“Passive income” is an attractive term that remains elusive to many. The mere idea of being able to make money with minimal effort is the capitalist dream, but it’s a hard one to achieve. With so many things out now claiming to be “the key to passive income,” it’s easy to get turned around in the flood of trends and people rushing and hoping to find the next thing that will help them quit their day job and start making real money. The comments in every public Instagram post all plant the same idea: doing a minimal amount of work upfront + “know-how” = profit. While starting a journey to passive income seems closer to a pipe dream than an actual means of wealth generation, it’s easy to discount those ideas as mere get-rich-quick schemes and move on with your life. But there’s a few passive income strategies that could actually limit your dependence on your employer, and put the reins of your wealth management back in your hands.
So how can you accomplish a passive income stream realistically? There’s more than a few ways
Are you an expert on something? Whether it’s underwater basket weaving or board game creation, you might be able to monetize that skill, just by talking about it. Well, really, by blogging about it. If you’re tech-savvy enough to build a website and start drumming up plenty of traffic, you can start selling ad revenue on the site. Whether your interest is music reviews, bicycle articles, or anything else that’s sold online and has a market for people who shop online, you’ll be able to start making a little cash out of it.
Essentially, you make a deal with an online store like Amazon and become a part of their affiliate program. There’s other, more niche sites that you can tap into to start generating wealth from, but it’s best to start these things with a broad net. Amazon offers a huge selection of goods, which makes it easy to do affiliate marketing there. They’ll tell you how much of a percentage you can make off of each sale, often depending on what types of sales you’re making and detail how long your cookie lasts. The cookie is what the site attaches to a user once they click on your link mentioning a product on the affiliate’s site. So, if you’re writing a board game blog, and you send them to check out Settlers of Catan, Amazon will hold that cookie on them for approximately 48 hours. This ensures that if they go and buy it at some point during that time frame, you still get the commission from the sale.
You can accomplish this same strategy by building up an audience on Youtube, through a popular podcast, or through other avenues. It doesn’t just have to be about you writing blogs. Online stores are always looking for ways to promote their products, and through affiliate marketing, they’re accessing one of the most affordable ways to market their products, it simply happens to benefit you too.
Start a Class
If you’re truly knowledgeable about a marketable skill, you could start teaching others how to do it. The trick to running a successful class is mostly in creating a solid curriculum for your students. If you’re familiar with the industry you’re trying to teach in and you’re offering a continuing education option, you’re likely well-suited to providing course work for folks from all over. Offer advice in creative writing, eyelash extensions, teach Spanish to English language speakers, or vice versa, the sky’s the limit on the possibilities of what you could teach.
Start an Investment
Putting your money into the right investment can make a world of difference when you’re trying to generate reliable passive income. Finding a stable investment is likely the most difficult part, which is why many turn to real estate investments of many different kinds. An alternative investment that could directly benefit you sooner, rather than later is a DTS. Through this type of investment, you could own a piece of a property far outside your means that can help you generate wealth, rather than just more money. At Archer Investment Advisors, we offer comprehensive and transparent ways for you to diversify your investment profile and start earning passive income from the money you already have. Reach out to us to learn more about our investments and our experience in the industry today.