Passive income, what is it and how to get it?
You’re looking for a way to earn extra money, but you don’t want to leave your traditional job. That’s where side hustles come in: they can be a great way to make some extra cash while still working at your full-time gig. But what is a passive income and how do you get one? And what’s the difference between a side hustle and passive income?
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What is passive income?
Passive income is money you make while you sleep. It’s earned from a source that requires little to no effort to maintain, and it’s typically not a job in itself but rather an additional source of income that can supplement your day job or support your primary business.
Passive income can be generated in three main ways:
- Your own product or service
- A part-time job where you are paid hourly (and get a paycheck) but work only when you want to work
- An investment that brings in regular payments
What is a side hustle?
A side hustle is a job you do on the side. It’s not your main job, but it is a way to make money. A side hustle can be an extra source of income that allows you to make some extra cash, or it can be an opportunity for you to start earning a passive income stream so that eventually, your business becomes passive as well (more on this later). Side hustles are popular because they allow people with limited time and resources to supplement their incomes by offering services that fall outside of their regular responsibilities at work or home.
If you already have another job and want to keep working hard there, consider building up your own personal brand through blogging or social media marketing—or even offer dog walking services!
Is passive income real?
Passive income is real. It’s the money you make when you don’t have to be actively involved in your side hustle to earn it. Passive income can take many forms, from selling a product or service to investing in the stock market to selling something on eBay, but one thing remains true: passive income requires very little effort once you set up your system.
Is passive income easy? No, not really. Most people who start out as entrepreneurs struggle with building their business and often end up working harder than they would at a regular job because they don’t know how (or refuse) to delegate tasks or find ways around having to do everything themselves. But making money online through passive income has become easier over time thanks largely in part due advances made by technology companies that have paved the way for people like us who want more choices when it comes time spent working while also earning extra cash flow!
Passive Income isn’t Get Rich Quick scheme (GRC). It takes time and effort before anyone can start seeing results from efforts put forth into building something such as creating an online course (for example). The key here is patience because nothing worthwhile ever comes easy; however there are ways around this problem if need be – just ask yourself: “what does success look like?”. This will help keep things in perspective when times get rough!
How to get passive income?
Passive income is money that you make without actively working.
You can check out my article – 8 Proven Ways to make Passive Income from your Side Hustle.
If you’re interested in making passive income, there are plenty of different ways to do so. You can start an online business, buy real estate and rent it out, invest in stocks and bonds, or purchase cryptocurrencies like Bitcoin. Another popular option is to become a franchise owner or partner with someone else who has a business idea that needs help growing.
There are plenty of options out there for people looking for ways to get ahead financially by earning passive income on their spare time!
You can check out my article – 8 Proven Ways to make Passive Income from your Side Hustle.
Side hustles vs. passive income?
The difference between side hustle and passive income is that the former requires you to put in additional work, while the latter doesn’t.
Side hustles are part-time jobs that you do in addition to your main job. For example, if someone has a full-time job as a lawyer but also writes articles for extra money on the side, their writing would be considered a “side hustle.”
Passive income streams are sources of money that come from activities unrelated to your regular job (like investing or selling products online). They’re ideal because they don’t require any effort on your part—once set up properly, they’ll bring in money without any further input from you. In this sense, passive income is similar to getting “lucky” with an investment: if everything goes according to plan and there aren’t any major setbacks along the way (e.g., losing interest rates), then all it takes is putting some initial capital into an investment at one point in time before letting it grow over time via compounding interest rates and/or dividends paid out by companies looking to increase shareholder value through issuing their own stocks publicly traded on exchanges like NYSE or NASDAQ).
The question of whether side hustles or passive income is best for you will depend on the time you have available. A side hustle can be a good way to earn extra money and cover some bills, but it will also take up your free time. Passive income streams don’t require much effort beyond setting them up, so they’re ideal if you want to generate cash while still having plenty of time left over in your day.
Side hustles can eventually become your main source of income or lead to a promotion in your traditional job
When you start a side hustle, it’s easy to think that the income will only come in when you’re working on the project. If you have any entrepreneurial ambition, though, you’ll eventually find ways to turn your side hustle into a full-time job or even a promotion at your current company.
For example, if you’re currently working as an entry-level employee and start freelancing for another company after hours, ask yourself: “What does this other business need?” You might be able to create something for them—at no cost! Offer them services like website design or marketing; whatever it is that you do best can become the foundation for creating long term value with another company.
Or maybe there’s something missing from your current job—like free time! The more time and effort put into building up your own brand through freelance work as well as networking with others in related industries (assuming they don’t compete directly), the better chance they’ll have of seeing how valuable having someone like yourself would be on their team full-time.
Your Side Hustle can turn into passive income
While it’s always better to diversify your sources of income, even if you have only one side hustle, there are ways to turn it into passive income.
For example:
- If you have a blog or website that earns money through ads or affiliate links (more on this later), then you can set up an automated payment system so that when you get paid by the company hosting your site, they’re automatically sent a percentage of that money.
- If you’re using affiliate links for products and services on your site or blog, then those same companies will often let you use their referral program where they’ll pay out a certain amount of commission from each sale made in return for sending them customers. This could be something like 5% back on every sale made through the link provided by yourself—meaning that 5% of all sales go directly into your pocket
Conclusion
In the end, it’s all about finding something that you love doing and turning that into a side hustle or even a career. If you are able to find a way to make money from your passion, then you will be on your way to living an awesome life with time for yourself and family.