Is something better than making money while you’re sleeping? I mean, don’t you want to wake up with an increasing positive cash flow into your bank account? I know this idea sounds impossible, but there is more to passive income than a pipe dream. Forbes columnist Brianna Wiest for one reason calls it an endless future revenue source. The argument, she says, is that “there’s always a possibility.”
Before I dive into my favorite ways to earn money without a lot of work, I want people to know the reason I adore this topic so much. Passive income seems to be insanely controversial for some reason.
5 Passive Income Strategies to Try in 2020
#1: Dividend paying stocks and other investments
The very first passive income suggestion on this list takes some start-up cash, but it certainly helps me earn more than $1,000 a month. Dividend-paying stocks, ETFs, and other investments including the Fundrise and the Lending Club help to earn money around the clock–all without any work on my part. While the amounts I invested in these accounts are different, they’re all paying me more than $1,000 a month.
In particular, dividend investing has been a fruitful venture for me and a lot of other investors. According to Forbes contributor Brett Owens, dividend looking investors have the ability to score 15 percent, 20 percent, or even 25 percent annual returns, if they just pick the right dividend paying stocks and stay the course.Obviously, it takes time and consistent investing to build up your portfolio where you’re earning $1,000 per month. But you have to start somewhere, right?
#2: Affiliate Marketing
While investment is an ever-present wealth-building technique, the second passive revenue option on this list is relatively fresh. Affiliate marketing is an concept of income that allows you to have a website or network that you can use to support certain businesses, or “affiliates.” If anyone uses your affiliate connection to buy a product or sign up for a service, you are paid.
And note, you do not automatically start a blog per se. I know the people who use Twitter, podcasts and other ways to smash it with affiliates. You can even use social media to create a affiliate company!
#3: Display Ads
Another way I actively receive more than $1,000 a month is to use the display ads. This is back to the forum again. The benefit of getting online property is that in so many ways you can commercialise it.
Display ads function like digital billboards. The only difference being that they’re featured on your website instead of the roadside. The point is that advertisers are paying to promote their products — their ads just so happen to be on your website.
Most display ads are set up by ad networks that work as the mediator between you and advertisers who want to pay you. The best part about display ads is they are entirely passive. You can get paid a ridiculous amount of money based on your traffic — even while you sleep!
#4: CPC Ads (Cost Per Click)
With affiliate marketing or advertising, you only get paid when someone clicks on your link and sign up for something or buys something. Display ads, However, pay based on the amount of traffic and impressions you get on the ads.
But with CPC ads, also known as “cost per click” ads, you get paid when someone clicks on an ad regardless of what they do after that. I don’t have to hope and pray they buy something or sign up for anything at all. Every single click puts money into my bank account.
#5: Create a Digital Product
While courses are digital products you can sell over and over, there are other types of digital products you can dive into. I’m talking about e-books, online instruction guides, and basically anything else you can market and sell online.
My latest digital product is an online challenge that helps people earn $1,000 online. I actually offered this challenge for free, but I gave the option to pay $7 for an upgraded package with PDFs and instructional worksheets.
This upgrade is only $7, but even small amounts can add up quickly when you’re selling a couple hundred per month.
Here’s a review that we did on one such product that teaches its users how to earn passive income from affiliate marketing.
While many people think that earning a passive income is a big hoax, I can say from experience that it is not. You have to put in the initial work and just have a little patience and give it time to grow so that you can reap the rewards. It is just like growing a plant, you gotta plant the seed and future it regularly so that it grows steady and strong. and once it has grown and started bearing fruits, you can enjoy it without putting much effort.
I hope this post was helpful to you about the various strategies that you could use in 2020 to earn a passive income.