Over the next few months and years, I will be focusing on getting some additional income streams up and running, and hopefully be able to grow these rather significantly as well.
What are some of my personal passive income plays? Let’s list them down.
Display Advertising
One of the easiest ways to set up an incremental income stream on the internet is to build a site, and put up advertising space. Yes, banner ads, or some say, the bane of the internet.
I think with smart data coming into play, we will start to see less and less irrelevant ads, and more ads that are contextually or specifically targeted at us, and this makes for a better experience overall. I’ll start to see less and less of makeup ads for instance, and more ads that are tailored to my interests and surfing behavior.
As you can see on this site, I’ve started placing some ads on it, using Google Adsense, and I will show you in a later post how you can do it too.
The con of this approach is that you will need a hell of a lot of traffic for this to bring in any substantial income.
Affiliate Marketing
There are many tools out there that can help the budding blogger in terms of setting up their site, domain hosting etc. These are products I myself use, and affiliate marketing income is derived from recommendations of various products I feel will add value to anyone out there looking to start a website, or use certain tools.
Think of it as the internet version of word of mouth marketing.
Whenever anyone signs up or use a product or service from a referral link I provide, the company provides me with a commission for the sale.
Online Courses
This will probably take a bit of time in prepping, but I believe with my experience in building sites and with social media marketing and paid display marketing, I can build these nuggets of knowledge into a basics and best practices course for people interested in digital marketing as a beginner.
CFD Trading
I’ve been trading CFDs on and off over the last 2 years to encouraging results, and will continue to do so. I will also start a series on this blog on how you can also start with CFD trading.
This will cover the basics of CFD, what it is, how you can start trading and how you can begin growing your CFD profit starting from a small capital of $5,000 or less.
I will also be opening up my trades and talk about my rationale for making those trades, and you will be free to follow my trading journey.
Speculative Plays
Cryptocurrencies. This will fall under either;
- An amazing investment that propels me toward FI, or
- A spectacular fail and new example of Tulipmania
I’m currently vested in a few cryptocurrencies, namely, Bitcoin, Litecoin and Ethereum, stored in cold storage, and only to be opened after 2022.
Write a Novel
This is probably more of a very long shot, although its been one of my bucket list items, so even if no one bought my book, I’d still love to complete writing a novel and self publish.
So, these are my current plays and various hustles toward financial independence.
What about you? Leave a comment below and let me know!