Monday, May 1, 2017

21 simple ways to earn passive income

21 simple ways to earn passive income
By Jacob Shamsian

guy textingFlickr/Garry Knight

Making money takes work, but working can suck.

Luckily, there are some ways to make money with little to no effort.

Though some of these methods do take some work up front, they can set you up to earn passive income for the long term.

Here are 21 ways to make money with minimum effort.

1. Become a referral source for local businesses.

A lot of small, locally focused businesses — like landscapers, electricians, and home-improvement companies — spread by word of mouth. Many of them pay referral fees for people to help spread the good word about their business.

So the next time you have your plumber over, ask whether referrals are accepted. And if the plumber does a good job, make sure to take advantage of that and recommend the person to a friend.

2. Write a book and get royalties.

Aly Weisman/Business Insider

OK, so this one takes a bit of work. But let's say you're an expert on a subject. On Marissa Mayer and the company Yahoo, for example (now available in paperback). Once you actually write the book and get it published, you're pretty much done.

From then on, whenever people buy your book, you get paid in royalties. The precise amount of royalties are contingent on your contract with the book publisher.

If you self-publish on Amazon or another self-publishing platform, there are standardized contracts that pay out depending on how many people download the e-book or read it through Amazon's e-book-lending program.

3. Create an online course and get paid for it.

Let's say you're an expert in a subject but don't think a book is the right way to communicate the knowledge you want to share. 

You can do it with an online course. You can make and upload one to Udemy, for example, and set your own price points. Whenever someone buys the course, you'll get paid.

See the rest of the story at Business Insider

May 1, 2017 at 03:00PM
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