Everyone dreams of passive income either to enhance their current earnings or to create a situation where they can actively work less overall. Passive income can fill several roles from giving you a little extra every month to allowing you to retire early if you so wish. Here are four passive income strategies to get you started in making more income and achieving your goals.
The Best Passive Income Strategies: Four Examples
1. Running an Affiliate Website
Affiliate marketing is a classic form of passive income that has been around nearly as long as the internet. As a time-tested money-making strategy, it is still effective. Affiliate marketing is a relatively simple concept. You place an ad or link on your website and are paid when a visitor clicks the link or ad and buys the product it directs to. Affiliate marketing is an effective passive income stream if you already have a successful website with a decent amount of traffic. Affiliate marketing is versatile and can work with several types of websites no matter your topic of choice or how you choose to engage with your visitors.
2. Crypto Staking
Another passive income strategy to keep in mind is crypto staking. Technology has often been a way to make money in new and innovative ways and cryptocurrencies offer this opportunity. Crypto staking refers to using the cryptocurrencies you already own to verify activity on the blockchain. By lending your crypto to help run the network and verify its activity you are rewarded with more crypto. If you are already involved in the crypto space this allows your existing coins to work for you and generate more income.
3. Driving For Uber or Lyft
The gig economy is simply a modern take on freelance work. One of the things that makes it so effective is you can control when and how you work. Driving for ride-share apps such as Uber or Lyft allows you to use it as a part-time job to supplement your income or as more full-time work. If you enjoy driving around your local area ride-sharing allows you to make money using equipment you already have (your automobile) for taxi services, or making deliveries.
4. Dividend Index Funds and ETFs
If you have extra money every month wondering what to do with it other than letting it sit in your bank account is a common question. Investing in index funds or exchange-traded funds allows you to make passive income without having to do much more than purchase your funds. Index funds are often highly diversified allowing you to invest in several of the top companies at the same time with a single purchase in addition, many of these funds pay regular dividends over time creating a passive income stream. You can even automate regular investments growing your income over time.
People often dream of passive income and making money without having to work a traditional job. But sadly these dreams often remain ideas with no action taken to make them real. The first step in building a passive income stream is to take action. These steps do not need to be complex a simple investment or starting to write for your new website can be the start of something great.