10 Simple Ways to Earn Money Passively in 2020 and why you need it
We may earn money or products from the companies mentioned in this post.
Today is the best way to start a passive income stream or improve on what you already have. I can say this confidently because of the direction of where everything (business-related) is going to. It’s online. For the past few months, there have been more people going online than ever before. To be specific, around 4.57 Billion people are now always online — that’s over half of the world’s population. Which means there’s a whole different market online. Are you going to let that pass you by?
It’s the year’s headline — The 2020 virus has changed the way we use the internet forever. And if you want to be ahead of everyone else, it’s time to step up your game. What better way to earn money than to relax and do what you love, right?
Remember — while you can always earn more, think about what you’re doing for a moment. Ask yourself:
- Do you spend enough time with your family?
- Are you getting stressed with working day in and day out without a clear goal?
- Are you worried about your family’s financial security if you stopped earning money?
- Tired of the everyday hustle?
Today, we’ll be talking about ten super simple ways to start earning money passively in 2020, and I’m also throwing in a bonus way that can take it to the next level, so read ’til the end to not miss out!
Stocks and investments
I’m sure you’ve heard of stocks and investing in companies. It’s nothing new. While you could earn tons of money passively doing this, there’s a huge risk factor. Nobody knows how companies will do every month. Like your own business, these giant corporations also have their ups and downs, meaning stocks don’t stay the same, and your investments aren’t always safe. Not 100% at least.
Many companies are doing poorly in these challenging times; however, some companies rose to the challenge and adapted.
But the primary challenge you’ll have to face if you want to start investing in shares or stocks is that you’ll have to shell out a considerable amount of money upfront to be able to see a significant increase in the money you’re about to invest.
Another solid idea if you’re looking for a passive income stream. The bare minimum is that you know how to type and have a computer, and of course, it is a story or skill to share.
It’s a perfect way to start earning passive because you don’t need much capital when beginning in this industry. And you don’t necessarily need to learn anything new. There are many places to publish your books or eBooks online, which removes the hassle of looking for a publishing company.
Since the start of this new digital age, publishing content online has become easier than ever, so this is one of the better ideas if you want a steady stream of income without any extra work.
Creating online courses
Like writing books, creating courses is exceptionally profitable and scalable passively as long as you’re giving valuable content to your audience. Many online platforms allow you to publish your courses for a small fee and handle all the hassle (which means you get more time creating content instead of thinking how to make things work!)
Especially right now that people are always online, you have a big audience that you can market to in any niche that you create your course for, so if you have something to share, grab your camera, write your script, and share your knowledge!
Cryptocurrency and Forex
Like stocks and investments, cryptocurrency and forex are two more ways to make big money but with a significant risk. It might sound a bit scary because cryptocurrency doesn’t precisely “exist” technically, but many people use this currency online, so rest assured that if you do your research, you can succeed in this industry.
More and more companies are now accepting bitcoin, ethereum, and other cryptocurrencies as real currencies that you can use to purchase products online. If you have the funds, it might be something you want to look into if you’re looking to add another passive income stream.
Hiring a team for your business
Earning passively doesn’t always mean investing in a system that’s already built. You can create your system in your own business too! Because of the surge of people heading online, there’s also been a surge of freelancers looking for work online, so it might be worthwhile looking into creating a team that can automate your business for you to earn passively doing what you love — your business!
Many freelance platforms can help you out with this like Fiverr and Upwork — both with great freelancers (as long as you vet the people you’re about to hire, of course).
If you’ve spent a ton of time online, this might be familiar to you. Affiliate marketing has companies like Amazon, eBay, or other eCommerce companies have you advertise certain products for them and get a small percentage of the sales if the customer purchases from your specific affiliate link.
It might seem small at first, but if you’re an online personality or an influencer, these sales pile up, and you can earn thousands of dollars a day without even lifting a finger.
Creating a blog
There have been thousands of entrepreneurs who’ve earned multiple 6-7 figures by merely blogging. While they’ve been doing it for years, if you start now, there’s only one way to go — the same destination they’re at!
Creating a blog is pretty simple, and there are many tools online that can help you start today! This also ties in nicely to affiliate marketing because the moment you reach thousands of readers every day, they’ll be exposed to all your affiliate links (or at least the ones you opt to advertise on specific posts) and help you earn even more revenue with your blog.
Ad revenue from YouTube
The idea is pretty similar to creating a blog. The only difference is that creating a YouTube channel is simply the video version of it.
There’s been a massive increase in new YouTube channels these past few months, and because of the overwhelming support of different communities on YouTube and other social media, it’s easier to get more followers organically and create content that matters for your audience.
Because that’s always what we want — to create content that has value for the people who read or watch our content, right?
Create an eCommerce store
Many people say that the eCommerce industry is already saturated, and you cannot earn money doing that anymore.
Althemore because of what’s happening globally, countries, where you can usually get supplies for a lower price, have been closed off or extremely difficult to find, but don’t let that stop you.
The rumors ARE NOT TRUE, and you can still earn through eCommerce simply because there are millions of people who need products, and they don’t know where to find them. It’s your job to help them find those products. With a little research, the best part is they’re bound to see what they need in your online store!
Create a Podcast
Another significant trend that’s going on right now is creating a podcast. Like blogging, vlogging, and creating content for your social media, creating a podcast is simply the audio version of it all. The nice part about this is that your content is already straightforward to devour. People can turn your podcast on and let it play while on a long drive, doing their house chores, or maybe going for a walk. It’s also an accessible medium to share and play so you won’t have to worry about your listeners’ slow internet connection. Those were the ten ways you can earn passively today in 2020, but before you click away, what if I told you that there was a way for you to start making an extra 5k – 10k months passively yourself? Stop worrying about the quality of life you can provide and start creating your opportunities to solve it.
I’m hosting a workshop soon, and I’m inviting YOU to watch and start learning how to get you time freedom. You deserve to receive the income you’ve been dreaming of without having to work 24/7 for it. We all deserve abundance, and I know the way.
If you’re interested in learning more about it, CLICK HERE to check out the workshop.
I’ll see you there.