If you want to increase your financial resources without having to work exhaustively, this post is for you. Have you ever thought about how to earn extra money? You have probably answered yes, right? Most people want to supplement their salary, even if it’s great!
There are those who believe that to earn extra money it is necessary to give up a lot of things, such as being with the family , playing sports or having fun.
And in fact, that happens sometimes. If you decide to work nights or weekends to have another source of income, for example, you really will have less time to do what you love and be with the people you love.
But, there are other options that can help you. We refer to the so-called passive income , which is an excellent way to earn extra money.
If you still don’t really know what they are, don’t worry! We will explain it to you in this post. Keep reading!
What is passive income?
Passive income is derived from one-time jobs and can consistently generate income, but does not require a constant investment of time.
That is, if you start a business of this type, you will have to put a lot of dedication in the beginning, but afterwards you will continue to make regular profits and with less effort.
So that you understand me better, imagine that you work in an engineering company, but your salary is not enough to pay everything you spend. So, to earn extra money, you decide to start selling homemade sweets to your colleagues.
Everyone loves your products and you make a good amount of money at the end of each month. However, to continue to be successful, you need to invest time and capital.
For example, you have to buy the ingredients, prepare the food, package it, publicize it and sell it. The equation is very simple: to earn more money, you have to work more, right?
Now, we are going to transform this situation. Imagine that you want to continue in the field of homemade sweets, but you want to work less and earn more.
So, you decide to use all your experience to create an online course and help people who also want to earn extra money or start a small business.
You plan your content, prepare the scripts, record the classes and upload them to an e-learning platform . Afterwards, you only have to worry about promoting your product. In other words, you create your course only once and you can sell it for years.
Examples of passive income
Now that you know what passive income is and that you can use it to earn extra money, let’s see some examples:
Rent a property: if you have a house or an apartment, you can rent it. That is, every month you will receive an amount of money without having to spend time or effort.
Collect copyright: if you publish a book, you will receive your copyright as long as the publisher makes sales.
Receive commissions for sales of artistic works: If you work with photography, for example, you can upload your images to sites like Shutterstock and earn extra money when someone buys them.
Open store or restaurant franchises: If you have an established store or restaurant, you can sell the license for other people to use your brand. But, we warn you that this can be a long and bureaucratic process.
Sell infoproducts: if you have a talent or skill that is useful to other people, you can create an infoproduct and sell it online.
Advantages of passive income
Passive income has many benefits. Let’s take a look at the main ones:
- You can do it in parallel to your work
If you already have a job and do not want to leave it, you can choose passive income to earn extra money and make a dream come true, such as buying a house, taking a trip or investing your earnings so that they multiply.
- You manage your own time
If you want to dedicate yourself exclusively to passive income, you can decide what hours you will work. If you focus better at night, for example, you can leave the day to do other activities.
If you have children, you can work from home , adapt your routine and have more time to take them to school, to the doctor or for a walk.
- You have more freedom to travel
Have you already realized that some months are very expensive to travel? Summer and holidays (like Christmas, for example) have the highest prices of the year. And yet that’s when everyone wants to go sightseeing, because they have vacations.
If you dedicate yourself only to passive income, you can travel in low season, save a lot of money and have a more pleasant experience.
- You are your own boss
When you make extra money from passive income, you can be your own boss ! That means that you decide the strategies that you will use in your business and control your time. In addition, you can choose from where you want to work.
What is the best option to earn extra money?
In this post we have shown you several ways to generate passive income to earn extra money. But what we had not told you yet is that, currently, infoproducts are the best option to do it. Let’s see why?
Low investment of money
Some passive income (like real estate rentals or franchises) require high investments to get started. After all, to rent a house, you have to buy it first, and to sell franchises you must first invest in your own business , right?
However, to create an info product you do not need to invest capital from the beginning. And if you do, you can better manage your money because it will be a very low value compared to what other businesses demand. To write an ebook, for example, you only need to know how to write, have a computer and basic computer skills.
The same happens, if you want to develop an online course . In the beginning, you don’t need a studio or a professional camera. A room in your house and your smartphone can be enough to record. Many famous Youtubers have started making money like this !
In addition, there are platforms that allow you to host your products and take care of the entire payment and shipping part, such as Hotmart.
You can sell all over the world
When you have an info product, you can make sales around the world no matter where you are. You can even do it from your home .
For example, let’s assume you are from Mexico. You can have customers who buy your products from Spain, Colombia, Peru, Argentina, the United States or Chile.
A single product reaches thousands of people
If you rent a house, for example, you will be able to reach only one person or, at most, one family. In addition, your income will be the same every month and you will not be able to scale your business , unless you buy other properties.
However, if you create an ebook on healthy eating, for example, you can sell the same product to thousands of people. In other words, with a single job, you get “infinite” clients.
You can have Affiliates
When you have an info product, you can count on Affiliates to spread the word .
If your product is an ebook with tips for caring for children with special needs, for example, your Affiliates may be people who have blogs on the subject, pediatricians, teachers or other professionals from that universe.
To promote it, they will use a specific link, such as HotLinks. And whenever someone reaches your product in this way, they will receive a percentage of the value of the sale.
You live on your passions
When you work with digital products, you make a living by doing something that you are really passionate about and that fulfills you. If you want to see some examples of people who have already done it, we invite you to visit our Digital Makers list .
