You’ve decided that this whole working for money thing is overrated and you’d really like to just be able to sit back and watch the money pile up in your bank account. Well, the first thing you have to realise is that to earn money, you are going to have to work. Well, unless you win the lottery, but the odds against that are 13 billion to 1, so unless you’re that one, it looks like work will need to be done. However, If you use the work to set up passive income streams, then eventually, you’ll be able to just watch the money pile up.
There are a number of things that can be done to set up a passive stream of income, and as technology continues, there are sure to be a whole lot more opportunities opening up. Obviously, not all types of generating passive income, and one of the easiest involves leasing of property. Of course, this requires that you have the property already, or a method of obtaining the property to lease out, not always the easiest thing to do.
Using technology is generally easier, if you can understand what it is that is required. One of the easiest methods, which you should already be familiar with, seeing as how you’re reading this article, is to write articles for sites like Helium. I prefer Helium because while each article may not earn as much in a single shot as on the sites that pay per article, there is always the chance that a good article in a popular topic can earn a lot more over a period of time. Also, you keep the rights to anything you write (you did at the time this article was written), and have the option to use them elsewhere, which brings me to the next point.
Much has been said about blogging and using blogging to generate income. The value of a popular blog cannot be underrated, however, the trick is to get a popular blog up and running, and that may take a lot of work, and possibly some luck. Of course, blogging on a topic that you feel strongly about may not seem like work, and if you write articles for your blog posts, you can use them here as well, making that work a two for one offer. Once you have a popular blog there are various ways of monetising it. The simplest of these is Google Adsense. There are others like affiliate programs and selling advertising directly that can be used, as well as using the site to sell products. These can be products that you make, or products for other people. Selling other peoples things is probably less work, but this might not suit your idea of passive income.
If you have the ability to create some kind of intellectual property, like music, then you can sell the IP and generate a constant stream of income in the form of royalties. This will also apply to writing books, drawing comics etc. Obviously, this one is a little more tricky to set up as it requires an ability or talent that you may or may not have, hence the reason that I left it for last.
So, in order to set up any form of passive income generation, some work is going to be required, but just remember. The initial goal shouldn’t be to make $1000 a month. Start small and build it up. Ten dollars a month can easily be turned into 20, and from there to 50 and so on. The most important piece of advice I can give you is to go out and try something. After all, you won’t know if it will work unless you implement it.