Tapping Passive Income Streams
There is no question: you work hard. As someone pursuing the gig life, it might even be said that you are willing to work harder than most to find your measures of success. But does it all have to be a struggle?
Passive income is the money you can earn requiring little or no daily/regular effort to maintain. As such, it is a very desirable thing to the gigger, whose income might typically be a little more hand-to-mouth.
To augment your active income with one or more passive income streams helps you find stability and security. In a gig life, that is simply good business sense. So, what are some common passive income ideas to try out?
- Ads: if you have a website (or want to launch one), you can put ads in it to create a trickle of revenue that might open up to be a roaring stream of opportunity. Your success here is based on the traffic you can create, so if you are good at driving people to your web properties, you can throw some ads up there and cash-in on the visits. Online advertising is one of the easiest ways to create a passive income stream – though it may take some time to establish your site and create a reach. Tap your passions for a website and surround it with smart advertising.
- Info products: creating an informational product is a smart way that many entrepreneurs create ongoing revenue. Think: how-to video series or a training manual. It is misleading to think of them as passive though, as considerable work will go into developing the info products and making them sales ready. However, once the work is done, the profits can roll in over time.
- Investing: you can buy stocks and other investment products to create an income or revenue stream. While investing makes a great idea to pursue, most people in the gig economy are not going to have the extra money needed to handle it. Like most ideas here, to indulge when possible in investments is a shrewd move.
- Real Estate: like investing, if you have the capital to get involved, you can find great success in the “passive” income promised by real estate offerings. Though the idea of real estate being a passive stream and not one that you work hard to maintain, might be misleading.
- Rent it: the rise of sites like AirBnB allow you to rent out rooms in your home. Similarly, you can offer other items for usage like your car, a kayak, a bike and more. You can offer storage space. If you are not using it, chances are good someone out there wants to, and is willing to pay for the chance.
Don’t Believe the Hype
One thing that should be clear after looking at the list above, is that it is wrong to think that you can get something for nothing. A passive income stream may not require daily upkeep or ongoing maintenance, but to think that it does not require work or effort is simply wrong.
In most cases, a passive income stream is predicated by some serious groundwork. You build a foundation of some kind, and often nurture it…then it offers you passive income opportunities.
It does not have to be difficult: starting a website is a cost-effective means to reach out. Social media can be harnessed into advertising opportunities. It is a passion that is usually underneath any success story – because true passion for the gig, makes everything look easy, and effortless.
Developing a true passion could hardly be said to be passive, but happily for the gigger, it can also pay off nicely.