My top five passive income sources
It took me a lot of time to figure it out how the hell I could get my financial freedom. Each day I was going to my daytime work knowing ‘this isn’t right’. Don’t get me wrong, I do appreciate the job I have and few years ago that was my dream job. But the voice inside of me was getting stronger and stronger… ‘This JUST isn’t right’. I would love to do my tasks getting all the freedom and autonomy I’m dreaming about but unfortunately, it’s not possible. And I feel like a lot of potential is lost. I’ve spent months putting together a list of potential passive income sources.
I’ve tried some of them and some are still waiting for my action. My list contains the ones you can start even if you are still working in your daytime job. They don’t require too much investment, but they may be time consuming.
Ready? Here is my list:
- Udemi / Skillshare courses
I have started the list with Udemi courses for a reason. This is so far, my favourite way to get some passive income. Maybe it won’t give you a huge income but it’s very rewarding. If you’re like me and love to learn new skills and teach others this is for you! You share your knowledge and get paid each time somebody buy your course.
The only thing you need to invest is a camera (but probably you already have one – you can use a standard camera, your iPhone or the built-in camera in your laptop) and a microphone (you can get one for a price of 10-15 pounds).
- Blogs or Youtube channels
This one requires a lot of time and patience. But once you get your audience the source of income is limitless. You can sell your own product, work with other companies or put some affiliate links. If you’re really good you may be recognised as a brand (think for example Lili Singh) and then you can even get your own show! Ok, ok I went too far… But with enough audience you may try to sell a book /app/other product on the topic your good at.
- Affiliate marketing
I mentioned in the previous point getting some income using affiliate links. Once you build a website and make enough traffic you can try to put some affiliate links into your content. There are many affiliate programmes like for example Amazon or you can try to contact some companies directly if they would like to collaborate with you.
- Create your own product
It can be a digital or just a physical product. Think about your interests. Or how you can improve a product or somebody’s life? Nowadays it’s not so hard to create an app, online game or software. You can hire somebody (look on freelancer websites) to prepare it for you and spend time only on the marketing and sales side.
Also, if you are looking for some financial support look on Crowdfunding or Kickstarter – there may be people who would like to support your idea!
- AirBnb or Booking.com
You can try to rent out a spare room or your own property. You may ask yourself ‘but where I should live then?’. Well if you do it clever you may actually have a space to live and some extra income. I do prefer short term renting as it not only give you more income but also having somebody living with you short term make you still feel like you are ‘owning’ your space. People who were sharing they homes with others probably know what I mean. The moment you just realise that the girl you rent out a room decided that you DEFINITELY need that pink flower pot with Winnie the Pooh on your too-minimalistic countertop in the kitchen…
Another option if you own a flat is to rent it out and… rent a smaller one for yourself. Believe me, you would be surprised how much extra income you could get this way.
I know there are plenty options to earn some passive income and you may feel overwhelmed with the choice (I’ve been there!) The only advice I have is to choose the ones that resonate the most with you and start working on them. Persistence is the key!