3 Ways to Generate Passive Income Using your Talent
Passive income is that money you keep getting even though you’re no longer investing time and effort in that job. It is like planting a tree; at first it requires effort and a lot of attention, but once it is big, robust and its roots are well founded, the tree will begin to bear fruit that will continue for many years, even when the person who planted it is not there to give water or other care.
An example of passive income is what artists do with their music. For example, they work hard on music record for several months. And when it is the market they receive a small percentage of sales from the work.
They receive this percentage for the sales of the album for life, that’s why they are called passive income. It doesn’t matter what they’re doing, if they’re touring around the world, other artistic projects or if they’ve decided to focus on family life and move away from fame: that money will always keep coming as long as there are sales.
Even after his/her death, family will continue to receive these royalties.
As you can see, this is one of the best authentic ways to earn money because all the effort and resources invested continue to pay off over time, depending on the product.
In fact, passive income is what experts in personal finance always recommend because this way you will not always depend on your effort and what you are doing to earn money, which allows you to devote yourself to other things, develop more projects, pay attention to your family, in short, live a fuller life because you do not have to be necessarily working long hours.
In case you want to start generating passive income, but are a little afraid to try because you do not know if it will give the results you expect, it is recommended to stop making excuses and go after your goals. Keep in mind that most new things at first cause some fear. But if you can overcome it and get out of your comfort zone, you will get much more than when you decide to settle for it.
One of the most common myths about passive income is that it can only be generated by artists, famous writers and some inventors who manage to sell their projects to large companies for a defined time, but this doesn’t have to be so.
There are many ways in which you can generate passive income and the internet is an excellent way to do so because of the opportunity to reach millions of people around the world.
If you want to venture into the world of passive income, then here are 3 simple ways that you can put into practice to achieve it:
- Sell online tutorials
- Sell photos online
- Create background music
(1) Sell online tutorials
You will get numerous suggestions on the internet to generate passive income. But not all tutorials are always trustworthy.
If you have deep knowledge about a topic that you can teach others, this is something that will work very well for you to generate passive income. What you need is to create the structure of what you will teach and assemble it as a tutorial, step by step.
Once you believe that a course/tutorial about a topic in which you have expertise, you will need to promote it through various platforms whether owned (such as a website or blog), such as social networks, forums and other sites that bring together people who may be interested in your product.
(2) Sell your photos online
If you have a talent for photography this can be an excellent way to generate passive income because what you need is to share your photos on online platforms that connect photographers and their work with clients who need it.
After this, clients will buy your photos and you will receive the money directly into your PayPal account or the one you use for receiving the money without having to do anything else.
You may wonder if this really works, especially because you can find various websites where people can find stock images for free. This is true, but it is also true that the advertising industry mainly requires original images and good quality for their campaigns so they decide to buy them from creators through these platforms that gathers excellent quality material.
The price of the photos is not too high, but if you upload a good number from time to time, you may receive royalties for this, depending on the policies of the websites, as some allow there to be more than one buyer for the same photo, while others don’t.
(3) Create background music
On the internet there are several websites where advertisers, musicians, DJ’s, radio workers, podcast creators, movies and much seriously much more come to find music that can work for their projects.
On these platforms different genres are uploaded and then the interested parties pay for them in order to have the right to use them in their projects. If you know how to create music, you can create own material (instrumental or with voice) and distribute on these websites.
The reason it generates passive income is because you will receive royalties when people download the music. Of course you will need a significant investment of time when creating the music, but then you will receive royalties for many years. In addition, while you receive royalties for project A (for example) you can work on another project that will later also earn you royalties.
This is a very interesting alternative, if you know about music or even if you don’t know it because you can pay someone to create tracks for you and you upload them on these type of websites where you will not only recover the investment from the payment you had to make, but you will also have permanent royalties, according to the policies.
Besides, it doesn’t have to be just music, but also sound effects, specific soundtracks, among other things.
Also, you must take into account that not all people succeed or make very juicy profits with their first attempt to generate passive income. The key is perseverance and that you dare to try different things in order to get the results you want.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries.
He has authored many articles on this site (allonmoney.com).