Who hasn’t dreamed of generating a passive income to supplement their lifestyle without having to quit their day job and up-end their entire life?
I know I have! Unfortunately, dreaming is as far as most people get. That’s why we’ve decided to put together the following quick guide on building a passive income without quitting your job!
Wisely investing your money is often one of the best ways to generate passive income without quitting your regular 9 to 5 day job. And the best part about wise investment is that there are dozens of different investment products you can look into, all offering varying degrees of risk and reward.
For instance, many people invest in stocks, which usually offer a relatively high return on your investment, so long as you invest in viable companies. That said, investing in stocks can be risky, especially during unstable market conditions, such as those generated by the ongoing COVID-19 pandemic.
On the other hand, investing in mutual funds or bonds is less risky, but they don’t offer high returns.
Rather than owning your product inventories, affiliate marketing allows you to promote other people’s products or services and then earn passive returns any time that you refer a successful sale. In other words, you can use your business cards, logos, and website to promote other people’s products, and you’ll earn money when consumers buy from them!
The most notorious example of an affiliate program is Amazon Associates. With Amazon Associates, website owners can place links on their sites, linking to virtually any product sold on Amazon. Then, when a site visitor clicks that link, browses Amazon, and purchases ANY product, the affiliate will earn a small commission on the sale.
Affiliate marketing requires a bit of initial leg work to get a website set up and drive traffic. However, once your site is getting an adequate amount of traffic, you’ll be able to sit back and earn passive income without lifting a finger!
Similar to affiliate marketing, dropshipping allows you to sell products without actually having an inventory. With drop shipping, you’ll create a website store where visitors can shop around and browse products. When they find something they like, they can even buy that product directly through your website.
You’ll get paid.
But rather than fulfilling the order yourself, the order will be placed with your supplier, usually a company like AliExpress. The product will be sent directly to your buyer. Again, dropshipping requires some initial effort, but once you’ve set everything up, you’ll be able to earn passive income, even while working from the office!
If you own a home or property, you’re in luck! Maybe you have a basement with a small kitchenette and bathroom that doesn’t get used often, or you have a large property with a lot of trees, making it the perfect spot for summertime camping.
Either way, websites like Airbnb and VRBO make it easy to list your property for rent, allowing you to earn a passive income by renting it to other people. Renting might require you to make some updates to your home or property, but once everything is set up, you can get bookings that will provide you with a steady, consistent stream of passive income throughout the year!
Generating Passive Income 2021
Everybody wants to earn a bit of extra passive income. The problem is that most people are often unaware of how they can do it, or they’re not able to do so because they don’t want to risk losing their current 9 to 5-day job.
Fortunately, by investing, renting on sites like Airbnb or VRBO, or creating affiliate or drop shipping websites, virtually anyone can build a passive income without quitting their job!