Passive income – How to set up passive income streams without having time or money!
In the Digital world of today, it became possible to make ‘pocket money’ without investing much of your time and you already have the cash-flawing asset (YOUR PHONE!)
What is passive income?
Passive income is the income you make without being actively participating in a business for example (Dividend stocks) in which you buy a stock and it pays you regularly, but the problem is what if you don’t have money!
Another example of passive income streams involves investing time upfront by building assets that generate money for example writing an E-book, establishing a blog, podcast, app, or variety of digital products. But what if you don’t have time (probably 3 months — 2 years) or you don’t have the right skills!
Similarly to this, what is known as “Semi-passive income” which requires minimal activity from your side for example small or automotive gigs in which you can do in 1 hour a day or less, is something to consider!
On the other hand, another popular way to make passive income is using your existing assets that generate money for example (Real estate) if you don’t have a house to rent for others you might have a spare room or garage to rent, or you can rent your car, but all these assets are expensive or might not be available for you at this time, but there is one great asset that I’m sure you have now!
I guess you probably have a smartphone or a computer because you are reading this article, I hope my assumption is true and you aren’t reading it from an internet-café.
What can I do with my phone/computer?
As I have said earlier there are plenty of ways to make passive/semi-passive income but I’m focusing specifically on methods that you are probably didn’t know or realize, I concluded from the last point that the most available ways for everyone are :
- passive income using your phone/computer
- semi-passive income that requires 1 hour or less active work (also using phone or computer) or might be offline too!
Your smartphone or your computer is a giant income generator if you know how to do it!
You already know that much of our life now is shifted to the online world, even our investment is shifted from real-world products to virtual ones (for example NFTs..)
And much more people are working from home, but what you don’t probably know is the new trend of ‘WEB 3.0’ Which has started recently to make it possible for everyone to participate, and contribute.
What is web 1.0–2.0–3.0 :
-Web 1.0 refers to the 1994 era in which we have static pages owned by specific companies such as Yahoo and Google
-In the early 2000s Web 2 era has started and ‘some’ people have switched sides from being consumers to being contributors (bloggers, YouTubers, content creators, freelancers, and more)
-Web 3.0 emerged around 2014 and it emphasizes the idea of decentralization in which we own the internet instead of being controlled by ‘big-giant’.
Usually the term web 3.0 is incorporated with cryptocurrency and decentralized finance but I’m not talking about cryptocurrency (we agreed before that we don’t have money to invest)
So, what am I exactly trying to elucidate?
The era of web 3 has stimulated innovation about work and money which people have started to make money in unusual ways sometimes decentralized (blockchain-based) ways and sometimes not.
The idea of decentralization comes along with ‘crowd-sourcing’ in which companies need users around the world to contribute, engage and eventually make money,
Also, on the other hand in Decentralized web, we need a considerable number of users from around the world to make the wheel circling for example(crypto-mining, staking, and other similar concepts).
Example of the decentralized web: “helium” People-Powered Networks:
-Powered by the Helium Blockchain, The People’s Network represents a paradigm shift for decentralized wireless infrastructure.
-We call it The People’s Network because the people who deploy Hotspots build and operate the network. It’s powered by them and owned by them
-Hotspot owners earn HNT tokens that are unique to the Helium blockchain.
Read more: https://www.helium.com
Example of crowd-sourcing:
Crowd-sourcing is defined as the act of using a user’s resources, data, information, knowledge, skills by companies to use it or sell it to other organizations.
The business model of these companies emphasized using users’ available recourses in order to make a profit.
One example of these is ‘Amazon mechanical Turk:
“Amazon Mechanical Turk (MTurk) is a crowdsourcing marketplace that makes it easier for individuals and businesses to outsource their processes and jobs to a distributed workforce who can perform these tasks virtually. This could include anything from conducting simple data validation and research to more subjective tasks like survey participation, content moderation, and more. MTurk enables companies to harness the collective intelligence, skills, and insights from a global workforce to streamline business processes, augment data collection and analysis, and accelerate machine learning development.”
How much you can make using passive-income streams?
Usually, it depends on your time, available recourses(assets), and where you are located in the world, from my experience users from western countries(high-developed) countries earn more money than those in 3rd world countries but on the contrary, the cost of living in highly-developed countries is much higher than what they earn, so there is a balance here.
- It will not replace your regular income(if you have) from day one!
- In the beginning, It is just pocket money.
Your income will start small and then it will grow steadily over years until it replaces your main income but you have to work and deploy new and more methods towards that goals.
From day one in which if you deployed all methods I’m talking about here on my blog, you can expect anything between 30$ — 300$ per month(of course depends on many factors).
Conclusion :
In this article, I explained what passive income is (income from other sources besides your job and which you aren’t actively and/or semi participative in).
You can earn passive income from:
1/using assets you already own (smartphone, real estate, car)
2/buying cash-flowing assets such as stocks or vending machines, cars.. in which you will deploy your existed money to work for you.
3/building assets that generate money such as (blog, podcast, E-book, print on demand T-shirts..) in which you will invest a considerable amount of time.
- I assumed you have neither money nor time, to begin with, so you will use your smartphone or computer.
Follow me along the way in which I will explain how to make passive income in the easiest/most available ways for anyone around the world without a unique set of skills.
Consider following me here to get the newest posts and updates, and also follow me on medium and Instagram and support me on ko-fi:
— https://ko-fi.com/ahmedsalah1
Donate on ‘ko-fi’ if you really enjoyed my post!
— https://medium.com/@ahmedsalahhag
— https://www.instagram.com/ahmed_salah_hag
Don’t hesitate to make comments if you have any questions or concerns or even requests.
I really appreciate it
Stay safe!
Talk soon…!
Read more stories like this by subscribing to The Side Hustle Club’s newsletter.
