4 Ways To Build Passive Income

Hi everyone, thank you for coming back to my blog. I hope you found my last blog interesting and useful, where I covered ’10 Strategies That Create Wealth’.

In today’s blog, I am going to cover the different ways you can build passive income, therefore making you extra money, so that you can make more money work for you and be even more financially secure now and in the future.

So if you are either, struggling (i.e. living pay cheque to pay cheque), or in a more comfortable position, striving towards minimising your overall living expenses and bringing more money into the household should definitely be on your ‘To Do’ list.

While minimising your expenses can be as simple as, reducing the amount of take out you have in a week, or making coffee at home instead of buying it from a Starbucks everyday, it’s often the “making more money” part that’s most difficult and daunting.

By building passive income, you won’t earn thousands of pounds overnight; legitimate methods of building passive income aren’t get rich quick schemes. Building passive income will take hard work, hours of research, and patience to overcome the learning curve. But, if you’re willing to work hard now, you’ll earn big rewards later.

Here are some ideas that’ll help you build passive income:

1. Start a blog

Throughout the start-up phase, building your blogging empire will take up quite a bit of your time (trust me, I know). You’ll need to respond to reader comments, interact with other bloggers, and create constant posts just to earn a small amount. But, once you’ve established an online presence with your blog, you can expect to earn in the range of £100 to over £1,000 per month, just for sharing your thoughts and opinions.

Bloggers earn money through several different avenues. However, some of the most common and basic methods of earning passive income through a blog are Google’s Adsense program and other comparable pay-per-click systems, private advertisers, and affiliate commissions.

You are currently reading my blog posts on Medium, this is because it has a wide exposure to many readers and likeminded bloggers across the world. But this was my preference and what you choose to write about and where you choose to write it, is up to you. Just make sure you are posting regularly and your content is of good quality, so that your readers keep coming back for more.

2. Write articles for ad sharing websites

Ad sharing websites allow you to post articles to their website directory and earn ad revenue each time a visitor clicks on an advertisement next to your article.

Taking part in work at home forums is an effective way of getting leads to some of the highest paying ad revenue websites. Some examples of successful ad revenue websites are eHow.com, Bukisa.com and Suite101.com.

3. Sell stock photography

If you’re a brilliant photographer, put your artistic skills to use and sell stock photography online. Capture images of scenes you think will sell well. Then, visually enhance the photos in Photoshop, if necessary, and place them for sale on websites like Fotolia.com or iStockPhotos.com.

Sales may be slow at first, but remember you’re building passive income that treats you to some nice small additional income month after month. Once you’ve built up an inventory of several dozen photos, sales will begin to pick up.

4. Become an affiliate marketer

As an affiliate marketer, you’ll promote other people’s products online for a commission. Each time you make a sale, you’ll be paid a percentage of the sale price. Most people who succeed in this field focus on promoting products through article marketing and email marketing campaigns, but there are several strategies you can quickly learn.

Writing two articles is unlikely to result in a sale. Write 20 articles and you’re chances increase exponentially. Write 200 articles and you’ll get the ball rolling on some nice commissions.

However, make sure you are not just posting your affiliate links all over the internet without understanding the products you are promoting, and be transparent about them. It also helps if you have used them yourself as well.

For example, I am an affiliate marketer for ClickFunnels and their ‘One Funnel Away Challenge’. The reason I am promoting this product, is because I have done the challenge myself and found it very valuable in building my passive income, plus it’s one of the best investments I have made at $100 (around £72). This is because it taught me the fundamentals of marketing and sales, like building an email list, sharing my story, creating valuable offers, building and leveraging sales funnels building, and many other things. And I know it will help others too, no matter what type of business or market they are in, if they are willing to put in the time and effort to do the course, they could also start building their own passive income.

In addition to this, I am also an affiliate marketer for these books ‘DotCom Secrets’, ‘Expert Secrets’ and ‘Traffic Secrets’. The reason being, I have read and learnt from these books because it laid the foundations of what I needed to do in order to build a steady stream of passive income through a sales funnel. Again, these books will help others if they just put in the time to read and understand what they need to do and adapt it to their own ideas to build their own passive income.

In time, with passive income, you’ll be able to pay costly bills, reduce your debt, increase the amount you save and, even better, increase the amount you invest, without having to dip into the monthly salary you get from your employer. You might even be making enough to not need an employer, who knows?

The highest level of financial security is having enough passive income to cover your living expenses. If you can manage to reach that point, you can spend your days doing whatever makes you the happiest.

The key to ultimate success is the ability to remain focused on the end result. An optimistic mindset and persistence in working to achieve your goal will see you through to success in building passive income.

Until next time, stay safe and please share this blog with anyone who might find it useful. Thank you.