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| Money illustrations by Storyset |
A student? Or already working and willing to make some extra cash? or even homeless..?
It doesn't matter! Because everyone can make passive income easily, you only need one thing to succeed. The only secret to making it happen in contrast to others: is consistency.
So please, if you want to put in some time and energy. This blog post is right for you. So let's hop into the top three ways to make passive income.
1) YouTube
Just look at Mr.Beast or Jean-Paul's net worth. They made millions of dollars over the years.
Don't go too far. I won't even recommend you compare yourself with anyone. However, those are the result of consistency and hard work.
I'm not saying you will be able to make millions of dollars from YouTube alone. But it's a start, and it's definitely a way to make passive income.
You can start with vlogging, making cooking videos, or just talking about your day on camera. You can even do things that don't involve talking, like unboxing products or playing video games.
With this strategy, you will earn money from Adsense, affiliate marketing, and sometimes from brand deals (if you have a huge following). But most importantly, you will build your audience base, which is the most important thing to remember when starting on YouTube.
2) Blogging
Blogging is a great way to make passive income. It's a lot like YouTube, but you have greater freedom. You don't have to talk about anything you don't want to. You can write about anything you want - gaming, gadgets, music, or your life story.
But the main thing is that you will get paid (usually) from Adsense, affiliate links, and brand deals if you have a large audience base.
The downside of blogging is that you need to spend more time on it than YouTube videos (at least 5-10 hours per week), and it takes longer before your blog starts making money for you. But if you are willing to put in the work, then blogging is, for sure, a way to start generating passive income.
And I think the best part of blogging is that there are so many niches that no one has explored yet, so it's a great opportunity for new bloggers with fresh perspectives on things.
Another important thing when starting out is choosing the right host; you can either start for free on Blogger or learn WordPress and build your website.
3) Investing
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| People illustrations by Storyset |
Unlike others, investing is such a whole new level of passive income. It's such an "invest and forget"
Either on crypto (no need to remind you of the Bitcoin's jump last year) or in stocks (Tesla made +1500% since 2019)
Or in real estate.
One thing you need to know to invest is that you need to be aware of the risks. In crypto, it's easy; you can lose everything at once (like what happened with the TerraLuna crash). Not like, stocks or real estate where there are ways to make money even if the market goes down.
To keep it simple, when the price goes up; we earn money, but when it goes down; we lose money. If we lose more than we have invested, then it's painful! And we might have even lost money on our initial investment.
The good news is that there are ways not to lose money with crypto:
Simply put, you can invest in stablecoins such as Bitcoin or Ethereum. (This is NOT financial advice.)
Before putting your time into any of those fields: Choose one and stick to it. It's all about consistency!
Thanks for reading! I hope some of you found this helpful. Please let me know if you have any questions!
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