Boost Your Cashflow With These Passive Income Strategies

Everybody wants to be rich, but few put the effort required. And by putting effort, I am not talking about putting in the extra hours. Ramping up your efforts will only leave you wearier.  

That is why you need to consider alternatives.

“If you do not find a way to make money while you sleep, you will work until you die.”

-- Warren Buffett

Passive income strategies allow you to work your day job but still get some cash on the side. In today’s post, we’ll discuss a few ideas to get you started.

Why Passive Income?

Passive income is a form of investment that guarantees a certain percentage of money within a specified duration. What makes passive income exceptional is that it requires minimal or no effort to maintain it.

“Don’t let making a living prevent you from making a life.”

-- John Wooden

Keep in mind, time is precious. Everyone, regardless of their age, gender, religion, gets 24 hours in a day. Therefore, if you’re looking forward to accumulate wealth, you should consider passive income that is easier to sustain. An online gig is preferable.

Here are some easy ways to automate your cash flow:

1. Create a Niche Blog

I know, I know! You created a blog after senior high and didn’t get a single penny… blah blah blah…

Usually, that negative way of thinking is what slows down people looking for viable passive income strategies. If you do not keep trying, you will never accumulate wealth.

“I have not failed 1,000 times. I have discovered 1,000 ways to NOT make a light bulb.”

-- Thomas Edison

Blog posts are by far one of the most lucrative passive income streams, and what’s even better is that they are easy to set up and use. But do not get me wrong! It’s not for everybody.

I know I’m confusing you right now but hang in there!

Blogging is preferable for those who either have some knowledge about it, can create time or have some initial capital. That is because setting up, even though easy, requires you to have some technical knowledge. Luckily, all information needed can be found online. However, if you do not have the time for that, you may need to hire someone else to help you out.

That is why BLOGGING IS NOT FOR EVERYONE!

2. Come Up With An Audiobook

I’m a believer in the power of audiobooks. In fact, many authors are turning to audiobooks because of the rise in popularity of audiobooks.

AND THIS CAN BE DONE BY ANYONE ACROSS THE UNIVERSE… except aliens.

All you would need to invest in is your time and a good smartphone, which I presume you have. You do not need to spare 20 hours a week to work on the audiobook because you can record as you travel to work in the morning.

Luckily, technology also provides you with tech innovations that aid in recording. For example, if you are recording as you go to work and are worried about the sound quality, you can use the ‘filter noise’ option to reduce the noise.

Once you’re done recording, you can head over to ACX. Sign up and publish your audiobook to platforms like Audible. ACX automatically uploads the audiobook to iTunes store.

3. Create an Online Course

Another simple easy-to-do passive income source is creating an online course.

And don’t tell me you can’t create an online course about something you are passionate about.

I mean, there are courses that show you pretty weird stuff. Like how to cut a carrot, fart slowly or even yet sit correctly. But if you are not sure of what to teach, use social media to identify the niche.

For example, if you have friends interested in sewing on Facebook, start a Udemy course and teach about the same. If they are into religion, teach things about religion.

But if you are still uncertain about the topic to discuss, just teach about anything and use social media to advertise your course.

4. Build/Sell an App

Don’t come to me with the “I am not a programmer” crap!

You don’t have to be.

All you need is to purchase an existing app and re-sell it. There are many websites that sell such apps to interested individuals. First, choose an exciting app. An interesting application that might have a lot of traction.  

Something that is easy to use and has a friendly interface. Keep in mind, consumers are not programmers. They want an app they can interact with easily. They want something that can ease their life in one way or another.

But of course, we do not guarantee instant success.

You have to market the app because regardless of how good the app is, no one will download it if they are not aware that it exists.

5. Create YouTube Video Tutorials

If Udemy didn’t work out for you, YouTube should. At least, YouTube doesn’t require you to upload courses. You can do whatever you want on YouTube.

I mean, whatever you want! From podcasts with a friend about your day to dancing to any song.

But with YouTube, you have to exercise patience because you will need good traffic to make good money. For example, with 1,000 views you would only get a revenue of $2. That means you would need more than 100,000 views to make some good amount.

Luckily, YouTube does not limit you. You can use it to generate passive income in other areas. Areas such as affiliate marketing, which would mean making videos with affiliate links for people to purchase. On the other hand, if you have really good content, you can ask your viewers to support you on a monthly basis through platforms such as Patreon.

Conclusion

No matter what you choose, generating passive income should be at the top of your mind. That means you should do whatever it takes to make that happen.

Avoid any kind of passive income source that would consume your time and money for a longer time without giving back some good amount of money.