Saving is important for building wealth. There’s no doubt about it. With that in mind, successful people place more emphasis on earning. They invest their time in creating multiple sources of income.
According to Business Insider, 65% of millionaires have at least three sources of income. Some of them invest in real estate. Others invest in stocks, businesses, or crypto.
Bottom line: start building passive income now. Use the following tips to get ideas.
Become a Freelancer
Freelancers are in high demand for a good reason. Companies want professionals to handle their jobs. And they want to save money by not employing full-time employees.
To get paid as a freelancer, choose a niche and upscale your skills. Become excellent at what you do. This will help you command better rates than your peers. And your services will always be in demand.
Generally speaking, the Internet provides the best opportunities for freelancers. It doesn’t matter if you’re a web designer, copywriter, programmer, logo designer, marketer, or HR consultant.
Sites like Upwork, Fiverr, Freelancer, and Legiit provide great opportunities for beginner freelancers. But once you establish your brand, you can make more money by pitching businesses directly.
Install Multiple Passive Income Apps
Freelancing requires in-demand skills and a few hours of free time. If you’re short of time, consider making money through a passive income app like Honeygain. Other great examples include Rakuten, Inbox Dollars, Fundrise, and Savvy Connect.
Truth be told, these apps don’t pay you a lot of money. Rakuten, for example, gives you a 3% cashback on your purchases. Inbox Dollars pays you a maximum of $5 for a survey, while Honeygain can help you make an extra $20 or $50 if you share your extra Internet bandwidth.
But when you combine the income from all these apps, you can easily earn $100 to $500 more every month. This is money you can invest in an ETF, your business, or use to pay bills.
The best part is that passive income apps require little labor and capital. Most of the apps we’ve mentioned above are free. Some of them—Honeygain and Savvy Connect—don’t ask you to complete tasks to pay you.
Blog
Blogging requires great writing skills and time to market it. But once it’s successful, your blog can help you make money on autopilot. And isn’t that the entire purpose of building a passive income stream?
If you’re not a good writer, don’t worry. You can hire freelancers to create content for you. You can also work with SEO consultants to optimize your website for better ranking.
You need great rankings to generate traffic to your website. Great traffic means people who can watch ads and click on your affiliate links to help you make money.
Still, on blogging, you can also purchase an established website. All you need is to find capital and a blog with evergreen content. Evergreen content assures you of constant traffic and stable earnings in the long haul.
Invest in Stocks, Bonds, and Crypto
Passive income streams like blogging need a lot of time before you start to make money. That’s not always the case when you buy stocks and crypto. You could buy Bitcoin today and make a profit by selling it a week later.
That being said, stocks, bonds, and crypto aren’t get-rich-quick schemes. To make good money in financial assets, you need patience. You also need great research skills.
Not every stock will work towards helping you make money. Some of them will crash and never recover. It’s the same case for cryptocurrencies. Remember what happened to Terra Luna? It went from a high of over $100 to $0.
The bottom line: spend time learning to pick great stocks, bonds, and crypto. Ask for professional advice if you have to. But don’t invest without doing proper due diligence.
Start a YouTube Channel
Starting a YouTube channel is like blogging. You need plenty of upfront work. We mean weeks or months of creating quality content. That’s because you need at least 4000 watch hours and 1,000 subscribers before you can monetize your channel.
Don’t lose hope, though. Depending on your content, you can meet YouTube’s monetization requirements within 3-6 months. After that, you can decide whether to continue publishing more videos. Or make money from your existing content.
YouTube pays an average of $1 to $3 for 1000 views. That means you can make $300 for every 100,000 views. Of course, this isn’t the only way to make money on the platform.
You can partner with brands for affiliate deals or sponsored adverts. You can also sell merchandise to your audience.
Start a Dropshipping Store
It is not too later to start your own dropshipping store. In fact, dropshipping is one of the most trending passive income opportunities these days. That’s because you don’t need a lot of initial capital.
Yet, you can make thousands or tens of thousands of dollars per month with this side hustle. That being said, dropshipping asks for time and dedication in marketing and testing different products.
You need products with great margins. But these products must be in-demand for you to make money. What’s more, people need to trust your brand for them to buy from you.
To build trust, work on content marketing. Partner with trustworthy wholesalers and manufacturers. More importantly, provide efficient customer service.
Become a Social Media Influencer
Some social media influencers make up to $1 million per Instagram post. Think about that. Influencers make so much money. Yet, many of them don’t possess any meaningful talents.
If you’re good at anything that can get people’s attention on social media, use it to get you an audience. It could be memes, funny clips, marital advice, or business tips.
Get people to like your Facebook, Instagram, Twitter, and TikTok accounts. Ensure you share valuable or entertaining information, though. This is the only way you can keep your audience engaged.
When it comes to making money, influencers get paid to post adverts on their social channels. They also make money through affiliate marketing and by selling their own merchandise.