Top Ways To Earn Extra Money Through Passive Income In 2020

Ways To Earn Extra Money Through Passive Income

Essentially what you’re doing here is taking a service that somebody else is going to be doing for you and then selling that at a higher price to somebody else. Is this the most ethical way to make money? I’m going to leave that one up to you, but you see this happening all over the world on many different occasions. So for example, I have somebody come and mow my lawn, just because it’s like over an acre and I just can’t be bothered to go buy a lawnmower and I can write it off because it’s a multi-family property. So, I hire people to come to my lawn work.

Upselling a service

Well, the guy that I actually hired and called upon the phone isn’t the one out there that shows up and cuts the grass, the guys who show up in cut the grass are just the employees that he’s paying to go do the work for him. So, he’s actually marking up their service and selling it to me at a higher price and then paying them to come to mow the lawn now. Yes, he does Supply the insurance and the trucks and the equipment but he’s marking up their service and earning passive income. So let’s say for example you’re doing high ticket dropshipping, he’s charging me $50 to mow the lawn and he’s paying somebody $25 to come and do it. He’s just made a 100% return on that 25 dollar investment in that person mowing the lawn for him.

This is just an example, but you can essentially do the same thing online. For instance, say you have an Instagram marketing agency and you’re managing pages for other people, but you have VAs doing all the work behind the scenes and you’re just marking up their service. So, this is one of the oldest methods out there of earning passive income. It’s basically owning a business at the end of the day. It’s the old saying: “boss makes a dollar I make a dime” if you’re the boss in that equation and you are earning a passive income.

Keywords

This again is very much related to YouTube and blogging and just creating online content. When it comes to search engine optimization and just the way of the digital world, you have two types of keywords, you have long-tail keywords and you have short-tail keywords. Short tail keywords have the most traffic and the most competition. Longtail keywords, on the other hand, have less traffic but much less competition. Most of the keyword are searched by using the keyword planner tool.

Going after long-tail keywords

There are a multitude of online keyword tools that you can use for free and it does not require much effort. The way all of them work is that you type your question in the exploration box and  Google will recommend similar catchwords from their keyword suggestions. This is ingenious. It allows you to harvest thousands of keywords that people are actually searching for within minutes. Now, let’s suppose you have a website about iPods and want to gather a few how questions people ask about iPods. You can try this query on how asterisk iPod once you build your list of keyword related searches.

These nice suggestions that can each be run through keyword suggestions are very useful and give you the idea of what is being searched throughout the internet. So once you’ve run keyword suggestions and got all your keywords. The analysis then provides useful information. Keyword suggestion is the best way out there that can gather all these keywords within minutes.

Owner-occupied real estate investor

This isn’t strictly passive income but this is something I just started doing myself and I’ve been trying to work it in, anywhere possible, just to really push this idea home for people, because of how much it can really help you out financially. Essentially what this means, is that rather than going out there and buying a single-family house, what you’re going to do is buy a duplex or a triplex and you’re going to live in one of those units renting out the other ones to offset your mortgage and this is exactly what I’ve done with the property that I’ve purchased some time ago.

So the property that I had purchased was actually a main house that’s about 2,500 square feet with two apartments attached to it and there’s also a barn on the property now. If I wanted to get top dollar, what I could do is move into one of the currents, rent the house out and rent the other apartment. But even that being said my mortgage on this property is 3350$ per month. That’s a lot higher than if I had just a single-family property, but the difference here is that I have these other apartments and buildings offsetting my mortgage.

Real estate Investor

So apartment number one rents for about $1,100 or that’s what I’m going to rent it for when I increase the rent. That’s the market rate apartment number to $800 per month and there’s also a barn on the property. I can rent as storage for four hundred dollars per month and so after factoring all of that in, my cost on that mortgage is only $1,050. When I used to rent an apartment, I was paying like $1,700 per month for about 1,000 square feet. But now I’m in a position where I have a housing payment of a thousand fifty for a much larger space and I’m building equity in the process.

Is it passive income? Some months it is if you don’t have to go fix a toilet or have anything like that. So there will be months that yes, it is passive income – you don’t really do anything. But once in a while, you are going to get phone calls or things that you have to fix up but the advantage is that since you are actually living there yourself, you can keep an eye on things and keep up on that maintenance yourself. This method is great because it allows you to cut down a lot on your housing payment and build equity in a much more valuable property and have all those tax benefits as a real estate investor

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• Ways to generate passive income