How I Create Passive Income With No Money
Always start with ZERO money. You won’t regret it!
I was never enthusiastic about working from 9 to 5 and waiting to get paid at the end of the month. For me, payday used to be the 5th of every month.
I understand that many people still enjoy their 9 to 5 jobs — and that’s perfectly fine. For instance, my cousin prefers his regular job over his YouTube channel.
It’s a matter of personal preference. There’s no pressure or judgment.
In this article, I will discuss various ways to establish an online passive income stream, whether you keep your day job or not.
I won’t claim this to be a definitive guide because I have modified and improved my approach over time. However, I always advocate starting with small, incremental steps. This strategy pays off in the long run.
Before we begin, I extend an invitation for you to join my dividend investing community. By joining, you won’t miss any crucial articles and can enhance your skills as an investor. As a bonus, you’ll receive a complimentary welcome gift: A 2024 Model Book With The Newest Trading Strategies (both Options and Dividends)
My Last 9–5 Job was a Disaster
I’ve shared my experiences with my last 9–5 job before.
Yes, I’ve switched jobs almost four times.
The last one was the worst of them all.
The first jobs are usually the best!
I had a heated argument with my boss. I won’t delve into the details, as it would involve talking about his girlfriend, who became the CEO of the company without any real effort!
This incident made me realize I needed to pursue my writing business full-time. I wanted to leave the 9–5 grind behind for good.
I was forced to sit in the reception area for 4 hours just to get my monthly salary.
After 4 hours, my boss told me he’d transfer my payment whenever he felt like it — maybe the next day or the next week.
This infuriated me. I couldn’t forget the day I was made to wait for hours just to get paid. I was inexperienced back then.
Before this job, all my bosses were nice. My first boss was a married woman with one child. She was the best boss I ever had!
Passive Income Gave Me Freedom
I love working online.
I enjoy working independently.
I manage multiple businesses, all on my own!
The best part?
If one business fails, I have others to support me.
Not just me, but my family as well.
Creating and building businesses from scratch has always been my dream, and here are a few reasons why you should consider it too.
No boss to answer to
I get paid on time.
If I dislike the work, I can close the business or move on to something else, as I did with my YouTube channel, and now I’m back with a new niche.
Passive Income Workflow
It’s important to understand that not all passive income sources will work for you. However, some will align with your interests and skills.
Here are a few steps to find your next passive income source:
1. List Your Interests: For instance, my passive income streams always revolve around writing, digital products, creativity, and finance. I avoid niches like relationships and health.
2. Identify Your Skills: For me, it’s creative writing.
3. Choose a Platform You Enjoy: I prefer blogging platforms like Medium. If you’re interested in growing on Medium, check this out.
4. Pick a Name, Logo, and Bio: Use your real name if possible, create a clean logo, and write a simple one-line bio.
5. Create Original Content: Use AI for research, but not for content creation.
Passive Income Ideas to Make Money & Build Wealth in 2024
Here are some ideas that you can start with little to no money:
1. Content Creation: This tops my list because the majority of my income comes from content creation. No marketing, no DMs, no luck needed. Just one skill can generate a massive income from various sources!
2. E-commerce: I have a music store on Instagram. It doesn’t make as much money as my ebooks, but every little bit counts!
3. Digital Products: I enjoy creating digital products like ebooks and Google Sheets. For example, my Ultimate Budget Tracker.
4. Create Video Courses for Udemy: If you have a skill to share, make a short video course. It’s easy, and the sales are usually better than ebooks!
5. Rent Out a Spare Room: Similar to Airbnb. If you have extra space, renting it out can be profitable.
6. Blogging: If you can write simple English, you can blog. No special skills required.
7. Design Custom Products: I do this on my Instagram store using Canva or Photoshop. It’s challenging but rewarding.
8. Advertise on Your Car: If you have a car and need extra income, consider advertising on it. It’s inexpensive and profitable!
9. Video Content Creation: Everyone wants to start a YouTube channel, but few have the time. If you can create quality videos, sell your services on Fiverr.
10. Sell Stock Photos: I’ve made a small amount selling illustrations on Adobe Stock. If you enjoy photography, you might find this profitable.
11. Get a Roommate: If you don’t have a spare room, consider getting a roommate. It’s profitable, as my uncle in London does to pay for his children’s education!
12. Rent Out a Parking Space: If you have space in a busy area, renting it out for parking can be lucrative.
Conclusion
You won’t be able to do everything!
I don’t recommend trying to.
Choose the option that best suits your needs and interests.
