Understanding Passive Income: Easy Ways To Get Started
Passive income is a phenomenon that is discussed often among creators on the internet. Information overload can create more confusion for people looking to find answers and that is why it is important to understand the meaning of passive income and realistic, attainable ways of getting started.
The term “passive income” has started to pop up quite often on social media. A single search on apps like Youtube and TikTok will show you an endless selection of videos about making money through passive earnings. But what is passive income, and is passive income right for you?
Notoriously known as easy extra cash, passive income is any stream of income that does not require you to actively work on a task every day to make money.
- Active vs. Passive
For instance, if you work in an office, working a 9 to 5 job that demands your presence, it is an active job. You work actively and your salary would be the active income. On the other hand, passive income is when you don’t spend time on a task every day yet you still make money…. passively!
Difficult vs. Easy
Many tend to talk about passive income in terms of bigger, heftier monetary investments like stocks and rental properties. But not everyone is equipped with the knowledge of investing in riskier projects. Passive income can be set up in various ways and not all of them have to be risky.
Is Passive Income Necessary?
1. You Get To Improve Your Skills
The idea of making money even when you are fast asleep or somewhere on vacation is very intriguing.
If you are good at a particular skill and use this skill in your personal or work life, you can extend this knowledge to people online.
People are interested in learning all kinds of skills and in the process of sharing your talents online, you will also improve your skills.
2. A Safety Net To Rely On
Let’s suppose you want to take a break from your professional career and re-evaluate future decisions.
You might want to change career paths and this could be difficult to do if you depend on a monthly paycheck. You can have multiple modes of income without relying on one job.
"Passive income, once set up and running, gives you the safety net to fall back on in case you quit or take time off from your main job."
This has become even more evident since the pandemic when jobs became unstable and people had very little to fall back on. Of course, this kind of safety net requires time and initial setup but passive income could become a saving grace in difficult situations.
3. Building a Community
The chances that you have skills you can share with users or companies online are high. Sharing your skills online gives you the opportunity to create a bond and a community filled with people who have similar interests as yourself.
Doing this opens many avenues and opportunities for networking and growing your community even further.
The internet has given us the possibility to share skills without limits. An example of this could be taking advantage of referral codes while using apps and inviting your friends and family.
As a Poll Pay user, you can invite your friends to do surveys and earn money. For every survey your friend does, you will receive 15% of their earnings.
Am I Eligible for Passive Earning?
Do you have a skill or a hobby that you enjoy regardless of whether or not you make money for it?
If the answer is yes, then you definitely can benefit from passive income.
Nowadays, there are apps that cater to every need and skill set. We can turn our passion projects into something that can create more value for us and for those who may also be interested in our skills.
A renowned YouTuber Ali Abdaal described it best when he recommended his viewers to read “Show Your Work” by Austin Kleon;
The basic idea behind finding success for your passion projects is that there will always be people on the internet who are interested in your skills, your way of working, and your day-to-day progress.
"By showcasing your work through different mediums, you create a demand for your skills."
Setting Up Shop!
- You identify a skill set you currently have or are learning to obtain and you work it into an opportunity for making money.
- Setting small, realistic goals for yourself is a good place to start because you have the flexibility of trial and error.
- Learning by doing will give you the confidence and experience you need to become an expert at making passive income.
Easy Ways to Get Started
This guide is for people who want to take small steps in order to make a big change later now! Money can be earned passively through a variety of sources. The following ways are less risky and easier to get started with but they are by no means the only way to earn passively;
1. Make Use of Friends Referral System
If you invite your friends to join Poll Pay, you will earn 15% of all the earnings your friends make.
This not only creates a sense of bonding for you and your friends but could also motivate you to complete surveys together!
Referral systems are great ways to earn money without putting in too much effort. The only initial step will be introducing your friends to the app.
2. Share Your Skills Online
Are you into gaming? Maybe you like to knit in your free time or you have an impressive collection of vintage Pokémon cards.
By displaying your work and sharing your skills, you are allowing people to learn from you and observe your thought process.
This builds a community and in turn, followers. It requires initial effort and commitment but once your content gains momentum, you will be on the path to making money through views.
3. Provide Templates Online
Planning and organizing are extremely important for some people. Having structure, routine, and a consistent workflow helps with productivity.
There is a large demand for templates relating to daily, weekly, or yearly planners and you can find many of these on websites such as Canva and Etsy.
Users are also looking for pre-made workflow templates to keep track of hobbies such as reading, exercise, and workflows.
So, if you are someone who enjoys making workflow templates, you can construct them on applications like Notion and sell them for a small price.
4. Review Places
If you are an enthusiast who enjoys traveling and reviewing places, you can make money by sharing your experience online.
Traveling never goes out of style so while you are out there enjoying delicious food and visiting exciting new places, you can share that through a blog.
Sharing your experience and travel itinerary with readers can help you gain exposure and followers, resulting in views.
This could also lead to sponsorships and you get to do this by simply enjoying yourself? Amazing!
A Word of Advice
It is easy to get carried away and be overwhelmed by information overload on the internet. So as someone who has given you the possibilities of so many earning opportunities, I would also like to leave you with some helpful advice:
1. Success Does Not Happen Overnight
Consistency is key for anything you do in life. Be it a lifestyle change or a skill you are trying to learn. It is important to set achievable goals and show up for yourself. You may feel like it is too much work but everyone starts somewhere before they get anywhere.
2. Trial and Error
One of the best ways to learn from mistakes is to re-evaluate your progress and focus on areas that require more time. Your first attempt at setting up a shop for passive income may or may not immediately work. It is okay to try again and try something different.
3. Research, Research, and More Research
The good thing about internet is that everyone is looking for something. By looking at what others are doing, you can take inspiration and improve on your work. Find people who have similar hobbies as you and see how they have monetized their skills.
4. Starting Small is Okay
Passive income can come in many shapes and forms. You could start by doing a couple of surveys online a day and you might find yourself with enough extra cash to invest big. The next step could be buying a domain for a blog where you can share your own success stories.
The First Steps
The fact that you are reading this article is already a step in the right direction. Doing research and equipping yourself with knowledge will help you make the right decisions. It will also give you the confidence to learn from your decisions and improve as you go along.
Poll Pay is an app that caters to users who want to make extra cash and it does that in a seamless manner. All you have to do is sign up and start doing surveys. The more surveys you complete, the more money you make and if you decide to invite friends, you will have your first passive income channel 🥳