For many people, money has become a mystery that they don’t know how to solve. People are aspiring to live comfortable lives, but many times feel they need money to provide such a life. This is true in many ways, so the question then becomes, how do you steadily increase your income? If you’re a person in formal employment, the logical answer would be to look for a higher paid job or request a pay rise. There is another way, which would be to start your own business. This is because doing so can help you make more money, and hopefully, find something you love in the process. On that note, here are a few ideas for generating long-term or passive income that could tremendously help.
5 Best Long Term Income Ideas
Starting a Blog
When you set up a blog successfully, this is an ideal way to earn passive income. This can typically be done through means such as affiliate links which is one of the primary ways that bloggers make money. If you’ve never heard of affiliate marketing before, it’s more or less the method that advertisers use to record how much traffic you’re sending to their website from yours. You will normally mention a client’s brand or product somewhere in your blog posts alongside a link for people to follow through to. You either make a flat fee or a percentage of the number of sales that have been made.
1. Choose a Niche: This is an important step in the process of starting a blog because your niche could determine how much money you make. There are some niche areas that are more profitable than others, so do your research first and foremost. Sewing, for instance, is a huge niche on Pinterest, so use this niche to drive traffic to your website which could have a related theme. Other ones that tend to do well are health, lifestyle, parenting, home décor, newborns, and frugal living.
2. Set it Up: Once you’ve chosen a niche, it’s time to do the work of setting up your blog. This is where you choose a name, a domain where your blog will be hosted and an appealing layout. It’s important that you choose a name and look that is appealing and you know which audience you’re trying to attract. This is typically something that you can do on your own, but if not, hire a professional to help you. However, it’s always a good idea for you to know the basics and be able do it on your own before outsourcing.
3. Create Appealing Content: A blog without readers isn’t going to get very far, so work on creating appealing content that will capture the attention of your audience. The best way to go about doing this would be by first doing research and understanding what kind of content your audience engages with. You can do this by carrying out social listening and also by doing keyword research to see what topics have high traffic in search engines. Once you have created the content, it’s time to market it to get the best return on it. You can use any effective marketing techniques like ringless voicemail marketing or Facebook marketing for promotion.
Buy an Apartment Building
As you probably already know, real estate is a great way to invest your money, especially when you’re thinking about long-term investments. If possible, think about buying an apartment building and renting it out to make a regular and passive income. To start earning this type of long-term rental income, you first have to find a way to finance the purchase of your apartment building. Your best bet may be to buy older family buildings and then renovate them if you truly want to compete. Seeing as the rent in such places are usually relatively lower, you’d also have an advantage as they’re more likely to experience full occupancy. If you read more here, you’ll discover how you can buy an apartment building and the right steps to take.
Offer Online Courses
Another practical way to make money would be to offer online courses. People are always seeking out valuable information, so when you can offer it, you put yourself in a position to earn ongoing money. The reason that online courses can be such a great form of passive income is once your package your content whether it’s a video or an e-book, you can sell it for years to come. Just ensure the content you create is evergreen so that it remains relevant. At most you may only need to update a few details.
To begin making money selling courses, think about what subject you want to teach. Start by looking at areas you are skilled and knowledgeable in and how you could teach it to others. Your goal should be to create knowledge that would make someone’s life fundamentally better. You also want to know that after they’ve taken your course they can go on to make money or move up on their career. In addition to this, choose a platform you’re going to host your books on and be ready to take marketing seriously.
Make YouTube Videos
If you have a larger than life personality or something interesting to discuss, get creative and try YouTube. You can choose any topic under the sun, as long as you know that it’s something people are likely to watch. How you make money is by attaching Google AdSense to the videos and when viewers click on them, you make money.
Once you create compelling content, promote it on social media and other digital platforms that will cause more people to watch them. The truth is that a significant amount of work usually goes into putting together a quality video. However, it can be worthwhile once your passive income starts rolling in.
Write a Book
Writing a book isn’t the easiest task, and it requires that you invest time if you want to produce a good quality one. However, it can be worthwhile if it sells as you’d be generating income for life. With that being said, write a book on a topic you have knowledge on and devise a strong marketing strategy. You’d make money from royalties for years to come, but remember, when you’re self-publishing, you’ve got to spread the word if you want to make any serious money. Also, note that e-books are doing exceedingly well at the moment so that’s an alternative to print books too.