Americans’ overall financial health is improving, with 34% of the population considered financially healthy as of 2021. This was 2% higher than in 2020 and the highest level since 2018.
While this improvement is good news, it still means two-thirds of the population, or roughly 187 million Americans, are not financially healthy. The good news is that there are many simple ways to improve your financial situation today.
Thanks to the internet revolution, it’s never been easier to make money online. Even better, you can now make passive income online while you focus on your normal office job. It’s the perfect side hustle for anyone who wants to join the 44 million Americans who have a job on the side.
So, where do you start? Check out these five actionable tips for earning passive income online.
- Create an Online Course
One of the most popular passive income strategies is creating an online course on a subject that’s popular today. One such topic is trading crypto using resources provided by reputable sites like bytefederal.com. There’s hardly a hotter wealth creation topic in 2022 than cryptocurrency, so you can be sure you’ll have many users interested in your course.
You can decide to make an audio course, though a video version will generally attract more subscribers. As soon as the course is ready, you can distribute it widely through such sites as Coursera and SkillShare. Set a price for the course, sit back, and watch the money begin to pile up in your account.
You must be willing to put in the time and effort to create a great product. There’s lots of competition out there, and substandard content simply has no place.
- Publish an E-Book
As more people turn online for information, ebooks have become extremely popular. In 2020 alone, 191 million e-books were sold in the US, making e-books one of the top online income streams for Americans.
Writing an e-book offers you the opportunity to enjoy low publishing costs. You also get to leverage the global distribution of such sites as Amazon. Millions of potential buyers can see your e-book, increasing your potential to earn passive income.
Note that you’ll need to be an expert on a certain topic to create a good ebook. Thorough research on the subject can also help prepare you to write an e-book that’s rich in relevant content. Pick a topic you know people want to read about, so you know there’ll be demand for the book.
- Affiliate Marketing
Affiliate marketing has become a wildly popular source of income for internet users globally. The industry is now worth an impressive $12 billion, with the US alone boasting roughly 11,400 affiliate programs.
With affiliate marketing, you promote third-party products or services through a link to the product that you post on your website or social media account. Whenever someone follows the link and purchases the product or service, you earn a commission.
With top affiliate marketers earning over $100,000 per month, it’s easy to see why affiliate marketing is one of the most desirable online side hustles today. The secret to succeeding as an affiliate marketer is picking a lucrative niche and attracting as much quality traffic to your website as possible. Some good niches to consider include software, fitness, cryptocurrency, and financial health.
- Sell Photography
Images play a huge role in enhancing engagement. Almost anyone with a serious blog will want to include relevant images in their content. You can take advantage of this and earn money by selling stock images online.
Make sure your photos are top-grade and find ways to sell the same images over and over again. Register with major websites like Shutterstock and Getty Images. Next, license your images so they can be used by people who download them.
Once you’re approved by the site on which you want to post your work, you can start to earn passive income. The platform will pay you whenever somebody uses your photo.
- Create Apps
If you’re into tech, why not use your passion to earn passive income by creating an app? With the average smartphone having over 80 apps, there’s always a chance that yours will find a market. The secret is to make an app that addresses a need most smartphone users have, whether in your area or globally.
Many of the most successful apps are games. If you can come up with a fun, engaging game, you’ll have tens of thousands of downloads in no time. The more downloads your app gets, the more passive income you earn.
There are two main ways to earn from an app. You can make the app free to download but have it run in-app ads that pay you. Alternatively, you can charge users a nominal fee for downloading the app.
As your app becomes more popular, users will begin to give you feedback. Use this feedback to improve your app, adding incremental features as required. Doing so helps keep your app popular and relevant.
ALSO READ: HOW TO EARN MONEY FROM MAKING GAMES
Earning Passive Income Online Does Not Have to Be a Difficult Affair
Creating passive income streams is one of the surest ways to create wealth and achieve financial freedom. Thanks to the wide accessibility of the internet, there is a multitude of ways you can start to earn passive income online. Find some that pique your interest and do what it takes to get them set up.
