Passive Income
So I guess I should explain right? Because everybody wants to know how to make money… well almost everybody.
If any of you don’t know what passive income is, to put it simply – passive income is income gained regularly, with minimal effort needed to maintain this; it is money which can be earned along side your main source of income. In some cases it can be related with the idea of unearned income.
Sounds great doesn’t it? Although, some times the “minimal effort needed to maintain this” is not entirely true. If you stick at it though, you could be earning yourself masses of money every week. Forget week. Everyday!
Before any of you slate me for saying all this and claim it’s not true, a live example of success from this would be me. Probably shouldn’t expose this, but from these 2 methods and a few others I’m earning on average £1,000 per day. Sound’s stupid – I know haha. But it’s possible, there are people earning more than me, what I’m gaining is pretty minimal. Just imagine what they’re earning – how much do you think?
I’m only going to explain all of these methods briefly, if you really want to learn how to make money then you need to do a little research. Also, I’ve worked for all this – harsh, but you should do the same. You’ll understand after.
Anyway all you need is a few basic ‘maths skills’, a pen, paper, a computer and some creative ideas! Moving on.
Method 1 – Foreign Exchange Market
Sounds real dodgy, right? Don’t worry it’s nothing like that. Forex (The Foreign exchange market) is a market which enables its customers/users to trade currency easily and efficiently. You will trade your currency to another currency, when yours is worth more than the other. Then when your original currency becomes weaker (worth less) you’ll trade back, therefore making a gain!
Example – Your Great British Pound is worth 1.09 US dollars, this is the exchange rate; GBP 1.09 USD. You trade your pound, then the GBP drops – therefore your USD is worth more than when you first bought it. The exchange rate is now GBP 1.05 USD. Using this information you decide to exchange back; you’ve made a small gain. Realistically, you wouldn’t trade just £1, you’d be trading at least £100 or £1,000. This can be done easily through Forex trading platforms.
A simpler way to look at it would be when you come back from holiday and trade your money back, you’ve either gained more than originally exchanged or lost some.
Method 2 – Affiliate Marketing
Because I’m dragging on longer than originally thought, I’ll keep this short!
Affiliate marketing is the best method if you’re already on a tight budget. But you do need some creative and marketing skills here, or just ideas. I usually do this through the internet, since it’s so much easier, but it can be done in other ways.
You know all those annoying ads you see on the webpages you visit… that’s one area of affiliate marketing! Each time you click on one of those ads or buy something through them, the webmaster (website owner) makes a commission. Now you could make a webpage and fill it full of ads, but then nobody’s gonna visit your site, because they’ll hate it.
So another way would be to create a webpage (which can be done through WordPress or if you’re cool like me, code it yourself) and on it promote a product. Say it’s a fishing site, on this site you have an area where people can browse fishing rods they can buy. If they click on it and are redirected to the merchant’s page (like Amazon), then you’ll get a set amount of money from that. Even better if they buy, because you get a commission on their purchases.