For many freelancers, the goal is to maximize income against working time. An excellent way to think about this is through passive income – this means earning without committing proportionate time or energy. To help give you an idea, Landon Buford.com shares some more common methods.
Those who are skilled in code or website development often enjoy a favorable work-to-income ratio. After the initial expansion, web design agencies can charge a rolling fee for site maintenance, and a website may remain live with minimal complications for years. If you can accrue enough clients, oftentimes, there are periods when a freelance developer can earn without having to put in much effort at all. If you have a marketable skill as a developer or are interested in exploring this profession, consider the standard Shopify developer salary or visit one of the many training sites like Codecademy. Also, don’t forget that you can use this invoice maker free of charge to generate professional-looking invoices and help you maintain meticulous records.
If you’re an entrepreneur with solid ideas and can spot gaps in the market, you might also want to consider app development. You don’t necessarily need a full understanding of code languages (such as Java or Swift), but, in place, you will require enough funds to sufficiently invest in the right talent to do the programming for you. Once an app has been built and is on the market, if it addresses a genuine demand, you can profit from it indefinitely. Just remember that you’re often subject to sales tax.
Stocks and Shares
Perhaps the most alluring form of passive income – stocks and shares have been made widely accessible to retail investors. Nowadays, you don’t need a license to pledge your money behind companies or even to bet on their downfall. While stock investment can provide high ROI (and can be a lot of fun), it’s also incredibly risky and results in a net loss more often than not. Recently, large swathes of non-professional investors have invested and lost money on ‘meme’ stocks such as GME (Gamestop), and AMC (AMC Entertainment). If you’re new to the landscape and want to develop small gains, it can be worth starting with low-risk blue-chip options instead.
If you like high risk and high reward, then cryptocurrencies are for you. Cryptocurrencies are digital currencies that were built to provide the international public with greater autonomy, anonymity, lower fees, and higher efficiencies. As cryptos try to gain mainstream traction, investors have been buying in early, hoping to catch one that will succeed. Just by owning a cryptocurrency, there is the possibility of its price (in relation to standard fiat currencies) appreciating, therefore, they are seen as an investment. Several major cryptos (e.g., Bitcoin, Ethereum, Cardano), but, as recent market activity has proven, even these are at risk of failing. Putting real, tangible cash into something hypothetical is always likely to be a gamble.
When it comes to developing a passive income, sometimes you risk money and sometimes you risk time. Many would-be creatives sink months and years into projects that may or may not provide returns – whether you’re an artist, a musician, or a writer, it’s important to remember that giving it a go is never free. You should always aim to assess your marketable skills before embarking on a project.
With this in mind, it is possible to succeed as a creative and sit back to watch the money roll in. Many musicians earn from royalties alone, as can successful writers and actors. The key with any of these pursuits is to spend time learning your craft and to deliver a product that has unique value – if it’s of low quality or it’s been done before then you’re less likely to entice consumers.
Set Up for Success
Whatever you choose, you still need an optimal office space when you are hard at work. So consider investing in key items that ensure you’re able to focus and stay productive. Ideally, you want a space with plenty of natural light that’s clean and free of clutter. Plants and soothing decor can lend the ideal ambiance and aesthetic you need to stay focused. Of course, a reliable computer and wifi connection are essential, as are an adjustable height desk and a quality ergonomic office chair.
When you look closely, there’s no such thing as a truly passive income but, if you’re smart, you can put in a burst of hard work and reap the benefits for a long time to come. Just remember to evaluate the risk first.
Journalist Landon Buford was born in Seattle, Washington, and raised in Richardson, TX. He obtained his Associate’s Degree in Arts & Science at Bellevue College in Bellevue, Washington, and his Bachelor of Arts in Social Science from Washington State University. Feel free to reach out by contacting info@landonBuford.com.