Time is the most valuable thing that many of us have, so why do we continue to waste it when it could be spent so much smarter? The time you have spent doing things you enjoy is not wasted, of course, but many people head to a job they hate 5 days a week, earning just enough to survive. Even if you earn a comfortable amount, you’re still sacrificing a huge portion of your time doing something that does not bring you joy. Isn’t life too short for that kind of thing?
If you agree that yes, life is too short and you’d like to do something about it, you’ll get some ideas here. Passive income is one way you can continue to generate income for your chosen lifestyle without swapping too much of your time. You will still need to spend time, of course, but nowhere near as much as you would in a 9-5 job. In fact, you could earn a lot more than you would in a 9-5 job whilst swapping a fraction of the time.
Below, you’ll find all a beginner needs to know to start generating passive income. Take a look if this is something you’re interested in:
All Passive Income Streams Will Require An Initial Time Investment
Passive income sounds really exciting because many sites will make it sound like you can just go to sleep and wake up with thousands of dollars in your account. Unfortunately, this won’t happen in the beginning. You need to be prepared to give up some of your time in the beginning to make this work – how much time you have to give up will depend on the method that you choose. One day you may wake up with thousands of dollars (sometimes tens of thousands) in your account, but this definitely won’t be happening within the first few months. At this time, you’ll be finding your feet mostly.
In terms of your time investment, if you want to write an eBook, then you’ll need to spend time writing the eBook, designing the cover, marketing it, and more. Once it’s available on your chosen online publisher, you will then be able to make money while you sleep. You may choose to keep marketing it though, if you think that will help. Some will continue writing books so that they have even more opportunities to earn.
If you decide to start a YouTube channel in the hopes of monetizing your videos, then you will need to allocate a significant amount of time to coming up with ideas, filming your videos, editing your videos, and perhaps even marketing your content. This is why you really need to enjoy whatever it is you’re doing – you must do it for more reasons than simply ‘making money!’
You Should Only Ever Do The Things You’re Interested In
Make sure you only ever do the things you’re interested in, or they are almost guaranteed to not work. If something seems like a chore or you don’t like it, don’t do it. Your motivation will nearly always be money, and that will usually fizzle out. You’ll know if it’s something you should try because you’ll feel excited at the thought of it. You’ll also be able to come up with more ideas for it!
Whatever You Do, Aim To Provide Value
Whatever technique you decide to go with, make sure your ultimate goal is to provide value to the user. If you’re starting a review site to post affiliate links and hopefully make money, ensure you actually examine the products you’re recommending so you can review them thoroughly. Don’t simply put affiliate links on your site with no rhyme or reason, or people won’t buy from you. Be honest, authentic, and provide value every time.
It Could Be As Simple As Sharing Your Expertise
Generating passive income could be something as simple as sharing your expertise. If you already have a lot of knowledge on a certain subject, perhaps a qualification or even just a passion, then you can share what you know to generate passive income. You could share what you know in a course, eBook, and YouTube videos, for example. You can learn more about what that would entail in this thorough affiliate marketing guide.
Remember, creating a course often means doing the work once and then making money as people buy it. YouTube videos, however, will require a more substantial time commitment. Make sure you consider these variables before you make your mind up about which you’d like to try.
Starting With The Goal Of Covering One Small Bill Is A Good Idea
Don’t start this with a goal of making as much money as possible as quickly as possible. Your ultimate goal will likely be to cover all of your expenses, which is great, but it’s good to have a short term goal. Covering one bill is a really simple goal. It’s usually easy enough to hit, and you can then gradually increase the amount you want to make. It should help you to stay motivated enough to continue, too. If you set your sights too high to begin with, you can easily become demotivated.
Pick Your Niche Carefully
Pick a niche that resonates with you. You’ll want to do some research first if you’re unsure and you don’t have a specific area of interest you know you want to cover. What are people searching for? What are you actually interested in?
Aim To Become A Master Of Your Chosen Technique Before Moving On
Before you try to start up 10 passive income streams at once, aim to become a master of your chosen technique first. Pick the one that resonates with you the most, learn as much as possible, and aim to get better and better at it. Become a master before you move on and you’ll avoid overcomplicating things.
Are you ready to generate passive income? What sort of technique will you choose to begin with? Leave your ideas and thoughts below!