There are two ways to make money. You can exchange your time and expertise for a salary. Alternatively, you can buy an asset or create a system that will make you money even while you’re away.
Having a job that pays you a fixed salary is great. But creating passive income is where you want to invest more energy. In this guide, we’ll show you how to leverage automation to make passive income conveniently. Let’s dive right in.
Blogging – Automated Content and Monetization
Blogging is an excellent way to automate your passive income. All you need is a website created through a free platform like WordPress and content that will attract people to your blog.
You can create the content, outsource the work to freelancers, or use an AI content creation tool. Regardless, the goal is to publish high-quality, informative content.
Use keyword research tools to optimize your content for high-volume keywords. Crucially, focus on evergreen content that can make you money in the long term. Then monetize your blog through paid ads or affiliate links.
If you have great content, your blog will require little maintenance. Yet, you will get paid every month. Neither ads nor affiliate links require a lot of work. Once you automate the process, all you need is to wait for profits to kick in.
Automated Passive Income Apps
Passive income apps come in all shapes and sizes. The best apps are automated so that you don’t really do anything to make money. Take the app Honeygain as an example. It pays you to share your unused Internet bandwidth.
Honeygain works with companies that require loads of Internet bandwidth TO find leads and monitor their marketing efforts every month. The app keeps your data safe. It’s also legit.
Honeygain pays you $10 to $50 per month for your unused Internet bandwidth. It’s not a lot. But you can make this automated side hustle worthwhile by installing other apps.
For example, you can install MobileXpression, Savvy Connect, or Nielsen’s Mobile Panel app. These apps stay on your phone to monitor your Internet traffic – favorites sites, social networks, and games. And they pay you up to $100 per year.
Staking involves committing some of your cryptocurrencies to help keep a blockchain such as Ethereum or Solana secure. When you stake coins, the blockchain uses them to verify transactions.
Verifying crypto transactions is important for keeping the system safe. That being said, blockchains also mint new coins every time a block of transactions has been added to the system.
These new coins are awarded to crypto owners. Now, not every blockchain supports crypto staking. For example, Bitcoin uses Proof of Work to mint new cryptocurrencies.
Blockchains that support staking use proof of stake. The best coins for staking include Ethereum, Cardano, Solana, Polkadot, and USDT. These coins pay you 3 percent to 20 percent per year as a reward.
When you think about it, dropshipping is centered on automation. Customers place an order on your website. The system sends a message to your fulfillment partners. They ship the products to the customer. You get paid.
So, why don’t you already own a drop shipping store? No, it’s not too late to get started with this business. You may need some capital to create a store and market it.
But once you become a popular brand, drop shipping could become an excellent way to make money online. Some people make up to $100,000 per month through drop shipping. So yes, it’s an excellent passive income stream.
Automated Investing in Stocks or Crypto
With auto investing, you give your broker or crypto exchange permission to invest a specific amount of money on certain assets on your behalf. This is great if you’re always forgetting to load up on stocks and altcoins.
The beauty of it is that you can invest just a small amount of money. And as long as you invest in the right assets, you will probably emerge profitable in the long term.
Historically, bitcoin and most stocks have been gaining value. Sometimes crypto prices crash. But over the years, people who held their assets made money.
Is auto investing safe? It depends on how you do it. Choose a secure stocks investment website. Do the same for crypto. Work with an exchange known to work securely.
Day trading is an exhausting job. You need to learn great trading strategies. And you have to execute them perfectly to make money. Worse, 90 percent of day traders lose money.
Traders lose money because they involve their emotions in the trading process. Day trading bots have no emotions. If you direct a bot to take profit at a certain percentage, that’s exactly what the bot will do.
Although bots have no emotional biases, they’re not perfect. A trading bot is only as good as its programmer. If you use a bot that follows inefficient strategies, you will lose money.
Another thing is that bots need to be tweaked regularly to suit different marketing conditions. That means you need to be a programmer to have a great trading bot. Otherwise, you need to pay for a profitable bot.
Create and Sell Digital Assets
A digital asset can be a short eBook for kids, an antivirus program, or an online course. You’ll need a lot of work to create an online tool or eBook. But once it’s out there, it’s an asset that could make you money forever.
Ebooks are easy to create. But that means there are plenty of them out there. Focus on topics that haven’t been covered yet. And invest in great writing skills. If you choose to create a course, choose a niche you’re an expert in.
The only way to succeed with a digital asset is if it’s useful to people. Of course, you also need to market it. People won’t buy your course unless they know it exists.
Fortunately, you can outsource marketing and maintenance. This way, you will make money without worrying about whether your product works or not.