Do you know the power of passive income sources? Nowadays, it is possible to make money entirely or almost passively. If you are wondering what passive income is and how to generate one, here are some thoughts.
What is passive income?
Simply put, passive income is income you earn when you do little or nothing. Moreover, you don’t have to do it as a daily job to make it, and even when you are asleep, you can still cash in on it. It’s sort of magic. Sounds nice, isn’t it?
But you must be careful! Passive income doesn’t mean free or easy money. There is a minimum of work, not to say a lot of work to be done initially. You will need to spend several hours or even more than a month of work if you need to start earning passive income. But, once all the work is done and started, you will do little or nothing to make money month after month. Let’s see the proven ways you should consider for making some extra cash.
1. Online trading
It’s no longer necessary to be a professional trader to be able t the financial markets and to profit from them. Lately, the Forex market is leading when it comes to daily trading volumes. Registering with a Forex broker is extremely simple and possible from just a few hundred euros. If you want to grow your money but don’t have investment knowledge, no worries. The regulated and reliable brokers enable beginner traders to broaden their trading knowledge. Besides, they offer demo accounts, which don’t require real money investment. Instead, you can trade using a virtual account but in real market conditions. You can make a deposit and start real trading whenever you feel like it.
2. Creating your own online course
Selling an online course represents one of the most popular and best passive income ideas. There is enormous sales growth in the online course sector. Whether you decide to host the training on your own website or a platform like Learnworlds or Thinkific, you will always find customers who want to learn your pro tips and tricks.
3. Start e-commerce business
To start an e-commerce activity, you must first prove that you have legal status as a micro-entrepreneur. The procedures can generally be carried out online.
The first option is to identify an interesting product and get in touch with a supplier with whom you will sign an agreement. And you will need to make some effort regarding setting up an online sales website.
The second option is to create your webshop on specialized platforms such as Shopify. This kind of platforms offer you everything you need to start the business, including the marketing tools, customer support
4. Paid surveys
Did you know that doing paid surveys allows you to earn up to € 200 per month? There are dozens of paid survey websites on the Internet today. But how to make money with paid surveys? The great thing about polls and surveys is that anyone can participate. Student, employee, entrepreneur, or retiree, it doesn’t matter. The only condition is to be at least between 15 and 18 years old, depending on the website. You can try it for a few days to see if this kind of method is right for you.
5. Build an app
Building an app can lead you to generating more than decent passive income. There are two ways to do this. The first is to sell your app. Second, you can offer a free app and monetize it with advertising. While this one of the most profitable passive income options, it comes with the prior investment in acquiring adequate knowledge.