Tips for Generating Passive Income: 9 Strategies to Try
Are you tired of working long hours for minimal pay? Well, YouTuber Ali Abdaal claims to make nearly $30,000 every week with his passive income. How does he do it? Abdaal shared nine tips on how to start making passive income.
According to Abdaal, the easiest way to make passive income is by investing in stocks and shares. He suggests taking money that would be sitting in savings and investing it for a greater return.
Another option is starting a YouTube channel. While it may seem easy, the real challenge comes in gaining enough followers to make a substantial income.
Starting a podcast is another way to make passive income, according to Abdaal. While it may be easier than starting a YouTube channel, growing the number of listeners can be a challenge.
If you’re interested in affiliate marketing, Abdaal suggests selling other people’s products and earning a percentage of the sales. Signing up for a program like Amazon Associates can help you get started.
Selling digital products, such as ebooks or downloads, is another way to make passive income. You can create the product once and sell it multiple times.
Creating an online course and sharing your expertise is another option. Platforms like Skillshare can help you host your course.
If you already have an existing audience, building a membership community can help you make passive income. Platforms like Patreon can provide perks to your subscribers.
Automating a business is another way to make passive income, although it may require more work upfront. Using technology to automate parts of the business or hiring help can help you generate passive income.
Lastly, building an app or website can be a lucrative way to earn passive income. However, you will need the necessary skills or hire outside help to create and maintain the app or website.
So, if you’re looking to make some extra money on the side without putting in a lot of continuous work, consider these tips from Ali Abdaal on how to start making passive income.