Make $700 a Day
If 2020 has taught us something, it’s never a good idea to rely on one source of income. Anything could happen, even a global pandemic can get you unemployed and stop that paycheck coming in every month—no wonder why an average millionaire, for example, has at least seven streams of income.
If one of them fails, there are at least six more streams of income that generates cash. But building even a second source of income is not easy when you have a full-time job.
But it’s certainly possible. Building the second source of income is the most difficult one because the first one isn’t that difficult. All you have to do is get a job that pays the bills.
But once you already have the second source of income, you will have the luxury of free time to think, plan and build the 3rd stream of income. With the rise of social media, that has become much easier.
If you have a computer and access to the Internet, you have everything that’s needed to create at least a second source of income from the comfort of your home.
Today, I am going to share with you five ideas that you can use right now to build a second or a 3rd or even 4th source of income so that if something like god forbids a global pandemic happens again. You have got yourself covered.
1. Stock Market
The stock market is one of the best places to build wealth. Especially in the 21st century, with the rise of the Internet, it became much easier and simpler.
Anyone with a smartphone and internet connection can start investing regardless of where you are. Some brokerage firms even stopped charging commissions even if you are investing less than a hundred dollars.
But how do you make passive income through the stock market? One way to profit from the stock market is definitely through buying low and selling high; however, the second way is through dividends.
Whenever you buy shares of a certain company, you automatically become one of the owners of that company, it might sound a bit absurd, but that’s the reality; however,
since the company is so big, being an owner of a tiny percentage doesn’t give you any influence over the company, but you are still entitled to the profits that the company earns, that’s what dividends are.
Apple, for example, pays a dividend yield of 0.62 percent per stock, which is a little over 80 cents per stock.
That’s not much, especially if you consider the fact that it uses to pay a dividend yield of around 2 percent in the past.
Other companies like The Home Depot pay over 2 percent. So if you buy enough stocks of these companies that pay high dividends, you could be making pure passive income without doing anything, and at the same time, your investment will keep growing.
2. Digital Products
The Internet has presented a unique opportunity to everyone. Think about it, let’s say you are good at playing the guitar, one way to make money using your skills is to teach people to play guitar.
It’s a skill that needs to be taught, and there are plenty of people who would like to learn to play the guitar.
The only problem is, you can teach only a certain number of people at a time, and you only have 24 hours a day like everyone else.
You can’t, of course, work the entire 24 hours. You have to sleep, eat, rest, and do other things, which means you can only make a limited amount of money out of this skill.
However, if you take a moment, create a course on how to play the guitar, and sell it online, you are no longer constrained by time. You can sell as many copies as you want and each extra course isn’t going to cost you anything.
If you are an adult, I am sure you have at least one skill that’s in demand. Be it playing the guitar as we have talked about or editing videos like this one.
3. Start a Youtube Channel
Youtube is no longer the place where people periodically upload cat videos. It has turned into the major platform for videos.
Everyone is here, from the largest tv networks to artists, actors. Even Will Smith is here. Before the video started, you probably saw an ad, and if you didn’t, I am going to place an ad right here. 3, 2, 1….
Every time youtube is going to show you an add before any of our videos, we are going to earn a tiny small amount of money, but if thousands of people or god forbid millions of people watch this video and a million people will see that add, that amount will quickly add up and will turn into a decent amount of money.
So if we upload a lot of great interesting and valuable videos that people will find interesting to watch, even if we stop uploading, we will still be receiving income from all the ads YouTube will be showing before our videos.
So another way for you to build passive income sources is to start a youtube channel around something you are passionate about or something you understand at least slightly better than everyone else.
Let’s say you are an engineering graduate, and you definitely know much more than I do when it comes to engineering. I am sure that there are a ton of people who are interested in engineers.
Theoretically, you can start making videos explaining how the world works from an engineering perspective, such as how Tesla cars work, why hydrogen cars are not efficient, or anything else that you believe people would find interesting. As long as people watch your content, you will be earning money even if you stop making videos.
4. Affiliate Marketing
If you check the description of the Youtuber video, you will find out that there are a lot of links. Some of these links are affiliate links, which means we will get a tiny percentage if you use that link to buy something from that website. Whenever I suggest you read a certain book, I always put an affiliate link to audible for those who want to get the audiobook, and audible will share a tiny, tiny percentage if you end up buying that audiobook.
Of course, a tiny percentage means nothing, but if a thousand of you do that, that will add up to a decent amount. Webull is a brokerage firm, and they are offering anyone who will use our link in the description 2 free stocks if you sign up and despot 100 bucks.
If you do that, we will get a few dollars, and you will be supporting the channel. If you don’t, we will get nothing, whether you use that or not, that’s entirely up to you, but our job is to provide as much value as we can.
5. Start Blogging
At first glance, it might not be clear how websites usually make money, but they are essentially what drive the Internet forward.
It might seem like we have past these days where blogs or websites could possibly make any substantial amount of money or what so ever since most people spend most of their time on social media and few other websites. But, that’s not the case.
Every time you google something, you get directed to a blog to get an answer to your question. Besides just getting an answer to your question, you will come across multiple ads. And ads on websites are much more efficient than on youtube videos, for example.
Take this video, there was an ad at the beginning of the video, and there might be another one or 2 throughout the video, and that’s it.
Even after spending countless numbers of hours creating this video, that’s the maximum number of ads we can possibly insert.If we fill this video with too many ads, most viewers will just get bored and will click away. That’s not the case with blogs.
As you scroll down and read the article, you are bombarded with a ton of ads on the side, on the top of the page, and on the bottom, maybe.
The exact same article as a blog can have 3 or 4 times more ads than when its a youtube video. That’s why blogs usually make much more money than YouTube channels.
Here you go, these five practical ways to build passive income even if you have a 9 to 5 job. No more excuses! All that’s left is execution! Even if you can’t put the time into one of them, you can tighten up your budget and start with dividends at least, but make sure to learn more about the subject before throwing your money.