Imagine making money online while you’re hiking in the Himalayas, sailing in the Caribbean, backpacking around Europe, or snoozing in a hammock on a tropical island. Sounds too good to be true? Not if you master how to generate passive income streams!
Passive income is amazing and so freeing. It means you no longer need to exchange your time for money and can get on with enjoying whatever you like to do. I’ve experimented with a few different sources of passive income, and today, I’m sharing with you a collection of the best.
What is Passive Income?
Passive income is money that you earn with minimal ongoing effort. It’s not exactly “free” money, because you usually have to invest a fair amount of time and effort setting everything up beforehand. However, once everything’s in place, you’ll make money without needing to put in much extra work.
I have experience with several of the following sources of passive income, including affiliate marketing, running ads on my website, and selling photography. I also know other people who have made good money from most of the other kinds of passive income mentioned below.
1. Affiliate Marketing
One of the most popular ways of generating passive income is through affiliate marketing. Essentially, you promote products or services in exchange for a commission. You can do it in a few different ways, including on your blog or website, social media channels, or via your mailing list.
Affiliate marketing is one of my favorite ways of making money passively. It’s how I generate the majority of my income from my own blog and it can be very lucrative, depending on which products and services you are promoting and the size of your audience.
2. Running Ads
If you own a website, one of the best ways to earn passive income is by running ads on your site. There are several different ad networks out there, each with its own pros and cons and set of specific requirements. For bloggers, Medivine and Raptive are two of the most popular.
The amount of money you can earn through ads depends on the network you join and the amount of traffic you receive. The best networks have fairly high minimum traffic requirements. However, once you reach these thresholds and get accepted, you can make excellent money passively.
3. Sales from an eBook
Creating and selling an eBook is another popular way to earn passive income. Of course, you need to put in a lot of work upfront…
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