8 Ways to Create Passive Income Without Money
There was a time when I thought becoming a millionaire was unattainable. I was barely making ends meet and living paycheck to paycheck. Once I started researching the habits of the wealthy, I realized my mindset was holding me back. All I needed was an action plan. That plan is to create multiple streams of passive income. Last time, we broke down what passive income is. Click here to read.
This week, we will discuss ways to generate passive income without money. Remember, passive income is when you no longer have to exchange time for money.
1 Create an Ebook: An ebook is one of the simplest and cheapest ways to generate passive income. All you have to do is choose a topic you are knowledgeable in or a skill you’ve mastered. It could be as little as three to five pages. You can sell your book on a free webpage or on sites like gumroad.com.
2 Create an Online Course: This is similar to an ebook. You can record videos or have live class sessions on zoom. You can put your recordings on platforms like Udemy or Teachable.
3 Create a Printable: Create a calendar, planner, or how to list and sell it on Etsy.
4 Create a YouTube channel: Pick a niche, keep it simple and start recording. Again, choose something that you are knowledgeable about and/or a skill you’ve mastered. After you receive a certain amount of followers, youtube will pay you!
5 Rent Out a Room – AirBNB an extra room in your home. You can specify gender and age to your comfort level or advertise to traveling nurses.
6 Open a Money Market or Interest-Earning Savings Account – Both options are free at your bank. You are missing an opportunity if you are not keeping your money in an interest-earning savings account.
7 Affiliate Marketing: This is a great way to make money in your sleep. You can do this through a blog or any social media platform.
8 Start a Blog- Pick a topic or align your blog with your ebook or course. Once you build a following, you can make money blogging.
These are just a few ideas on how to start generating passive income, especially if you are just starting out or don’t have large amounts of money to invest. However, don’t be afraid to invest in more lucrative passive income streams such as real estate. Until next time.
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