A long time ago, it used to be in our forefathers’ generation that we had to sacrifice doing what we love in order to put food on the table (or for the ambitious ones, to build a wealth empire). Not anymore. With the advent of the Digital Age, it is more than possible now to follow your passion and still make a living out of it. No more waiting for the weekends to do the things you like to do! Still skeptical? In this blog post, I list some passive income ideas that you can research for yourself if you are keen…
Want to be a star for doing something that you love? In the age of the Internet, online platforms like Youtube offers that opportunity for the brave-at-heart who is willing to put his or her face in front of the camera. You can create videos from virtually any topic that has an audience (from gaming, news, politics, parodies to fashion, dating, parenting and relationships, well almost anything!). If your videos are popular enough, you may earn passive income from the ads shown in your videos – and be famous!
What if you desire to be a Youtube Influencer but don’t know how to be one? Jumpcut offers a free Youtube Influencer 101 course by 7 of the world’s biggest Youtubers with millions of fans all around the world. They cover topics from launching your own channel, secrets of social media, viral marketing to being paid to promote. While not my preferred way of earning passive income, being a Youtube Influencer may be suitable for someone who wants to make money from their passions as well as gain their fair share of stardom!
Pros of being a Youtube Influencer:
- You can pursue your passion(s) and make money from it.
- You can potentially become famous.
- If successful, you may be seen by the community as the expert on the topic your videos touch on.
- An interesting way to make a living (most people wouldn’t dare record themselves on camera to publish on the Internet)
Cons of being a Youtube Influencer:
- Creating a popular video is very much an art than a science (may take lots of trial and error to be successful)
- You need a large fan base to monetize your videos for ad income.
- If famous, your personal life may not be private anymore.
When I was young, I heard many well-meaning adults dissuade me from studying art. ” You can’t make a good living with art!” they say. Today with the Internet, selling your artwork (and crafts) is now easier and possible with Etsy. While most treat this as a hobby business, some have even turned it into a full time venture. This link Business Insider shares how 4 successful sellers how they turned their side-hustles into full-time careers. Sorry mum, but maybe it’s possible today to make a living out of art…
Pros of being an Etsy Seller:
- A meaningful source of passive income where you make money from your creativity (Self actualization)
- You may work lesser hours compared to a conventional job
Cons of being an Etsy Seller:
- Need time and effort to create the art pieces and crafts to sell
- Not everyone is artistic enough to create art that sells
- There may not be a demand for your artwork
Online Course Creator
If you are an expert on a topic or subject that many have issues on, you can create an online course to help others solve their problems. Udemy has step-by-step videos to help newbie course instructors create their very own course to sell on its website. Like being a Youtube Influencer, you can create a course on almost any topic with an audience. Some examples range from religion, pet care, mental health, gaming, scuba diving to real estate, creative writing, resume writing and coding. Once the initial work of recording and presenting of lectures is done, it is pretty much passive income. Of course, you may have to answer Q and A from your students from time to time.
Pros of being an Online Course Creator:
- Others recognize you as the expert in your field of coaching
- You get to change lives with your courses
- Once the initial work is done, it is passive income
Cons of being an Online Course Creator:
- In some fields, the barrier of entry can be high (need to have relevant experience and qualification in some niches to be recognized as an instructor)
- You need to spend time answering students’ queries from time to time
- You may need to spend money on marketing your courses
Something similar to being an online course creator would be an Ebook author. At first, time and energy is spent on writing and marketing the book. But after the promotion and write up is done, the sales are pretty much passive income. Like the online course creator, you can write an ebook to address a problem in almost any niche your readers need help in. For budding authors, you can self-publish your ebook on Amazon. Or if you are the more traditional type, you may want to get an agent to publish your book.
Pros of being an Ebook author:
- You get to be recognized as an expert on the subject your book touches on
- Your book can transform lives of readers for the better
- After the work is done, it’s pretty much passive income
Cons of being an Ebook author:
- Not everyone has the relevant problem-solving experience or skills or qualifications to be an expert to write a book about
- The Ebook market in Amazon is saturated (you need to put in more effort to let your book be noticed by buyers)
- Significant research, drafting and writing need to be done before the book is ready to be published
These are some of the passive income ideas I have come up with for those who want to make a living from their passions. What is your favourite method of passive income? Share your thoughts in the comments below!