Passive income is also known as residual income. You want to earn passive income but don’t know how to create passive income. How do you get to that point where you can earn while you sleep? How long will it take before you earn passive income?
Two Main Ways to Create Passive Income
- Create passive income by investing money into something (bank investment or financial investment with good returns, or an investment in property that you can rent out) that will quickly give you a good monthly income, or, invest in paying people to quickly work on your passive income project. To create passive income this way may be costly, but it may be quite quick.
- Create passive income by working hard at learning how to create passive income for yourself, and do the necessary work yourself. To create passive income this way may not cost you much money or any money at all, but may take a very long time – it depends on how much time you have to spend on your passive income project, and on how much effort you put into the learning and work.
Ways to Earn Passive Income Online
- Make money blogging – start a blog, write and add lots of unique content to it, get tons of traffic to it, and monetize the blog with ads – ads for other people’s things or sites that you can earn a commission from, or ads or info about something you yourself sell – it’s a bit more involved than just that, though – see our How To Make Money from Blogging post.
- Start a social site or community site, where you don’t even have to provide the content, because the members themselves are. Monetize it in the same way as for blogging.
- Add your excellent photos, images, logos, website templates, or other digital products to stock photo sites or to sites that sell their members’ digital products, and earn commission when your products are sold.
- Join photo product sites like RedBubble and Zazzle, where your images can be put on items like cushions, tshirts, and greeting cards.
How long will it take to create passive income that is useful to you?
If you need to make money fast or need a job asap, and you have no money or only very little money, then you should have started thinking about how to create passive income long ago.
To earn passive income soon, you’d have to invest money into a good investment plan or into your project. To earn passive income down the line, from your planned project, and not costing you much money or any money at all, you’ll have to spend a lot of time and effort on reaching your target passive income goals.
In other words, if you’re hoping to quit your job and replace your job earnings with passive income earnings really soon, without paying any money or much money to do so, those passive income earnings are not going to happen overnight.
If you are incapable of or don’t plan on spending lots of money on creating passive income, and the thought has crossed your mind that you may want to quit your job one day to earn passive income from home instead, then start working at it now, whenever you can. The same goes for if you are already at home, but want to earn passive income from home.
Imagine if you’d started learning more about how to create passive income some time back already, and were now earning passive income every month and while you sleep. You’ll never get to that point if you don’t start working at it.
If I don’t have money to invest in something that will earn me passive income quite quickly, and I choose to work at creating passive income for myself for free or cheaply, will it be hard work?
Will it be worth the learning, time, hard work and effort?
Are you kidding me? Who doesn’t want to make a decent income while they sleep or do whatever else they want to?
© Copyright Teresa Schultz 2015