What exactly is passive income? Passive income is a stream of income that generates profits on a regular basis requiring little to no maintenance.
With the technology at our fingertips, there’s no reason why we shouldn’t have at least one stream of passive income in addition to our regular day jobs.
I’m a fan of building multiple forms of passive income to replace the traditional 9-5 grind allowing us the freedom to create the life of our dreams.
We spend the majority of our time in our day working jobs for someone else. Time is the most valuable resource in the world since it can never be replaced, and passive income frees up our time to spend it doing the things we love with the people we love. And that’s what life is all about, right?
I don’t want to live for work. I want to experience life and the world. Wouldn’t it be great to be filled with energy, excitement and joy every day rather than stress and overwhelm that has become so common in today’s society?
Here are the 4 best sources of passive income:
Self-Publishing via Kindle Direct Publishing
So why self-publish over traditional publishing? Well for starters, getting a book deal with a major publisher is not an easy feat. Until you have a large following, become a public figure and have an extensive marketing plan, most publishing houses will not take a chance on you. And if they do, they aren’t going to pay you much if anything advance. Most of the bestselling authors out there were rejected 20+ times before landing a book deal.
But do we actually need a publisher to publish a book? Not anymore. With platforms like KDP, self-publishing has become incredible easy.
Why go with a platform like KDP? You upload your book, and they handle everything else. They post it, fulfill orders, take payments, package and ship it out for you! So all you need to do is upload it into their system and then relax while they handle the rest. Aside from marketing it to your audience, you don’t have to do any of the heavy lifting. You can also create kindle books, which are e-books on the platform.
This was my first form of passive income. I created the Law of Attraction Tribe Workbook, poster it on Amazon vid Kindle Direct Publishing, and every morning when I wake up, there are sales that were made while I was sleeping!
You create the book, and it lives on the internet forever selling even while you’re sleeping. How freaking amazing is that?!
Online courses are growing as more and more people are investing in learning. There are courses on just about every topic from Instagram Growth to makeup application to breastfeeding 101 all at a wide variety of price points. If you have any knowledge, skill set, hobby or passion, you can teach others via online courses.
The thing that makes online course platforms so desirable, is you can create or teach a course once, record it, upload it and sell it over and over again without having to show up everyday to teach a class in person.
My favorite course platform is Teachable.* They make it incredibly easy to design professional courses with beautiful sales pages, and they handle the course sales, payment processing, and delivery.
So once again, you upload your course once, and they handle the rest. It is one of the most profitable forms of passive income.
Selling Digital Downloads
If you have a creative side and know a little bit about graphic design (hello Canva!), you can create digital templates and sell them on a site like Etsy or Sendowl.
The great thing about digital prints, is you can create it once, upload the pdf and sell it for years. You don’t have to keep recreating the same item. Platforms like Etsy and Sendowl take care of the payment processing and allow you a platform to sell your work.
You can store your PDFs on Google Drive or Dropbox making the whole process seamless.
Ideas for digital templates are journaling pages, digital planners, printable quotes or graphics for the home, e-cards, and photo filter presets. I have a Canva tutorial in my Passive Income Course that goes over the process of content creation within the Canva platform.
Affiliate marketing is when you promote another company’s product or service and earn a commission when someone buys through your link.
For example, when fashion influencers link their outfits in their Instagram feed, they earn a commission when people click and buy the clothes they’re promoting. I offer all of my students to become affiliates for my online courses, so when they share their positive experiences with their friends, they earn a significant commission when their friends sign up for the course.
Almost every company offers some sort of affiliate program. Most affiliate programs can be found on the company’s webpage or you can reach out via email.
You can promote affiliate products on social media, within your blog posts or on your YouTube channel.
Affiliate marketing has no startup costs and is easy to set up which makes it ideal to start with.
If you’re serious about starting a passive income business, I recommend checking out the Passive Income Project. When you sign up for the Passive Income Project, for a limited time only, I am offering an ALL ACCESS PASS to all of my courses including:
Manifestation & Mindset Total Immersion – Use the Law of Attraction to manifest anything in your life quickly.
From Lack to Abundance – A 21-Day Money Mindset Transformation
Instagram Growth Workshop – Learn how I grew from 0 to 25,000 followers organically in my first year.
Take a screenshot and tag me in your story @LawofAttractionTribe. I’d love to connect!
*This post contains affiliate links, which means I earn a small commission on anything purchased via the links. This helps to cover blog costs, and I only recommend products and services I use and love.