According to research from the Spectrem Group, there are many ways to get rich, but there were are only two definitive ways to stay wealthy and ensure it lasts for future generations. The best way to get rich today is to follow a model for keeping your future generations rich tomorrow.
The two paths toward perpetual wealth are through the Path of Stability and the Path of Renewal. Through the Path of Stability, you want to ensure a steady stream of income no matter market or economic conditions.
The path of renewal is to continually identify fresh sources of income and add new ways to generate cash flow. This is primarily done through innovative entrepreneurship. On one end of the spectrum, you are actively involved in starting a new company, product, or service.
On the other end, you want to find passive sources of income that require little to no effort to keep the money flowing. Passive income is money you make while you sleep. Passive income is where you have your assets working for you.
In order for this to happen however, it will require time, money, hard work, or in most cases, all three! If you are able to create several passive income sources bringing in $1,000 per month, it can help set you up for life! Here are the top ways to generate passive income.
1. Start a Blog
One of the most popular ways of generating passive income is by starting a blog. You can leverage your passion, hobby, and expertise to provide good content for your readers.
Blogs can provide a large amount of income but take a vast amount of work and time to succeed. There are over 600 million blogs in the world today, out of over 1.7 billion websites. With platforms like WordPress, it is easy to set-up a blog.
Over 409 million people read more than 20 billion pages on WordPress monthly in 2020. The key to success is writing and providing valuable and relevant content to your readers. Combine that with effective social media and email marketing and search engine optimization, then you can build a loyal audience.
As your audience grows, you can leverage it by marketing relevant products, offering a course, ebook, or make money through ads. It is important to strike a balance between just selling something or offering something of value.
2. Affiliate Marketing
Affiliate marketing is selling another company’s product or service and getting a commission. Here are some ways of making money through affiliate marketing:
- Social Media Marketing
- Email Marketing
- Youtube Videos
Many affiliates write or present a review of the product, directing their readers to purchase it. Just make sure that the product is something that you believe to be of value. You don’t want to recommend bad products or else it will be difficult to gain back your readers’ trust.
3. Buy an Existing Blog
Blogging can be a great source of passive income, but it takes time to build up a following. If you don’t want to wait, you can purchase an existing blog at sites like flippa.com.
You will have an immediate base of readers and turn-key site. You can start generating passive income by leveraging the existing audience through affiliate marketing, backlinks, or selling your own products.
4. Create Stock Photos
If you like photography, you can make money from your favorite hobby. Add your photos to stock photo websites and you can earn a commission every time they are used.
Millions of website owners and bloggers use stock photos every day. These stock photo websites sell a subscription or fee-per-photo for access to their photos. The more your photos are used, the more you can make! Most accounts are free to create and if you have a phone or camera, you have everything you need to get started.
5. Launch a Podcast or Radio Station
Millions of listeners listen to podcasts every day. Learning how to start a radio station or a podcast is easier than one might expect. Once you’re up and running, you can generate a large income from placements and ads.
With today’s technology, you won’t need to make high investments or buy lots of equipment. You can record an interview, discuss a topic you enjoy, or provide commentary by simply recording and uploading to dozens of platforms for your listeners.
6. Create Online Videos
YouTube is the second most visited website in the world. Video marketing has become more popular than ever. This means that now is a great time to start creating your own content and attract an audience base. You can make money through feature ads on your content, directing viewers to your blog, or through affiliate marketing.
These passive income sources are ways you can start to generate money without requiring a large amount of starting capital. Other sources of passive income such as real estate, dividend-paying stocks, and business partnerships require more money upfront. Although great sources of passive income, these six are something you can start with a limited budget!