You only need one big idea that hits before you never have to worry about making it again. Your assets produce for you and you have your freedom. So, what should you create for your passive income source? Today we’re going to talk about the 4 ways to go about that so you can win once and be free forever.
The first way to generate passive income is by solving a problem you already have. Back in 2012, I looked at the 27 different cards in my wallet and thought about what it would be like to have digital access to them. I paid $1800 for someone to code the app and I launched the Wallet Plus App. Look for something that is an everyday annoyance that others will want solved.
The second strategy is to think about what you do in your free time. Can you monetize your hobbies? Is there a way you can create a course to help people learn what you are already good at? Look to target your content to the beginner market - that way, you don’t have to be a pro to create something that works.
The third way to create passive income is to look at what you do at work. Much like with your hobbies, can you create a blueprint of what you do everyday at work to teach others? Look to ways of passing on skills you have acquired; clone what you already do.
The final option is affiliate programs. You can refer tools you already use and earn a percentage of the commission. No matter who you are, you can do one of these things. Figure out how many customers you need a month to be financially free and make it happen.
If you want to learn more about generating passive income, visit https://www.digitalnomad.com/Podcast/