How to Earn Money Passively Online?
Your 9 to 5 brings you a steady paycheck and stability. But a passive earning source is what truly sets you free! Besides awaiting for payday every month, you can create passive money online with the right tactics. All you need is some time and effort. While you may have already heard of making money while you sleep, you can actually make it happen! This article brings you five ways of earning money passively online. Let’s begin by understanding what passive income is, after all.
What Does Passive Income Mean?
As the name suggests, passive income is the money you make without actively working for it. In the beginning, you put in a lot of effort to identify and set up the right passive income stream. However, once that is done, you typically are not required to put in a lot of hours into it and simply enjoy the rewards.
For instance, let’s say that John owns a financial blog that talks about the financial market and occasionally about cryptocurrencies. He’s also a user at Hodlnaut, and since the platform offers an affiliate program that gives 10% commission on interest paid for each successful signup, he decides to include his Hodlnaut affiliate link on the blog. He earns a commission every time a user signs up through his link. Thus, John has successfully generated a passive income through an affiliate program.
Why do I Need a Passive Income Source?
Active income is the money you generate from all the work you put in currently. If you stop working, you do not get paid, so your time literally equals your money. The majority of people focus on an active income source such as their day job or freelancing gigs. But when it comes to achieving financial freedom, passive income wins!
What if you could set up a passive income stream that will not require you to work actively? In some cases, you may need to invest time and, in others, money. However, all the efforts you put in at the beginning will give you rewards for a long time. If you like the sound of it, then you can certainly explore the passive income opportunities mentioned here.
How Much Passive Money Can I Make Online?
How much you end up earning depends on which passive income stream you pick. However, you will have to invest some money and also put in the hours. For instance, if you decide to create a course, you will need time to outline it and come up with its contents. Once your course is ready, you can sell it on platforms like Fiverr for a defined price. Thus, if you sell your course for $50, the amount you earn will depend on how many people purchase your course. By updating the course every once in a while, you can continue to enjoy the financial rewards.
However, if you would like to have more control over your earnings, you can opt for other methods that are more straightforward. For example, if you already own some cryptocurrency, then you can consider crypto lending. The crypto that sits idle in your wallets can be put to use. All you need to do is pick the right lending platform and deposit your crypto asset. Companies like Hodlnaut pay up to 7.25% APY on cryptocurrencies. You can use their interest calculator to know in real-time how much you will earn. This way, you will essentially earn crypto for free.
That being said, let us dive right into the top 5 ways you can earn money passively online.
Sell an eBook
Gone are the days when one had to depend on a publication house to publish a book. With the option of self-publishing, you can become an author quite easily. Moreover, platforms like Amazon provide a hassle-free experience. You first need to decide on the topic you would like to write about. Pick something that you are interested in and something that will also sell. For instance, SEO, Digital Marketing, and Fitness are very popular and highly searched for topics.
Then, write the eBook and finally decide which platform you would like to publish it on. Smashwords, Amazon Kindle Direct Publishing, and Lulu Press are some of the good options. However, it will take an upfront marketing cost before you start earning passive income through eBook publishing. If you have a knack for writing and would like to earn passively online, this is a great option.
Invest in Stocks
A quick look at the world’s wealthiest people, and you will agree that stocks have played a significant role in their flourishing bank accounts. Take Warren Buffett, for instance, who has acquired his much talked about wealth through investing in stocks. Interestingly, Warren reads 500 pages a day of business’ annual reports. It helps him understand how well a company performs; based on this information, he then invests in stocks. Although understanding the stock market takes some time, it can really set you up for some serious money gains. Websites like Investopedia are good places to start if you are a beginner in the world of investing.
Earn Crypto Interest
If you are looking for an easy way to earn interest on your existing crypto-asset, then this option is perfect for you. It is a great way of earning passive income in terms of crypto interest. You simply have to choose the platform with which you will HODL your crypto. Hodlnaut is one such platform that helps you earn up to 7.25% APY on cryptocurrencies. Opening an interest account is hassle-free, and it is FREE! So if you own some crypto already, you can deposit it with Hodlnaut and start earning attractive interest. Hodlnaut pays the interest earned to your account weekly, thus making it an excellent passive earning source.
As we have briefly mentioned above, affiliate marketing is an excellent way to generate passive income. Affiliate marketing is a practice where you partner with a company and become its affiliate to get a commission on a product. You can become an affiliate marketer with just a few easy steps. Find an affiliate program to join and choose which offer you would like to promote. Next up, you get a unique affiliate link for each offer which you can share on your blog, website, or social media accounts. Every time a user uses your links to make a purchase, you earn a commission! It’s as simple as that.
Commission rates can vary dramatically and also depend on the offer as well as the company. You may earn up to a 5% commission of a sale or even 50% based on the affiliate program. For instance, Hodlnaut, a crypto interest-earning platform, offers a 10% commission on the interest paid for every successful referral. Some affiliate marketing programs provide a flat rate for every sale. This method is well suited for people who already have a blog or website to promote a product.
Run a Blog
Blogging is known to be one of the most popular ways of earning passive income. It has helped many entrepreneurs earn passively via affiliate links, sponsored posts, products, courses, etc. There are various ways to monetize a blog, such as paid reviews, displaying ads, and selling digital products. However, it does take upfront work as well as continuous effort to leverage it fully.
Once you set up a blog and update it frequently, it becomes a sustainable way to earn passive income. While running a blog, you can also become an affiliate partner with a product you wish to promote. This way, you recommend credible resources to your readers and also earn money passively. It’s a win-win!
Earning passive income can be incredibly rewarding. It gives you the flexibility and freedom that you have always wanted. If you wish to earn money passively online, there are various ways to do so. As mentioned above, blogging and selling eBooks can be great for those who like to write or educate their audiences. Affiliate marketing is ideal if you already have a good social following or a blog audience. Nevertheless, no matter where you are in your passive earning journey, you can always invest in stocks. The earlier you start learning about it, the better. Lastly, a sure shot way to earn passive income is through a crypto interest account. You simply have to set it up and deposit your crypto to start earning interest weekly.
Hodlnaut currently offers up to 4.08% APY on BTC, WBTC, 4.60% on ETH, 7.25% APY on USDT and USDC, and 3.56% APY on DAI. Sign-up for free to start earning passively online.