For many freelancers, the goal is to maximize income in relation to working time. A great way to think about it is passive income – it means earning without committing proportionate time or energy. To give you an idea, Landon Buford.com shares some more common methods.
Those who are skilled in code or website development often enjoy a favorable work-to-income ratio. After the initial expansion, web design agencies can charge rolling fees for site maintenance, and a website can stay online with minimal hassle for years. If you can rack up enough customers, there are often times when an indie developer can win without having to put in a lot of effort. If you have a marketable skill as a developer or want to explore this profession, consider the standard Shopify developer salary or visit one of the many training sites like Codecademy. Also, remember that you can use this invoice generator for free to generate professional-looking invoices and help you keep meticulous records.
If you’re an entrepreneur with solid ideas and can spot gaps in the market, you might also want to consider app development. You don’t necessarily need a full understanding of coding languages (such as Java or Swift), but, in place, you will need enough funds to invest enough in the right talent to do the programming for you. Once an app has been created and is on the market, if it meets genuine demand, you can enjoy it indefinitely. Remember that you are often subject to sales tax.
Stocks and shares
Perhaps the most alluring form of passive income – stocks and shares have been made widely available to retail investors. These days, you don’t need a license to pledge your money behind companies or even bet on their downfall. While stock investing can provide a high return on investment (and can be a lot of fun), it’s also incredibly risky and most often results in a net loss. Recently, large swathes of non-professional investors have been investing and losing money on “meme” stocks such as GME (Gamestop) and AMC (AMC Entertainment). If you are new to the landscape and want to develop small gains, it may be worth starting with blue chip, low risk options.
If you like high risk and high rewards, cryptocurrencies are for you. Cryptocurrencies are digital currencies that have been designed to provide the international public with greater autonomy, anonymity, lower fees and increased efficiency. As cryptos try to gain traction, investors have been buying early, hoping to catch one that will succeed. Just by owning a cryptocurrency, there is the possibility that its price (compared to standard fiat currencies) will appreciate, therefore, they are considered an investment. Several major cryptos (e.g. Bitcoin, Ethereum, Cardano), but, as recent market activity has proven, even these are at risk of failing. Putting real, tangible money into something hypothetical is always likely to be a gamble.
When it comes to developing passive income, you are sometimes risking money and sometimes time. Many would-be creators spend months and years on projects that may or may not pay off. Whether you’re an artist, musician, or writer, it’s important to remember that giving it a shot is never free. You should always aim to assess your marketable skills before embarking on a project.
With that in mind, it’s possible to succeed as a creative and sit back and watch the money roll in. Many musicians earn solely from royalties, as do successful writers and actors. The key to each of these activities is spending time learning your craft and providing a product that has unique value – if it’s low quality or has already been made, you’re less likely to attract consumers.
Prepare for success
Whatever you choose, you always need optimal office space when you are working hard. So think about investing in key elements that will allow you to concentrate and stay productive. Ideally, you want a space with lots of natural light that is clean and clutter-free. Calming plants and decor can create the perfect mood and aesthetic you need to stay focused. Of course, a reliable computer and a wifi connection are a must, as are a height-adjustable desk and a quality ergonomic office chair.
When you look closely, there’s nothing like a really passive income, but if you are smart you can work hard and reap the benefits for a long time. Remember to assess the risk first.
Journalist Landon Buford was born in Seattle, Washington, and raised in Richardson, TX. He received his Associate of Arts and Sciences degree from Bellevue College in Bellevue, Washington, and his Bachelor of Arts in Social Sciences from Washington State University. Do not hesitate to contact us by contacting [email protected]