My current financial goal is to discover work at home jobs for side income. Since I graduated I worked a 9 to 5 job in finance, then I quit that to start my own startup. Having experienced both – a secure job and owning a company made me realize one thing – I need to create multiple streams of passive income!
With a secure job there were also great benefits such as a guaranteed pay check, guaranteed pay raise each year, full medical and dental plan, getting to work with great people and there was a path to rise up the ladder.
Having a secure job was great, but it took away from many aspects of life – such as having limited vacation days, having to put in late hours when I wanted to do other things, having to deal with colleagues that were getting a free ride and terrible bosses. Most of all doing something I was not passionate about and making money for someone else.
That’s why I decided to leave a secure job and start my own startup. I knew the financial risk I was taking, but I was prepared to live on my savings for two years, to pursue what I was passionate about.
If I were to reflect back on the experience, as tough as it was to start and run a startup – the two years I spent on my company were the most fulfilling and rewarding years of my career. Regardless, of all the pains and the fears that I experienced 90% of the time, all the gradual success made the venture an extraordinary experience and I learned so much.
One of the biggest downsides of a startup is the unstable financial situation it creates for the founders and their families. For me, this was one of the biggest causes of stress and worry (even when I had money saved up). Personal finances did keep me up at night and sometimes paralyzed my ability to make decisions or take the risk (much as I didn’t want to admit it to myself or others).
That’s when it dawned on me, regardless of saving or a stable paycheck, I needed to create multiple streams of passive income. At a minimum, I should always have money coming into cover my basic cost of living – rent, food, car and for unexpected situations.
Hence, why I started this blog, to share my knowledge of things that have worked for me and to share how I am creating myself streams of passive income. Therefore, below you can read all about, work at home jobs to create side income that I am using and that are working for me.
What Is Passive Income
I want to be clear on what I mean by passive income. I find that far too many people have a misconception of what a passive income is. A lot of people I speak with, think it’s free money that manifests itself from thin air, without any input. Unfortunately, it doesn’t work that way.
To create a passive income you are going to have to either invest money in something now or invest time and effort in something now or a combination of the two. Your present investments will begin generating income in the future.
OK, let’s get to the good stuff now…
At present, with a few Google and YouTube searches, you can pretty much learn anything and you really don’t need to pay anything out of your pocket. This is what I decided to do when I wanted to learn about affiliate marketing. I got a good start and learned the basics fairly quickly.
The problem I faced with this method was that everything was scattered. There wasn’t any place I can learn in a structured manner – a curriculum/syllabus that taught affiliate marking in proper order. I found videos on YouTube but they all eventually ended up requiring me to buy that particular YouTuber’s course… and they were pricey too.
My search continued and I eventually ended up on Wealthy Affiliate (WA). I had read great reviews on it, but I was still sceptical. However, after spending around $500 USD on other courses, the $19 USD WA was charging for the first month seemed like peanuts and I took the plunge.
Well, it was worth it. With WA I was able to learn proper affiliate marketing in a very structured manner. It also allowed me to build and host my website and provided a community for me to learn and work with. You can read all about my Wealthy Affiliate experience here: THE BEST PASSIVE INCOME INVESTMENTS: NO.1 WEALTHY AFFILIATE.
With the strategies learned and the website I created via Wealthy Affiliate, I quickly started generating passive income and it was much, much simpler than I expected. To be fair it did require a bit of time to go through the courses and get things optimized. However, after each section of the course, you build more on your website and the site quickly starts to take shape. After the first month, I research and write two articles a week to keep the site active and relevant to my users.
I went through the courses in two weeks and decided to keep the membership, as the added bonuses were fundamental to the success of my passive income website.
Another amazing thing with Wealthy Affiliate is that they have their own affiliate program which pays a generous sum when others sign up using your affiliate link. You can read more about WA in the above post I’ve mentioned.
The Amazon affiliate program is known as Amazon Associates and the best way to capitalize on sales referred to Amazon. The great thing about Amazon Associates is that it goes hand in hand with any online medium used to promote products and it pays you every time someone uses your referral link to complete a purchase.
First thing you need for this to work and generate income is an online medium. I personally use this on my website as I promote products I use and would have no problem recommending to others. For me, the Amazon affiliate program started generating income within three days of incorporating into my website. The best part for me is that it helps me keep my website active by writing articles on products I use and it’s another source of income. It’s also easy to write articles on – since I personally use the product and I can give my honest feedback.
The key here is to provide valuable information to users and it should be convincing enough for them to click your link and make the purchase. The best way to do this is, to be honest, and promote products that you would have no issue telling friends or family about. Remember you want to be credible and trustworthy, this is how you will have users coming back to your site. Trust and credibility are paramount!
You can read about my complete thoughts on the Amazon Associates program here: AMAZON AND AFFILIATE MARKETING – CASH IN ON AMAZON SALES
3) Google AdSense
Google AdSense is an easy way to monetize on your website or blog. There is no waiting period to sign up and it’s a super simple way to generate cash from your website.
Once you are signed up, copy and paste the AdSense code into your website. As visitors start coming to your website, the ads will be more targeted to your visitors based on their Google history, coupled with the content of your website. This will have a much higher conversion rate and more visitors will be likely to click on the ads. Guess what?… Every time a visitor clicks on the ads, you get paid by Google.
This is another reason I recommend Wealthy Affiliate above, I learned how to use keyword targeting and search engine optimization though their training which leads to more relevant visitors to my site. The more relevant the visitor the higher the conversion rate.
I invest a pretty good chunk of my savings into dividend-paying stocks. Dividends are what companies pay you for owning their stock – via profit sharing. Dividend-paying stocks are great because as the company grows they will continue to pay you a portion of their profit for each share you own.
For myself, I don’t get paid dividend each month but I get paid enough throughout the year, that it covers some of my basic expenses. I usually use the returns for a nice vacation.
The one important rule I learned about money is that “no one cares about your money as much as you do, so learn to invest it yourself”. There are tons of books on investing. I recommend learning about compounding first and reading up on investing after. For some reason, we make investing such a complicated thing in our head, when in fact it’s not. Once you have a clear understanding and planning for the long term it becomes so easy. So learn about investing, it will take you a few months but you will understand it.
These are my work at home jobs to create passive income that I am currently using. You can tell these are really not jobs but things you can do from the comfort of your own home to create income generating sources. They do require initial input in the form of money or time and effort or a combination of both, but they will bring in the money at a later point in time. I will keep updating this list as I try more strategies, so check back here for updates. If you have any questions leave them in the comments section below and I will get back to you. Cheers!
Related Articles: THE BEST PASSIVE INCOME INVESTMENTS: NO.1 WEALTHY AFFILIATE