DataDrivenInvestor
Aug 3
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When we’re talking about passive income, we are talking about an asset that makes you money even when you are no longer actively working on it. For example, if you write a book today and put it in the bookstore that book will continue to generate you money even though you are no longer working on that book. Passive income is simply the idea that you invest time or money up front to create an asset that will make you money in the long term.
When it comes to creating passive income you generally have two options. You can invest time and/or money to create an asset. No matter which option you chose you will be required to put in a lot of work upfront to create an asset that will generate you a lot of money. The idea that you can go from $0 to $10000 of passive income in a couple of months is extremely rare, to say the least. In this article, I’m going to discuss some of the best online platforms I’ve found that have allowed people to create passive income. Before that, I’ve included a video from Gary V, a popular author who wrote a great book called “Crush It” that discusses how to maximize your chances for success while maintaining a good work life balance. He’s also a successful entrepreneur that started a company called VaynerMedia. In this article he debunks some common myths about “passive income”:
This is a website that allows you to create online courses on topics of your choice that people can pay for. Once you create a course that course will be sold on the platform for years to come and you will get royalties each time someone pays for your course. This platform focuses primarily on tech-related content like software development, IT, machine learning, and AI. One example of this is a software developer, entrepreneur, author and now a self-help guru named John Sonmez, he became one of the first people to make millions on Pluralsight as an author. You can find his story below:
Another way to make passive income is to create ebooks. Platforms like Amazon allow you to self-publish and make money from writing ebooks very easily. If you’re someone that blogs regularly you may want to consider putting together groups of your blogs, creating small ebooks, and regularly posting them to amazon as a means of making some passive income from the content you have already written. Also, using Amazon’s affiliate program you can incorporate links into your current writing to make extra money by selling amazon products. A good resource for learning how to do this both on amazon and on the web, in general, is someone called kindlepreneur, he teaches people how to optimize in selling books online:
Udemy is probably the most well-known platform for finding e-courses. Udemy has thousands of courses on just about any topic that you can think of. Many people use it as a customer but it’s also a valid option for creating courses and generating some passive income. The good thing about udemy is they are very flexible in their format, many people don’t even show their faces or use their voices in creating content. This means you can make content quickly and in a style that you are comfortable with and start monetizing it asap.
For those of you that aren’t familiar with medium, it’s the platform that you are reading this article on. Medium is a blogging platform that lets users make an account and start posting blogs on whatever topic they like. Through medium’s partner program you can make money based on how many views your articles get, which can be a good supplemental income based on how much you write.
This is a platform similar to medium but it allows people to create both written and video content. This content is eligible for monetization through its creator program and allows you to make money based on how many people read/watch your content. They also come with a few incentives such as money guarantees if you produce a certain amount of content. This helps to reduce the risk of new content creators doing a significant amount of work and not getting fair compensation, for more details watch the video below:
This is the premier channel for video game content creators. Twitch allows people to upload videos or live stream content to viewers online. Streamers are paid a portion of the membership for anyone who subscribes to their channels. This typically works out to roughly $2.5 per subscriber per month, which can add to a lot of money once you get enough people subscribing to you.
I won’t talk too long on this because it’s a well-known platform but Youtube is a great way to monetize video content, youtube is probably the most popular video platform in the world and it allows you to make money on content of all types. Regardless of what niche it is there’s a market for it on Youtube.
Passive income is any income that you don’t have to work to earn. To generate passive income you need to create/own an asset that makes you money even when you are no longer actively working on it, this is done through an investment of time and/or money. In this article, I highlight eight platforms that allow you to invest your time and build assets for generating passive income.
I’m a freelance writer available for hire, if you would like me to create content like this for your website you can reach me at [email protected].
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