Passive income is a huge buzzword but a lot of people mistake this as making money for nothing in return. That’s just not how it works.
If you’re here looking to get rich overnight then this is not the right article for you!
PREFER THE VIDEO VERSION?Active Income versus Passive Income
Active income is something that you earn from a regular job.
Passive income doesn’t stop working for you if you stop working.
Let’s say if I shut up my shop and stop working tomorrow, I would still be making most of these income streams. Considering they might not grow as fast as when I’m actively working on them but they still make money month after month. This is the beauty of passive income.
Income = Value Creation
Do not mistake passive income as free money or money that you get for nothing in exchange. Any kind of income that you can create in the world comes down to the value that you provide in exchange for it.
You either provide value in terms of the time that you can invest into creating that income stream or you provide value in terms of the money that you invest to create that income stream.
Why passive income?
I’ve been consistently working towards passive income in the last two and a half years. The reason why I’ve been doing this is that I can have more freedom over my life and I don’t have to be stuck in a rat race forever.
So, here are the 3 PASSIVE INCOME STREAMS that make me $4200+ a month, what I did to build them including tips on how to get started!
#1 Passive Income Stream – Blogging Ad RevenueThe first income stream is my blogging ad revenue. I’ve had a lifestyle blog since the summer of 2018 which is a little over 2 years. But it took me about nine months, in the beginning, to make it consistently earn some income. The main reason is that I didn’t know how to get more people to read my blog, how to drive traffic, and how to convert those visitors into customers.
I’ve tried various monetization methods to make money with my blog but by far my favorite and the most passive way of making money is definitely through ads. As long as I have people visiting my blog and traffic coming to my blog, I continue to make money on pretty much every visit on my blog.
Startup cost
It is the cheapest of the three income streams that I’m sharing with you here. You can start with as little as $100 a year and this only goes towards hosting your blog or your domain.
3 ways to create passive income from your blog
Self-hosted domain
A self-hosted domain so that you’re able to monetize that blog with ads.
You can get 60% off your hosting plan with my link here.
Qualifying traffic
Qualifying traffic from a particular traffic source. You could drive traffic to your blog from YouTube, Google, or Pinterest.
Triple your traffic & sales from Pinterest. Check out more on my free Pinterest Masterclass.
Ad network
Ad network comes into play once you build up around 10,000 page views a month. You could start with Google Adsense and then move on to more premium ad networks like Mediavine, AdThrive, etc.
The company that I’ve been working with is Mediavine and even though my ad revenue has gone down by 50% last year because I do have a lot of posts related to travel.Why YouTube ads?
I love YouTube as a passive income source because you tend to make money on older videos as well. Once your channel is monetized, all of your videos irrespective of when you created them will continue to make money for you as long as people are watching them. Even if I stop creating videos for the next 2 months, I would still be making money on my old videos as they continue to gain more views and traffic.
A YouTube channel is the right fit for you if you have a little bit more budget to startup, you don’t want to be chasing traffic and you want to leverage the search engine power of YouTube itself. As well as the fact that you are comfortable on video or you’re willing to learn what it takes to be comfortable on video. You can also be someone like me who has a blog and a YouTube channel and you can combine the two passive income sources to make more money than just with one sourceNow, this doesn’t mean that one strategy is better than the other. You can start with one passive income idea and work your way up to multiple ones. You need to figure out what it is that suits you and your natural talents best. Also, what it is that you can give time and consistent effort.
The one thing that I want you to take away from this article is that there is no one particular way to make passive income online. There are so many different ways that you can try out and see what fits your needs best. It is also important to remember that none of these methods work overnight. You do need to give it 1-2 years before you start to see any kind of consistent income from it.
You must be logged in to post a comment.