Let’s say you wrote a book. The book has achieved the rank of a bestseller. You are happy with it. But you are even happier because you receive a royalty for the sales of the books as the author.
What you have just read is known as passive income. Yes, you can say that writing a book might be a way of doing it. You have got many other options to make sure you are earning passively. And chances are you probably know about them already.
However, you might be a fresher in this realm, right? You might have been scratching your heads for the past few weeks to find out a legit way to set up your passive income stream. And yes, you may not have found a way out yet.
For that, this post can be of good assistance. I mean, you can go through it to know where to put your thoughts to finally understand which passive income idea is great for you and how to arrange that income stream. Scroll down. It will do you good.
Just a Second! What Is Passive Income Again? Passive income sources can be considered one of the easiest of all income sources therein. However, most people think that passive income is something very difficult to attain. But that is not the case we are looking at. If you are into this sort of income, then you may not have to worry much about it because it is going to play in the background as the background apps of your phone do.
With that being said, a passive income stream might be defined as an income that does not need any direct effort. It does not also have what you call an employer. It is an income that is generated by a specific setting for which payments are made.
Okay, does it not need even a little effort? Well, yes. How would you expect to set a passive income, not making some sort of work or endeavours or, in some cases, a little investment? For instance, you put your spare room on rent for the son of your neighbour, who wants to work independently, making his own gaming studio. Don’t you think you need to advertise it? Or invest some money to refurbish the area just as the young professional wants?
Well, passive income is like a one-time thing. You do it. And then you wait for the results to come. They will reach you, and you will collect them in your ‘profit’ basket. To put it simply, passive income is like planting a tree. It is a one-time affair. But it is going to yield you fruits for as long as it lives.
How to set up your perfect passive income? Well, we can help with that. Let’s find out in the point written below.
Set Your Passive Income through These Easy Ways
I have been reading a lot because my teacher asked me to do that. You must be wondering: “Mate, every teacher would ask you to do that; what’s so special about it?” Well, the thing that’s special for me was that my teacher asked me to go to a bookstore, pick a book up and read randomly. He also advised me to hit the library and spend my time there reading books no matter what genre I get my hands on.
There, I found books on passive income. I was immediately kind of fascinated with the idea that you can literally earn even if you do not have a job. I was about to qualify from my University at that time and started my passive income by offering my 2nd laptop to one of my juniors in exchange for money for the hours she used it. I had my visions clear.
Since then, I have experimented with more than one passive income idea. Now, I am not directing you towards that. However, the passive income idea I found the most suitable is making videos and uploading them to popular video-sharing platforms. I even took out one of the loans like provident in Ireland, to buy my equipment. They are actually doorstep loans, and you can take them out even if you don’t have a bank account. It’s popular among students.
Now, I am a freelance designer, but I make videos for myself in my spare time. I do not create them for an employer. People view them, and I get money in return for that...simple!
So, here is my expert advice on how to set up your own passive income stream. And look, you can experiment if you want to. However, make sure you are not wasting money in the process or your valuable time.
- Read a lot. Research passive income and find out which one can be most valuable for the time and also the market you see around you. Read stories of passive earners and find out how they made it possible.
- Focus on only those passive income ideas that are suitable for you to conduct. Do not run after the wild goose. Note down the ones you can set up comfortably and make your progress.
- Do not hesitate to invest when you have found your idea. Maybe you will need a new laptop for the work. Or it might be possible that you will need some equipment for it like I did. If you are sure you can generate the kind of earnings you want from it, use some money. If needed, take out a quick loan in Ireland from reputed private lenders. It will help you get the money within a day and start arranging your passive income setup real soon.
- Communicate with people who are earning like you in the same stream. Just be a part of the passive income community. You do not have to share your earnings from your passive income source. However, you can be in a network (or be a part of one) to share ideas and learn valuable things.
- To Conclude
Passive income might not make you a millionaire. Nevertheless, there are stories that defy this logic. As an ending note, I would then ask you to be ‘hopeful’. Who knows? You may make a difference by passive income that the world will love and appreciate.