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Would you like to improve your money situation? I think most people would. There are lots of ways to make money that require a little less effort than a 9-5 to maintain. With most passive income, you may need to make effort upfront, but the benefit is it continues to make you money while you sleep. Here are some ideas for passive income that you can start this year.
Write an Ebook.
You might think it would take forever to write a regular book, and you’d be right. However, with ebooks, it is acceptable to write something that is closer to 40 pages in length. Something like this might sell for $4 or $5 dollars. You could consider selling on Amazon, or on your own website as a pdf file.
Build your own website, creating a blog or online business.
This option requires a decent amount of upfront work, but it can definitely be worth it. The income varies but the longer you do it the better at it you will get. There are ways to make money with affiliate marketing on your blog (selling someone else products and making commission), selling your own products (like that ebook we were just talking about) or creating and selling courses. The key is that you need to solve a problem for the reading and create original content.
Start a YouTube channel.
There are lots of channels making money, from beauty bloggers to kids who review toys. If something in your house or car breaks, you can look up how to fix it on YouTube. You need to find your niche and solve a problem, just like blogging. If you also happen to have skills with video editing, even better. You don’t necessarily have to start out with fancy equipment. You can use your smartphone for shooting videos initially.
Start a T-Shirt Business.
First, you’ll need to create your virtual storefront. You’ll want to set that up with a print company and connect them. Then if you are good with Photoshop, you can create your own designs. Alternatively, you could pay someone on a site like Fiverr to create them for you. Most people also join niche groups or do Facebook ads to target the people who would like their niche designs.
Deal with your finances.
Consider investing, moving your money to a high yield checking account, and refinancing debt. There are platforms that you can use to make small investments without a financial advisor (if you choose to take that risk.) Consider your banking options. Maybe the checking account you’ve had since you were 16 isn’t the best one out there. You could also save several thousand on your mortgage by refinancing.
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