How to make some passive income?

Daniel059

Hi everyone.

So I'm looking to make some passive income to bring in some extra needed money. I am looking at some online affiliate programs which look interesting and may test them here soon.

The reason for passive income, is that I'd like to set something up and then spend say an hour a day on it to bring in some money on a daily basis. Not much say £20 to £50 a day maybe?

Is anyone doing this now and would like to share their successes or ideas?

thanks

reaprr

I also have my sights set on building a passive income to allow me to go part time or retire early. My ultimate goal is to have a portfolio of Buy-to-Let properties but before I can get there I need to build up some cash to start the ball rolling.

I have cut my expenses, started saving heavily in a variety of investments and am now looking at self publishing a series of books over the next few years. Ultimately though, these are all geared towards boosting my income to allow me to invest in property.

I'd be interested to know what you mean by online affiliate programs, what would this involve?

parking_question_chap

Daniel059 wrote: »

The reason for passive income, is that I'd like to set something up and then spend say an hour a day on it to bring in some money on a daily basis. Not much say £20 to £50 a day maybe?

So you want be earning £20 - £50 for an hours work?

And thats "not much"? :mad:

Beartricks

If it were that easy to make £50 in an hour, I think a lot of people would be a lot happier with that than going to a soul crushing job every day.

Even with some of the more lucrative sites you'll be lucky to consistently make £50 a week and it'll take longer than an hour a day.

zugzwang

There are actually lots of people I think who avoid soul crushing jobs by having a passive income.

Passive income is income from an asset. So everyone isnt doing it because everyone doesn't have such assets that generate income.

This asset could be property which is rented out, an ebook people pay to download, shares in a company that generate dividends, a website that generates payments for funnelling web traffic to a retailer like Amazon (ie that has an affiliate program) etc.

So barrier is you have to put the work in beforehand, to get to that place where you have the asset and at end of day, its questionable whether any income is truely passive.

Unfortunately, it's much easier making money when you have money! So the rich get richer...

However, some clever clogs can create an income generating asset without significant cash or effort outlay (eg a blog that gets millions of hits that only takes an hour a week to write), but I think anyone with such a good lucrative idea is likely to keep it for themselves!

Get rich quickly schemes are usually scams IMHO.

reaprr

zugzwang wrote: »

There are actually lots of people I think who avoid soul crushing jobs by having a passive income.

Passive income is income from an asset. So everyone isnt doing it because everyone doesn't have such assets that generate income.

This asset could be property which is rented out, an ebook people pay to download, shares in a company that generate dividends, a website that generates payments for funnelling web traffic to a retailer like Amazon (ie that has an affiliate program) etc.

So barrier is you have to put the work in beforehand, to get to that place where you have the asset and at end of day, its questionable whether any income is truely passive.

Unfortunately, it's much easier making money when you have money! So the rich get richer...

However, some clever clogs can create an income generating asset without significant cash or effort outlay (eg a blog that gets millions of hits that only takes an hour a week to write), but I think anyone with such a good lucrative idea is likely to keep it for themselves!

Get rich quickly schemes are usually scams IMHO.

Excellent post :beer:

The only point I perhaps disagree with is that "anyone with such a good idea would keep it to themselves". I think that a lot of people have good ideas but most are too scared to take action on it, or simply procrastinate for years. I have also seen that some of the most successful entrepreneurs do not keep their ideas to themselves, but shout about it to as many people as they can; the more people know about it the more feedback they get an ultimately the more sales/views/customers they will get.

parking_question_chap

reaprr wrote: »

I have also seen that some of the most successful entrepreneurs do not keep their ideas to themselves, but shout about it to as many people as they can; the more people know about it the more feedback they get an ultimately the more sales/views/customers they will get.

Or the more people there are to replicate the business model.

Daniel059

Great responses so far. I was thinking about online affiliates as an idea. I won't give all my plans away at the moment, but would involve sending some website traffic to say different offers, competitions or deals for people to leave their emails or do a survey. These pay small amounts but add up if lots of people do it. When I can try it here I will and see what happens and report back!

Jenna_Appleseed

Daniel059 wrote: »

Ok so on the 'Referrers' section on here I have posted my first trial of an offer for an iPhone 8 giveaway. It's the normal quick survey and email entry

Sounds like the old 'free ipod' pyramid/chain or an affiliate link - both banned from being posted on the forum.

Referral board guide/rules
https://forums.moneysavingexpert.com/discussion/103393

scaredofdebt

The obvious ideas are website/blog/ecommerce site etc.

But none of those are guaranteed, far from it. You might be able to make £50 a month for around an hours time investment and little cash investment, but it could equally return you £0!

I have a website that generates around £50-75 a month for probably an average of 1-2 hours "work" per month, but it's taken a few years to get to this position.

I have plenty of other websites that generate almost no income!

Emma851

What about creating a travel blog and advertising travel insurance?