This year, my husband and I created a membership group that offers year round support to entrepreneurs and is on track to bringing in five figures of passive income for us every year. You can still teach that skill one-on-one or in a group setting online.
Ultimately, this is a great way for people who have specialty knowledge to make passive income. You create value for the audience that follows you, which builds trust, and then people will want to learn more from you—and will be willing to pay you for it.
The goal here is to monetize your efforts, perhaps by including paid ads on your website or by selling offers to people in your Facebook group. We created monetized websites that teach people the skills we have: ours are nutrition, fitness, health and wellness.
The goal is to maximize your primary salary to a point where you are generating enough free cash flow to reinvest in secondary income streams. How do you do this? Well, try to get the highest paying job you can! Ask for a raise!
Partner Up From olive oil to cosmetics to travel, there are an endless array of companies that you can become an affiliate for. You do, however, should have an established following of at least people on social media.
While these are usually one-off deals, they can pay long term passive income depending on the offer and the timing. To get started, come up with a list of products that you use every day and are passionate about.
Spend Smarter Now is the time to invest any money you can because a downward tick in the market means stocks are essentially on sale. In relationship marketing, once you build your business, you get paid passively by sharing your experience with the product or service others are seeking.
The sooner you start, the easier it will be for you to weather any future financial storms.