5 Great Ways to Make a Passive Income

Are you looking for some clever ways to generate passive income this year? There are many different methods you can try to earn additional income that can be run on auto-pilot or at least not take up too much spare time.

Here are 5 great ways to make passive income:

1. Publish Kindle e-Books

Anyone who has written an essay for school in the past or reports for their boss is probably able to apply themselves and create a Kindle book to sell in the Amazon Kindle book-store. For books priced between £1.99 and £9.99 at Amazon.co.uk, the commission rate is 70%. Signing up for the Amazon KDP Select publishing programme is free, e-books can be published on multiple Amazon websites simultaneously, and royalties are paid directly to a UK bank account every month.

2. Recycle Old Phones

Eager to get the latest features, we tend to update our mobile phone quite often. This leaves a bunch of phones lying around in desk drawers which isn't doing anyone any good. Why not sell your phone for a tidy sum through OnRecycle.co.uk and use the money to trade up to a newer smartphone? It certainly beats keeping older phones while they gathering dust and the company now recycles tablets too.

3. YouTube Videos Monetised with Google Adsense

Viewing tastes have changed over the last few years since internet speeds better support streaming media content viewed online. At the forefront of this change in viewing habits is YouTube, where anyone can set-up their own channel, upload videos and monetise them with adverts from Google Adsense. Whenever a YouTube user watches a YouTube video and clicks on an advertisement, an advertising fee is added to the amount that will be deposited into the YouTube channel owner's bank account. Some YouTubers have become so successful with their channels that they've been able to quit their day job.

photo/ Public domain pictures via Pixabay

4. Create a Blog

Creating a blog that regularly reviews products is a good way to generate passive income. Site visitors can find the site from searches in Google, Bing and other search engines. An active social media presence is useful to develop a network of people interested in what you have to say. Receive an affiliate commission for referring buyers to e-commerce sites like Argos, Apple and Amazon where the transaction can be completed. WordPress is the most popular blogging system to use, it's free and easy for beginners to get started.

5. Launch an Online Course

There are some subjects that are better covered in video clips than in a book format. Websites like Udemy.com and Gumroad.com both offer ways to create a video course, upload the clips, set a price and launch the product. Gumroad makes it simple to collect the proceeds, it charges a low 5% transaction fee on payments, and pays sales proceeds via an electronic transfer to a designated bank account.

Making a regular passive income is becoming easier to start for anyone with a little bit of creativity. Whether that's realizing that there's some mobile phones or tablets lying around that could be recycled or setting up a simple blog to make money by reviewing products, it is possible to create several streams of passive income without a huge amount of effort.

Guest Author: Lolita Di

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Guest Author - Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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