The term “passive income” has become a buzzword in recent years, one that essentially refers to the money you make on the side without having to do a lot of continuous work.
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YouTuber Ali Abdaal has claimed to make nearly $30,000 every week with his passive income. How does he do it? Abdaal said there are nine good places to start.
Earning passive income doesn’t need to be difficult. You can start this week.
1. Investing In Stocks and Shares
According to Abdaal, “investing in stocks is the easiest way to make any kind of passive income.” He said the easy part is that you just take money that would be simply sitting in savings and invest it for a greater return.
2. Starting a YouTube Channel
Who doesn’t want to be famous? You can easily start a YouTube channel as a way to bring in passive income. However, the real challenge comes in putting the time and effort to reach the numbers needed to make some income.
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3. Starting a Podcast
Abdaal says starting a podcast is even easier than starting a YouTube channel, but the challenge comes in growing the number of listeners. You can use your phone to start the podcast or check out websites that help you start one. Brand deals often help podcasters make money.
4. Becoming an Affiliate Marketer
What does becoming an affiliate marketer even mean? According to Abdaal, “affiliate marketing means that you are selling other people’s products, but you’re getting a percentage of the sales from those products.”
This also is relatively easy to start. You can sign up for a program like Amazon Associates and you are off and running. You then put a link to a product on your site or social media and earn some passive income from sales.
5. Selling a Digital Product
If you have an idea for an ebook or a download, this is another way to make passive income. You can create the item once and then sell it multiple times, since there are not necessarily costs associated with selling a digital product.
6. Selling a Course
Why not create an online course and share your expertise? If you don’t want to create your own website or platform to host your online course, you can check out a place like Skillshare.
7. Building a Membership Community
If you already have an existing audience, you can build a membership community to make passive income. You could try a monetization platform like Patreon to provide perks to your subscribers.
8. Automating a Business
This one may take some more work than the other ideas we have described. You would need to create a business selling services or goods and then automate some of that so you make passive income. This includes using technology to automate parts of the business or hiring people to help you.
9. Building an App or Website
If you truly have the time and desire to build passive income, building an app or website can be a route that earns you a significant return on your investment. However, you will either need the technology skills to do it or hire outside help. Another idea is to create software and offer a subscription service.
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This article originally appeared on GOBankingRates.com: Passive Income Expert: Here’s How I Make $27,000 Every Week
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