When you're struggling, living paycheck to paycheck, striving towards minimizing your overall living expenses - bringing more money into the household should definitely be on your to-do list.
While minimizing your expenses can be as simple as nixing fast food or moving to a smaller apartment, it's often the "making more money" part that's most daunting.
The truth is that you can stop struggling to get by. Soon, you'll be able to take your spouse out for a nice dinner and still afford to pay your bills on time.
Building a passive income online is your ticket to financial security, especially now that Covid19 has affected just about any offline business around the world!
You won't earn thousands of dollars overnight; legitimate methods of building passive income aren't get rich quick schemes as many may assume it to be.
Building passive income online will take hard work, hours of research, and patience to surmount the learning curve. But, if you're willing to work hard now, you'll earn big rewards later.
Here are five ideas that will help you build passive income online:
1- Start a blog
Throughout the startup phase, building your blogging empire will take up quite a bit of your time. You'll need to respond to reader comments, interact with other bloggers, and create daily posts just to earn dimes. But, once you've established an online presence with your blog, you can expect to earn in the range of $100 to over $1,000 per month, just for sharing your thoughts and opinions.
Bloggers earn money through several different avenues. However, some of the most common and basic methods of earning passive income through a blog are Google's Ad-sense program and other comparable pay-per-click systems, private advertisers, and affiliate commissions.
2- Write articles for ad sharing websites.
Ad sharing websites allow you to post articles to their website directory and earn ad revenue each time a visitor clicks on an advertisement next to your article.
Taking part in work at home forums is an effective way of getting leads to some of the highest paying ad revenue websites. Some examples of successful ad revenue websites are eHow.com and Bukisa.com, just to name a few.
3- Flip blogs for quick cash.
Once you get the hang of it, flipping blogs can be a quick way to make money within just a few hours. Simply purchase a domain name (new or aged), find a unique Word Press theme, and post content on your new blog. After you've successfully set up the blog, place it for sale on an auction website, such as Flippa.com or Feinternational.com.
4- Sell stock photography.
If you're a brilliant photographer, put your artistic skills to use and sell stock photography online. Capture images of scenes you think will sell well. Then, visually enhance the photos in Photoshop, if necessary, and place them for sale on websites like Fotolia.com or Shutterstock.com.
Sales may be slow at first, but remember, you're building passive income that treats you to some nice checks month after month. Once you've built up an inventory of several dozen photos, sales will begin to pick up.
5- Become an affiliate marketer.
As an affiliate marketer, you'll promote other people's products online for a commission. Each time you make a sale, you'll be paid up to 75% of the sale price. Most people who succeed in this field focus on promoting products through article marketing and email marketing campaigns, but there are several strategies you can quickly learn.
Writing two articles is unlikely to result in a sale. Write 20 articles and your chances increase exponentially. Write 200 articles and you'll get the ball rolling on some nice commissions. In time, you'll be able to pay costly bills and plan vacations without dipping into your paychecks. The key to ultimate success is the ability to remain focused on the end result.
As you have read it so far, we've mentioned the following 5 passive income ideas you can use to generate cash online:
- Starting a blog;
- Writing articles for ad sharing websites;
- Flipping blogs for quick cash;
- Selling stock photography;
- Become an Affiliate Marketer.
But the above list doesn't end there. There are many other ways out there that you can follow to make extra money online.
Additional passive income ideas you can use:
- Start a Podcast;
- Become a Freelancer on Fiverr;
- Become a Web Tester;
- Get Involved in the Cryptocurrency World.
1- Start a Podcast.
There is no especial skill required for anyone to start podcasting. Perfection will come later as you keep practicing. You can find a guide on how to start, just about anywhere on the internet. What is podcasting and how does it work?
Podcasting is a free service that allows Internet users to pull audio files (typically MP3s) from a podcasting Web site to listen to on their computers or personal digital audio players. The term comes from a combination of the words iPod (a personal digital audio player made by Apple) and broadcasting.
But What is a Podcast?
A podcast is a series of on-demand digital audio files that often focus on a particular topic or theme. Podcasts can be accessed online via a computer, tablet, or smart phone, and downloaded so that they can be listened to at any time.
Listeners can consume podcasts in the car, at work, at home, working out, or anywhere they please using headphones or speakers. Also, listeners can be automatically updated of new episodes in a podcast by subscribing to their chosen podcast.
According to Edison Research, the number of Americans listening to a podcast each week has grown 120% over the past four years, and 90 million Americans listen to a podcast every month. As the audience for podcasts continues to grow, we believe there has never been a better time to start a podcast, even if it's just for a personal hobby at first.
Where to go if you want to start podcasting?
I usually recommend going to Anchor.fm. Anchor is an all-in-one platform where you can create, distribute, and monetize your podcast from any device, for free.
2- Become a Freelancer on Fiverr.
Start selling on Fiverr. If you are skilled in something like, Graphic Design, Logo Creation, Web Design / Development or any other skill you may have; you don't have to wait for a local company to hire you or wait until you have enough money to start your own business - you can start selling your skills now.
With Fiverr, it's easy to get started. Just go to Fiverr.com. Sign up for free, set up your Gig, and offer your work to the global audience. Deliver great work without charging a lot. You don't have to be too expensive. Start charging 5 dollars or so depending on the type of project. You will be notified when you get an order.
3- Become a Web Tester.
There is no previous experience needed for this money making system! Testing websites and offering your feedback is very simple. All you have to do is go to UserTesting.com. With UserTesting, you get paid to offer feedback on a website. The pay is $10 per test, and it involves visiting a website, completing some tasks, then recording your feedback about the user experience you've had.
The sign-up for UserTesting.com is free and the number of websites you can review is unlimited. You’ll only need a Mac or Windows based computer and a built-in voice recorder to complete the reviews, which usually entails having your voice recorded as you navigate a website. So rather than sitting behind a computer browsing the web all day long - unproductively, you can choose to make a little extra cash instead!
4- Get Involved in the Cryptocurrency World.
It all started back in 2020, just before Covid-19 intensification, when my son told me about a crypto token called Dogecoin. Later on, after doing a little research, I found that the coin was being widely traded on crypto exchange sites such as Kraken, Bittrex, Robinhood Crypto, etc.
The story of the coin and its inception can be found online, in case you need more information about it.
Despite Dogecoin’s popularity and how many people were investing in it, I decided not to pay attention to it, for I took it as a joke coin that had no future - though I was already trading other digital currencies.
But then something changed, its price started to increase from .000 cents to its actual price of 0.25 cents as of Oct 21, 2021 when I decided to add more content to this article.
You see, just for the sake of illustration:
Back in Jan of 2020, according to CoinMarketCap.com, the historical price data of Dogecoin, was trading at 0.002008.
At the modification of this article on Oct 21, 2021 just to be exact, the price of the coin was ranging between 0.23 to 0.25 cents. If I had invested in that token back in Jan 2020 for just 500.00 dollars when the price was only 0.002008, and holding it, I would have made thousands of dollars.
Here is an example of the insane result:
500.00 / 0.002008 = 249,003.98 Tokens
249,003.98 * 0.25 = 62,250.99 USD
As you can see, the result would have been 62,250.99 dollars in less than two (2) years period of investment, for just 500.00 dollars as initial invested capital. Isn’t that crazy?
But Dogecoin is not the only promising token on the market. There are many other crypto tokens on the market right now that are trading way cheaper than Dogecoin. "Shiba INU" for example; with its price ranging between 0.000025 and 0.000028 as of Oct 21, 2021 can or could have been an option.
Now, think for a moment and imagine you investing 250.00 dollars on Shiba INU and holding it until the price of it hits 1.00 or so? You do the math.
That's roughly 8,928,571.43 dollars in just a few years or even months of investment and for such a small amount of capital.
So now, are you interested in joining the Crypto World?
There are a lot of crypto exchange sites out there, and for the sake of brevity, I have decided to mention the top 5 ones according to CoinMarketCap.com. They are: Binance, Coinbase, FTX, Kraken and KuCoin.
So, if you are willing to “take the risk”, you can start with Binance Exchange, or by simply clicking on any one of the links previously mentioned.
But why do I say “Take the Risk”?
Just like any other investment opportunity, dealing with Cryptos can be risky.
This type of investment can change people’s lives for better, but it can also finish your life if dealt without measuring the consequences or having the necesary knowledge for investments.
So please, do your own research or consult with someone who may have a better understanding of it than you, before jumping in.
Udemy.com, for example, can be a good place to start if you want to learn something related to cryptos or any other thing of interest, and then, time to time visit CoinMarketCap Blog to familiarize yourself with the Crypto World.
Follow the people who may have better understanding of the market at CoinMarketCap Popular Watchlists and be in the know.
Now, allow your desires to fuel your drive toward financial security. An optimistic mindset and persistence in working to achieve your goal that will see you through to online success.
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