Who wants to rely on paycheques for the rest of their lives? Barely anyone will raise their hands. Nobody wants to ultimately depend on a company to control their lifestyle and expenses while having the liberty to fire them whenever they’d like. It’s like a ticking bomb that can go off anytime.
There are some services that people will always need. Suppose you’ve unwittingly entered a site full of malware. Unless you have any computer experience, you’ll probably get professional computer technicians to help you out with your computer.
Take the COVID-19 pandemic, for example. Many people lost their jobs and were forced to live on savings. According to CNBC, the United States is short of 10 million jobs after the pandemic. This requires the attention of the authorities to create more jobs. Till that happens, everyone is on their own.
If you’re on your own, why not do something yourself? There are multiple ways that you can make money. They include both active and passive incomes. Here are a few ways you can start to build on your income stream:
1. Invest in Stocks and Shares
The idea is simple enough. When you provide value to a company—i.e., money by investing in their stocks—it makes sense to get something in return. This option is on the top of this list as investing is the easiest way to make money.
If you have some savings in the bank earning 0.01% interest, you should invest it in something more profitable. If you don’t want to boggle your mind with all the investment information, you should look up index funds. These are the easiest way to go about it.
When you invest in index funds, the broker divides your money into top 500 companies performing well in the market. This way, even if one company loses money, you still have others.
2. Start a YouTube Channel
This income source is fantastic as it provides many opportunities on top of money. Video is the most sought-after form of content that there is. This holds true for all niches out there. People go to YouTube for entertainment, knowledge, and solutions.
If you’re working in a particular industry and know the topic, start learning more about it and invest time in creating a YouTube channel. It takes 1,000 subscribers and 4,000 hours of watch time to monetize your channel. For some, it happens instantly, and some take more time.
You should be consistent, and once it happens, all you need to do is find what your audience needs and provide them with that. That’s how you grow and make more money.
3. Become an Affiliate Marketer
When you sell somebody else’s products but you’re getting a percentage of the price for yourself, you’re an affiliate marketer. You can use any social media platform or a website to become one. All you need is an audience willing to check out and buy the products you recommend.
Instagram is the most app for affiliate marketers, followed by YouTube. You create content where you promote a brand’s products and provide links to them. You get paid a percentage whenever someone buys a product by your reference.
You can use blogs to become a wealthy affiliate review recommending different products to your readers. Blogs posts like the top moisturizers for the winter season or the best software for coding contain affiliate links through which bloggers make money.
4. Sell a Digital Product
Digital products are the products like e-books, templates, themes, etc., that you build and put up on your website from where people can buy them. Digital products have no cost associated with selling, and you get 100% of the profit.
The difficulty lies in the product. For instance, an e-book is relatively easy to create, but it must offer value to your readers. More digital products like templates and themes require a bit more work.
5. Sell a Course
So you’ve mastered a craft and want to pass on the knowledge. A course is an excellent way of doing that. Marketers, teachers, and YouTubers have courses in their respective fields where they share knowledge. Money-wise, it’s amazing.
You can sell a course on your website or sell them on platforms like skillshare. It all comes down to creating videos where you teach people. If your content is valuable and in demand, $100 a month is no big deal.
These were all the best passive income streams out there where you put in efforts once and reek the benefits forever. There are people out there who’ve built a successful business with six to seven passive income streams that allow them to ditch the nine-to-five cycle and live life on their own terms. You can be one of them. Putting in some time and hard work now will provide excellent returns in the future.