When most of us think of income, we think of active income: money in exchange for work. The only problem is that there are only so many hours in the day to work! Passive income, on the other hand, is money exchanged for little or no ongoing effort. This may sound unrealistic, and in the past most people earned passive income investing money upfront. But today, you don’t need to invest money to start earning passive income – all you need is your own creative passion and skill. For example, if you are a writer you can earn active income by writing a weekly column for a newspaper, and passive income by collecting royalties on your e-book!
Do you create a digital product?
Music, photos, typefaces, web templates, short stories … they can all be sold and licensed on the internet! You can post footage, an image, or vector on Shutterstock and generate income from that work indefinitely. Similarly, you can publish and sell short stories on Amazon’s Kindle Direct, typefaces on Visual Hierarchy, and web templates on Themeforest.
Do you create an offline product?
If you have a backlog of products you’ve made, you can post and sell them on one of the many creative marketplaces on the internet! People often know of Etsy, but may not know of Handmade at Amazon, Zibbet, and countless others.
Do you have a creative method or process?
Teach! Skillshare classes average between 20-60 minutes of video content and walk students through a specific skill or project. Skillshare teachers earn monthly revenues through minutes watched in their classes and referrals. On average our teachers earns $3,500/year. Join the Teach Challenge to get started on your first class now!