It’s true that money doesn’t grow on trees, but don’t you wish it did?! Life would definitely come with a better view! However, there’s another way to earn money in your sleep and that is passive income. This is something anyone could benefit from especially now that more Gen Zers are always on the look for financial independence.
What does it mean?
Having a passive income basically means that you don’t trade your time for money. That means you can make money anytime, any day, and without lifting a finger. The catch is you’ve to do all the work upfront.
The Myths of Passive Income
Before you hit the ground running and quit your job, you should know that unlike the popular belief; that passive income is easy to make, it really isn’t. It takes planning, consistency, and a lot of effort. It also takes A LOT of patience to have a stable source of passive income. And of course, when we think of passive income, we tend to think about the end goal, i.e. money. But we forget that; before it gets passive, you need to be active.
Generating Income 101
There are several ways to get to that end goal; thanks to globalization, there’s always someone, somewhere, who needs a solution for something. This is where you come in!
1. Sell your skills
How exactly? You may ask. Online courses are the way to go. You might think to yourself “hmm, no one will be interested in X and I’m not an expert!” Well, being an expert doesn’t mean you have to be a know-it-all, you just need to know a little bit more than someone who knows a little bit less.
There are thousands of online courses ranging from teaching languages, knitting, painting, painting on fabric, and painting murals, to digital painting, and so on. Find your niche within the niche, you never know who could be interested in what you have to offer.
2. Digital Products
Probably the easiest way to make money, but not the most profitable in a short time. Digital products range from digital planners, e-books, research papers, and stock photos/videos, to several types of templates.
3. Physical Products
You might question this one; don’t physical products cost a lot of money to design, manufacture, and ship? Well, yes, obviously! But there’s a way around it. Services such as; RedBubble, Society 6, Inprnt, and PickleGum handle all the hassle for you. You just gotta create a really cool design and you're good to go!
4. Content Creation
Whether it’s through YouTube, Instagram, or your own blog, becoming a content creator will offer you a lot of opportunities in the future; the passive income will start rolling out later. And knowing your audience is key to building a following.
Through content creation, you can earn money from sponsors and/or affiliate marketing. Find your niche and trust me, there’s always someone who likes the same things as you. I mean, who thought Bookstagram could ever be a thing?!
That being said, passive income is not something that’s out of reach, you just gotta add a dash of effort and a lot of patience before everything falls into place.