Seven Ways To Obtain Financial Freedom With Passive Interests
The term passive income defines an additional source of money earned from a particular interest. Having another source of income will allow individuals to save a bit of money or hopefully allow them to break-even on their expenses. Along with another income comes the idea of financial freedom. Financial freedom can be defined as having sufficient income in your budget to sustain your overhead or lifestyle. An ultimate method for achieving ‘financial freedom’ is being self-employed (entrepreneur), yet it is not the only way. Not everyone is meant to be an entrepreneur but they can act like one to benefit their personal lives. Therefore in a financial aspect, this article will discuss ways to capitalize on innate and passive talents/interests to make money.
While Colluide has grown to be a consulting startup aiding people in building and maintaining small startups; it has come to our best interest to discuss ingenious entrepreneurial ways to improve financial well-being for anyone. Our last article we discussed the habits that millionaires/successful people have to propel their career. In conjunction with millionaire habits are the innovative money making tactics to exploit said habits. In essence, learning to monetize productive habits are life hacks to financial freedom and overall success.
How To Supplement Your Income With Your Passive Habits
Self employed individuals or employees alike can benefit from supplementing their income with innovative ways to gain extra income. There is a large array of apps, websites, and other forms of technology that generate cash from favors, minuscule tasks, or daily actions. Traditional skill sets such as graphic design, web developing, or blogging are always commodities. People can capitalize on these abilities to provide services for extra cash. Be creative, be bold, and be consistent to manifest a skill set to use for monetization. Once you lock down a certain skill set or service that you wish to provide it’s all about the execution. Finding the right technology with safe and intuitive software will be a great investment to someone looking to be dependent. On the other hand, more independent self-employed individuals will seek to freelance their services/products while endorsing themselves throughout the process.
The general idea of obtaining financial freedom through passive income is exploiting your free time and self-skills in conjunction to your full time job. All done to earn a little extra cash on the side, depending on how well your skills are it could be evolve into full time position. Another beneficial aspect is practicing the habits of millionaires to groom yourself into eventual success while making an easy buck simultaneously. Who wouldn’t want an extra source of cash for doing something that you actually enjoy in your spare time…? The time is now, don’t delay the window of opportunity is now!
Seven Sources/Methods Of Earning Extra Cash
Believe it or not blogging can be a fulfilling side gig and a financially sufficient full-time gig if done correctly. The main theme for blogging is to have as many active visitors as possible. The media evolved the concept of being a writer to a more personal and independent form of expression. Blogging is expressing oneself about any topic in a less formal manner, providing flexibility in the execution. In other words, new methods of blogging have been explored such as video blogging (vlogging) or travel blogging. The goal is to share your knowledge, thoughts, or experience through media for the public to see. Find a topic that you are passionate about, then come up with a way to tell the world in your own unique way. Once again blogging is all about how many followers you attract and keep; being consistent in coming up with new material to post.
The big question on most people’s mind is, “How do bloggers make money!” People seem to be blissfully unaware how rich we make people internet influencers by just simply clicking or viewing their website or profile. Bloggers need to provide content that is desirable, it will be up to their digression to creatively monetize it. Of course advertising will be the cash cow for bloggers as there are so many ways to provide sell it. As of now there are several forms of selling ads such as ad networks (google adsense) or through affiliate marketing (earning commissions) to leverage the traffic that advertisers want for cash. Incidentally, bloggers could go old school and write articles for cash (Hubpages). If you have traffic the possibilities are endless.
What does society love to do more than reading…watching witty and carefree videos of course. The art of making funny videos is not to confused with vlogging as the videos can be used for comedy, tutorials, informational, or many more purposes. Similar to the blog a certain brand must be present with a central hub (youtube channel, social media profile). Envision a clip to short film that would catch people’s attention and encourage them to watch the entirety along with a desire for more.
Money can be made the same way as bloggers with a high level of traffic to leverage. Use of ads and endorsement deals wishing promote a product can be exploited. The money that companies throw at ‘internet celebrities’ is unbelievable! Typically, all they request is some form of exposure for their product/services. Create interesting videos and the money will come with popularity.
To all the creative, artistic, and left sided brain people that can passively draw or is a photoshop whiz now is your time to shine. Individuals and companies alike are constantly looking to pay for projects. Pursuing this as a full-time career is a challenge but racking up some dough from a small niche clientele could prove useful. Lastly, this is a skill that can be easily learned online through online courses, basic research (google, forums & youtube) or through school. A common method to build this skill as a side gig is to freelance. Try to join a network such as Fiverr to market your skills or independently self-promote to reach clients. Be prepared to create logos, fliers, banners, or pictures in general in the favor of the only the customer.
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Make homemade products
There is nothing better and more genuine than products made from home. Find a way to commercialize your personal or home talents. For instance, if everyone around the block knows about your homemade pastries then start letting the word out that you are accepting requests. A constant demand could slowly build locally from neighbors and beyond. Another ideal instance is personal accessories drenched with a unique and one of a kind design bound to catch the eyes of junkies. Necklaces, chokers, wristbands, phone cases, soaps, lipsticks, or even clothing are at your fingertips tips to make and sell. Start by experimenting with products until you are perfect, entice people with a few free samples, and start spreading the word about your products. Ensure that you cover every aspect of the fulfillment process from ordering your inventory, packaging the products, sending them out and even a return policy.
Teaching a subject or topic that you are an expert is an old-fashioned way of making money on the side. Be creative and honest about your talents and be open to share them to the world…for a price. Once you decide on a service that you wish to provide promote yourself through (craigslist, social media, word of mouth). Joining networks or partnering with schools is a productive approach as well. Subject or SAT tutors can earn $25/hr for teaching after school classes to kids to aid their studies! Also, become a tutor is a big responsibility, take it serious by planning your lesson plans and ensuring that you are capable or just passive about the subject. Some great tutoring websites include: tutorz & tutormatch.
In our startup bubble there are many startups that have built a business model by providing jobs to others. Popular companies such as Uber and Lyft provide opportunities for anyone qualified to drive a chance to make an income. Simply signing up on their app won’t take too long and you could be out there driving. Clients contact you based on location, you literally just have to drive; there’s no need self-promotion. It’s an easy form of self-employment yet far stretch from being an entrepreneur allowing individuals to set their own schedule. To qualify for driving opportunities, typically you must be at least 21 yrs old, up to 3 yrs of driving experience with a clean driving record and be able to pass a criminal background check.
Granted, there are pros and cons to driving for a living or extra cash. Mostly wear and tear towards your car and possible safety concerns picking up random passengers. However, these concerns can be easily mitigated by the guidelines from the companies. Plus you could stop and start anytime, very productive way to make some extra cash during the weekends.
Do Mundane Tasks For Others
A final way to earn passive income is to sign up with companies that will pay you for performing small mundane tasks. What better way to equate free time with cash than to be paid for using productively? You can be one step closer to financial freedom in earning a small reward for doing easy tasks in your spare time. Here are some prime examples:
- Watching movie reviews- Swagbucks
- Opinions- Opinions- Opinionoutpost
- Ideas- Ideas for game shows etc. at http://www.pickydomains.com/
- Problem-solving- https://www.thinkgeek.com/
- Reviewing websites & apps: ubertesting
- Being an extra on movie sets: http://www.beonscreen.com/ http://www.2020casting.com/
These seven methods are some basic ways to pursue financial freedom through passive income. Understandably the main task at hand, is to occupy your free time and utilize lateral skills with productive tasks to supplement your income. Being rich is not the same as financial freedom, having a stable income and savings its true meaning. Take the time to develop your lateral skills to aid your budget, broaden your skill-set; then who know a profitable business may just arise from your effort.
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