How to Make a Passive Income And Have More Free Time
How to Start Planning Your Passive Income
So where do you actually start? You want to make a decent passive income but you aren't sure which route to take to ongoing riches.
Making a passive income is not a fast track, it's not an overnight success. It takes a lot of up-front planning and work to put those plans into action. But it is certainly possible to make a really terrific passive income that will carry you into the future.
Think long-term and think clever. It helps if you can write. There are various ways that you can add to your passive income through the written word. Don't let that put you off though. Perhaps you are a numbers person or you prefer to get things out there by speaking them. Even though you perhaps aren't the most gifted writer because it's just not your thing it doesn't mean you can't write about stuff you love. People will still read it if they are interested enough in the subject matter.
Create a Niche Blog
This is a great way of adding to your income. I have a beauty blog Rachel Sheridan and I make a passive income through the articles already on my website and that increases each time I add a new article.
I market myself differently for each of my specialist subjects. I am Evie Sparkes the author and writer and I am Rachel Sheridan the skin care specialist and digital media director.
Find your topic. Something that you are passionate about. Being passionate about a subject makes it way easier to write about. I am lucky. I have a lot to say on a lot of things and I write in my everyday working life so it comes easy to me.
Write Lots of HubPages Articles
I am currently on a quest to write 100 articles by the end of June! I like setting myself these little challenges from time to time. It keeps me busy and for me, busy is good.
Isn't That Just Quantity Over Quality?
Not in my very humble opinion. I love to write and I have a lot to say. I am 47 and I have had and continue to have lots of great, sometimes weird, wonderful and not so wonderful experiences. Don't we all? Well, write about them!
Solve a problem for someone, that's the first thing to say. People are busy and they want the best and quickest answer to their query or problem. If you can make it clear that you are the one to do that for them in the first paragraph then you should be able to hold their attention until the end of your article. The longer they are on your article, the more chance they will click on an ad. More money for you, simples!
Make your articles clear and use some SEO for the best search engine results. Again, this isn't by any means going to make you a ton of money over-night, but over time it has the chance of doing just that.
Start a YouTube Channel
This is a great way to make passive income. Once you start however, you might become addicted! But say you don't. You create around 50 videos over a year long period and you spend time engaging with other similar content creators. Those 50 videos may well still be earning you income a couple of years down the track.
Let viewers engage by leaving comments. I hate it when I see comments are disabled as it makes me think the channel is not authentic or that the creator isn't confident in his or her offering.
How Long Before You Can Make Money From YouTube?
You must have at least 1000 subscribers and 4,000 hours view time. That's a lot (for both) and it will take time to get there but don't give up. The rewards can be substantial.
Write a Fact Based or Self Help Book
If you can write then you might want to look at writing a book and self-publishing. I have a book out right now, I have another out in a few weeks and another due in July. I released my first fiction book, Wishful Thinking back in September and I continue to sell copies now. Self-help style books or fact based books that solve a problem for your readers are far more effective a way to grow your passive income though.
Fact based books are easier to market. Use a question in the amazon title of your book like 'Do you want to get rich quick?' or 'How can I Get over my Anxiety?' Right away readers can see you might be able to solve a problem for them. Once a few people buy your book others will follow as it will show on the customers also bought when they make other book purchases.
You will carry on making a passive income from your book sometimes years into the future. Get a few out there and you'll be laughing all the way to the bank!