Want to Generate Passive Income? Here’s How

June 23, 2020

Watching income pour into your bank account without working is no longer a dream. The present uncertainty of world-wide conditions need not prevent you from ensuring your future financial security. What we’re talking about is passive income generated through several means, and we’re going to list them here for you.

1. Stocks Paying Dividends

The snag to dividend-paying stocks is that most pay quarterly and some annually. What you need are stocks that pay dividends monthly. Having decided on this, there are things for which you should look before choosing dividend stocks.

Companies that pay dividends tend to be in sectors everyone needs such as housing, health care, and utilities. Investing in natural resources like water, electricity, and natural gas and investing in real estate escape the volatility or the ups and downs of aggressive stocks.

Monthly dividends are about cash flow. Since rent and utilities are paid monthly, companies like REITs have the cash flow to pay monthly dividends.

Do your due diligence in studying the companies paying monthly dividends. Is there movement in the stock prices or are they static? Is the company growth reasonable for the time they’ve been operating? Do they consistently pay dividends?

2. Social Media Marketing

How many of your friends and family use Facebook, Instagram, and Twitter to market their products? Many people have business pages for their products or services. Some market their affiliate pages. Others sell their crafts or foods directly to their friends and family, who then post about the products thereby increasing sales.

Passive income originates from a product or service sold and maintained by someone else. All you have to do is post your ad and the company takes care of the rest of it. However, if you don’t care to pay for the kit from any of these companies, then it’s the easiest thing in the world to offer your readers an affiliate program such as eBay’s affiliate network, Clickbank, or other affiliates in whose products you believe.

You post the link on all your social media pages. Readers click on the link. Since most of our children are on social media themselves, they can help pass the word as well as learning money management skills from you. When people buy, then you get a percentage of the sale. It’s as simple as that.

3. Online Courses

You’ve spent a lifetime growing your skillset. Isn’t it time to make it pay? You might be a bookkeeper, freelance writer, graphic artist, or you could be a professional chef-grade cook. If you know how to fix your own car, do minor repairs around the house, or work with seniors, then you can sell your knowledge online.

There are dozens of online course websites on which you can post a course you’ve developed. Check for the cost to post it, adjust your pricing accordingly, and then sit back and watch the funds roll in.

4. Digital Products

Online companies pay up to and in excess of $100 for your photographs. Research which stock photo sites pay for your uploaded pictures. Bloggers, essayists, ebook producers, and all kinds of companies use pictures to enhance their sites because pictures and videos show up in the top search engine rankings.

Ebooks are a huge seller. What knowledge you have can be turned into an ebook. Its sales will keep your bank account plump with passive income. Research which ebook websites have the highest sales, and then submit your work for consideration.

The Family Handyman. This Old House. These are how-to tutorials that help do-it-yourselfers maintain their homes. There are tutorials on maintaining your car and boat. Tutorials help you do your taxes, paint rooms in your house, upgrade your lawn and house before putting it up for sale, and establishing a dinner club in your home. Tutorials on YouTube bring in passive income, so check out how to produce one and how much to charge for it.

5. Video Production

When small children with millions of YouTube and other video sites upload their iPhone videos, you can too. Passive income happens when those millions of followers buy to view your videos. Let’s be real, here. People watch video jockeys give their opinions on everything from funny ways burglars get caught, food at the family reunion, and other odd ways human beings act. Everyone wants to hear your jokes and opinions, so make some passive income from them.

These are just five of the ways you can bring in more income. There are many other ways. Get the facts and find out what is right for you.

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