Let’s face it. We all wish to make extra money at every point in life. Working 9 to 5 was never the only job to support your family, cover your expenses and monthly bills. But we’re afraid and we think we don’t have a choice.
Do you know the secret behind making extra rather, more and more money (probably more than your monthly salary)?? It’s cultivating and nurturing your streams for passive income to get you extra income. Some people have already done it and have quit their daily jobs too!
Think about it. Your passive income streams make money while you sleep! Isn’t that a forever dream we all wish to have?
So, following are the top 10 ways to start generating passive income for yourself, some of which are my personas income streams, too. Let’s go, then.
1. Publish an E-book
Writing a book may sound little tough for the newbies and beginners, but for the bloggers, it’s damn easy. Writing an e-book won’t get you good income, unless and until you promote and advertise it very well. Making a Paperback version of the e-book also helps, but an e-book gets more number of sales because it is priced low.
If you have an email list, you can directly advertise and sell your e-book to your subscribers or your email lists. In order to learn something new, the online courses usually range from $75 to $1000. While the e-books just costs less than $10, which makes it the easiest option to make good sales, and hence, a lot of extra income.
There’s a million things you can do on the internet and get paid for it. Don’t trust me? Well, many students and retired professionals earn a decent of extra income every month by taking surveys regularly, taking polls on given topics time-to-time, watch videos and ads, or simply by surfing the internet.
It only depends on the genuine and appropriate websites you sign up for. Only those can get you a side-income, instead of applying for all of them on the internet.
3. Online Courses
If you think you have knowledge on a certain topic and you believe it can be helpful to others, then you can collect that knowledge and produce it in the form of an online course.
The best platforms available on the internet to create your online courses and make money out of them for life are – Udemy and Teachable.
4. Affiliate Marketing
You can start affiliate marketing immediately if you have a blog running or a website for your business. Affiliate marketing is proven to be one of the best options to earn huge money online, and that too quicker if you do it right.
When you advertise an affiliate product online on your blog or to your email lists, and when your audience click and land on the landing page or sales page of the product through your link (affiliate link), then you get a commission for the same after the sales.
5. Promote Your Blog
You can put a good number of ads in your blog, if you have a great audience and subscribers for your blog. You can advertise various products (affiliate as well), either at the bottom of each page or on the side-bar/side-column. By doing so, you can get paid per view or per click for each ad. Thus, you can generate a pretty decent chunk of income from your blog’s ad revenue.
6. Become an Influencer
This option is a fairly good option when it comes to earning on the go, like literally, specially when you have a huge social media following. By being a social media influencer, you can get paid for marketing a product or doing and advertising campaign for a firm or company.
Many social media influencers make tonnes of money by combining their own blogs/vlogs (ads + affiliate links) with the marketing campaigns they promote, which for the long run, provides a consistent income, if scaled properly and regularly.
7. Invest in Day Trading
In case you’re new to day trading, it is a consistent practice of buying and selling more than one security positions in a single day of trading. Give yourself a good amount of time in learning all the concepts and terms about trading from the scratch and start practice on a demo account.
With day trading, you can deal with hundreds of shares with leverage, and get a consistent small profit on each trade ($2 – $5). Once, you practice for a long time, you can take positions on the basis of a stock’s probable price direction and position in that particular trading period.
8. Invest in Bonds & Stocks
You can generate a huge capital income or dividends, if you invest in stocks, bonds and equities. There are many stock brokers available on the internet to start with. So after doing your research, you can begin investing in the commodities on the basis of the commission rates.
9. Rent Your Property
If you have a property that you no longer use, like an old house, you can list it out on AirBnb or you can rent it out to your friend or colleagues who are looking for ready-to-move rented apartments. Renting the extra bedroom with your colleagues can get you a passive income for a long run.
While with Airbnb, you can become a host yourself and make anywhere from $500 to $1000 every month without any big efforts, which can help you as a side-income to cover your bills.
10. Merchandise on CafePress
This is a great way to earn a passive income if you’re good at graphic designing or you’ve had experience in designing for your past projects or business.
Design every item on-demand and if your customers aren’t satisfied with the product after the purchase, CafePress comes with a Return/Exchange option for 30-days period. Unleash your creative side and let your customers buy your merchandise with your designs. Also, the platform has a strong back-end customer support team to take care of everything. This way, you can easily earn commissions quickly and steadily.
Thus, there were some of the genuine and best ways to make a passive income of $1000 every month online. If you wish to begin cultivating any of these income streams, it will end up bringing in loads of income, which is the major reason why people these days quit their regular 9-5 jobs and make money on the internet while they sleep!
I hope you’ll find this blog helpful if you’re interested in understanding how to cultivate your passive income streams to help you generate $1000/month and change your life drastically. If you haven’t already subscribed to the blog yet, I’d request you to do so, as we publish great content on SAP, Online Marketing and Business every single day (6 days a week!). So, make sure you never miss an update from us.
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