This is the first article I have written on InfoBarrel and I am excited to get started with this site. I heard from a couple sources that InfoBarrel would be a good launching pad to begin generating a passive income. I have done a lot of research in this area since then and I am looking forward to sharing what I have learned. Below, I highlighted the five best ways to begin earning money while you sleep, play, or work your 9-5 job.
1. Article Writing for Revenue Sharing Sites
This was an obvious first choice. Writing for sites like InfoBarrel is a quick and relatively easy way to begin earning a supplementary income. After you create an account with the site, I recommend browsing the forums and FAQ sections that cover most of the basics. While this takes some time up front, it makes the process of writing and getting started much easier. It also helps to do some research on the site and read some other successful articles so that you can make the most of your articles. Normally, you will receive a portion of the AdSense revenue generated from the articles you write on the site.
2. Affiliate Marketing
This is another form of passive income I am starting right now. Affiliate marketing involves advertising products by placing links to buy them in either your blog, website, or article that you post online. I started with the Amazon Associate Program. I create links for Amazon products to get a portion of the sale every time someone buys a product. At the bottom of this article you will find a couple Amazon links to books that I like on the topic of passive income. Before joining, make sure you have an avenue to sell to people because Amazon will cancel your account if you do not generate a sale in 90 days.
Blogging is another great way to create income and build your own personal brand. You can generate cash right away through ads and affiliate marketing, but a blog is also a solid platform to begin creating an audience and following for other endeavors that you take on. Blogging takes a lot of time and effort to maintain, so it is crucial that you blog on a topic that you are passionate about. This will give you the highest chance of success and also prevent you from burning out.
The invention of ebooks allows just about anyone to become a published author. Writing ebooks takes a lot of time up front but can be a great way to generate income if you have a topic that you are knowledgeable about. Many times, you can create the book based on other articles and essays you have written in the past. After you have created the book, make sure to have it properly edited. Finally, you can use a separate online site to automate the sales of your book.
5. Smartphone Applications
This option is probably the most complex item on this list. Creating an app is a long term goal for me because I have no coding or technical skills. The bright side is that you can take all the complexity out of creating an app with two different strategies. The first strategy is to hire a 3rd party coder and outsource the work. First, you will need to create a specification sheet or wireframe that outlines exactly how your app will function. Then, you can go through an outsourcing website and have people bid on your project. It is smart to not just take the lowest bidder and actually check to ensure that who you select is a good fit for your project. The second option is to buy the skeleton of an existing app and modify the images, sounds, and basic function to create a whole new product. You will need a little technical skill for this option, but you will not need to code a whole app from scratch!
That finishes off my list of the best ways to attain passive income generation. If you have any questions or would like to talk about more forms of passive income please leave a comment!
The 4-Hour Workweek
A bestseller and must-read
Amazon Price: $22.00 $9.95 Buy Now
(price as of Oct 1, 2015)
How to Make Money Online
A solid guide to building a passive income
Amazon Price: $5.99 $3.96 Buy Now
(price as of Oct 1, 2015)