Do you want to make money while you sleeping? Of course yes!
If you are doing a regular 9-5 job and living a financially insecure life then these tips are for you! I this article I have listed 6 tips you can make money online.
I am going to share 6 of my actionable tips that make passive income for you. Let’s differentiate active income and passive income first.
| Active Income | Passive Income |
|---|---|
| Active income is income you generate while you actively involved | Passive income is income you generate even while you are not actively working. |
| No work = No pay | Money keeps coming even when you are sleeping |
| Income is almost fixed | Income varies |
| Eg. Salaries, Wages, Tips | Eg. Affiliate Commission, Royalties, Investment, Online Income |
Proven Ways to Make Money Online in 2020
1. Blogging
Blogging is one of the best ways of making passive income online in 2020. It has been the best option for content creators for generating extra income in the past few years. There are many full-time bloggers who make thousands of dollars every month. Besides its income opportunities, there are lots of benefits of running a blog.
Some of the are blogs that are making thousands of dollar per months are
So, start a blog today!
2. Create Digital Products
Selling digital products is another perfect way of generating passive income. It does not matter what industry you are in and what skills you have. Just create a salable digital product that people can buy online. That can be video tutorials, PDF guides, e-books, audiobooks.
You can sell your digital product from own websites, social media profiles and sell through the different online market places.
3. Start Affiliate Marketing
Affiliate marketing is a great way to make passive income. In affiliate marketing, you earn a certain commission by referring to other’s products through the blog, videos, and other channels.
You can join affiliate marketing platforms such as (Commission Junction) cj.com, ShareaSale.com, ClickBank.com, Amazon Affiliate Program. Besides these, you can join affiliate programs of different software, tools, and other physical products.
4. Earn From Royalties
Royalty is another great way of generating passive income. This can be both online and offline. If you are a good musician, artist, sketch, photographer, videographer, the author then you can convert your talent into money.
A royalty is a concept of paying the original owner of the product out of using their creative assets. So, people will pay you when they use your digital assets.
You can join different royalty exchange programs. Some of the best websites are listed below
Music – BMI.com, TuneCore.com
Software/Tools – Envato Elements
Photos/Videos – Shutterstock.com
Online Products – Shopyfy.com, And if you’re in the early stages of a creative career, you could also check out Royalty Exchange, a marketplace where you can buy and sell royalties.
5. Website/Domain Business
You can make money by starting or buying a niche website, building it into an income source, and then selling it. This process is called Flipping Websites. You can turn a profit this way, but you need to remember two things. First, it takes some serious work over a period of months or more. Second, you can lose money if things go wrong.
There are various websites where you can flip websites. One great example is Flippa.com where thousands of sellers and buyers come together. You can also register a domain name only and put is an auction. Interested buyers bid for the best price and you can make a commission selling it.
6. Invest
Investing in stocks has been a popular way to earn a passive income for years, and thanks to the internet, it’s easier than ever to research and invest in stocks on your own. When you invest in stocks, you become a stakeholder. That entitles you to a share of their profits.
You need to have ideas of how stocks really work in real life. So, study deeply before investing in stocks.
So, these are the 6 actionable and real ways to make money. If you properly research and start following above mentioned tips then you start seeing the result in a few months.
Tips: While you working in online business, you need to be focused on three things. Consistency, Patients and learning. Many people quite dues to lack of these three things. I take quite a while to make the first dollar and then more you put effort, more you start getting results.
