Creating a Passive Income
The internet has opened up a whole new world to writers that wasn't available 15 years ago - a world of passive income. Before the internet, the only way writers could build a passive income was by getting traditional publishers to publish their books and provide royalties to writers while their books were in print. Today, writers have far more control over what they write, who they write for, and their income has no limits.
While you shouldn't expect to become rich overnight, writing and building a passive income online is a great way to build up extra monthly income and, possibly, overcome the earnings you make from your day job.
Publishing Kindle Books
My favorite passive income comes from publishing Kindle books. Kindle has taken self-publishing to new heights. It gives writers full control over what they publish and how often they publish. The earning potentials are unlimited.
If you haven't attempted to write a Kindle book, now is a good time to start. Books published on Kindle must me, at minimum, 2,500 words in length. These Kindle shorts, when well-written, sell just as well as traditional full-length books.
Also, you will want to start with writing non-fiction. This means, you can write about subjects you already know and eventually move on to subjects that interest you.
Devote yourself to a book challenge, such as the 100 Kindle book challenge, and start reading other Kindle books on how to write a book in 2 weeks, a week, and even in 3 days.
The income you earn from Kindle can range from a small pittance to thousands of dollars. It all depends on your writing skills and your ability to write about subjects that interest other people.
Yes, you can build a passive income by publishing articles on HubPages. I also find that HubPages is a great way for me to test out Kindle book ideas before I devote the time to writing the actual books. If the hub does well on HubPages, the chances are pretty high that the hub can be built into a book that will get decent sales on Kindle.
What I like most about HubPages is that if I invest a little time in writing hubs, I will get good returns in the form on money. Money earned from HubPages can be used for making small investments, such as peer to peer lending where you only need to invest $25 for each loan request.
Build a blog and add affiliate links. I have been exploring this method for generating an extra income and I find that different methods and placements work differently for each blog. For example, my blog on writing does best with educational type affiliate ads that are placed in the middle of a blog post. It took me a few months to find the "sweet spot" for my readers, but now that I have, I can continue to place one of these affiliate ads in each post without cluttering up my blog.
Find relevant affiliate ads for your blog or find ads that will interest your readers, even if it isn't directly related to your niche. And if you don't have a blog yet, get started now. You are missing out on a great opportunity to earn some extra cash.
Similar to HubPages, InfoBarrel allows you to post your articles on its site and you earn a percentage of the Google Adsense clicks. You will need an Adsense account to earn money on this website, but it is well worth your time. Articles that you publish on this website have the potential to keep earning you money long after you have stopped writing for them.
My earnings from Adsense fluctuate month to month. Some months are good and others are just plain awful. Regardless, the extra cash I am able to earn from Google's Adsense is still a blessing. Even if I only make it to the $100 payout by the skin of my teeth, that is still $100 I can invest and make more money off of. Earning $100 a month gives you $1,200 to invest and have your passive income earn more money for you.
If you can write it, you can read it into the camera. Create online courses on Udemy for a fabulous passive income. If you write Kindle books, turn one of your books into a course or create a course and later on turn it into a book.
As writers, we need to expand and test out new methods of creating multiple passive incomes. This can mean stepping out of our comfort zones and creating videos, podcasts, and even a YouTube channel.