She paid off nearly $40,000 in student loan debt in just seven months and now travels full-time with her family on sailboat.
PASSIVE INCOME IDEAS 2020 HOW TO
Michelle Schroeder-Gardner is the founder of Making Sense of Cents, where she helps readers make smart decisions about how to earn, save, spend and invest. And lastly, only promote and sell products that you personally believe in.
Include actionable tips that they can use right away. Conduct your own research on what's trending for fresh ideas. You want them to trust you enough to buy a course or affiliated product that you recommended.Īsk readers what they want to read more of or what questions they have. The goal is to make people want to come back to your blog. This helps you attract new readers or followers while also maintaining your loyal ones (who don't want to see the same stuff over and over). While your old blogs can earn you income for years down the line, it's still a good idea to keep generating fresh content. Instead, you will have balanced income streams to mitigate risk. Diversify your income streams.Īffiliate marketing, display advertising and digital product sales are some of your best bets for making passive income.ĭiversifying your income streams allows you to not be reliant on just one way of making money or just one of your traffic sources. A good trick is to write as if you're casually talking to a friend over coffee. Make sure your social media language is engaging and personable, too. This makes them more likely to return or to share my blog with their friends. People walk away feeling like they've learned something instead of feeling patronized or confused. On Making Sense, I discuss financial topics using language that's easy to read and understand. Here are my top tips for creating content that can help you earn passive income: 1. I'm paid when readers see or click an auto-generated ad on my blog. I also make passive income through display advertising commissions through Adthrive. Nonetheless, I have earned over $1,000,000 over the years from these two courses. I sell Making Sense of Affiliate Marketing for $197 and Making Sense of Sponsored Posts for $159, both cost much less than what my competitors charge. I commissioned the graphic design elements to freelancers. I created my first course on Teachable and did all of the planning, writing and recording work. I have two blogging courses that I sell to my blog audience and email subscribers: Making Sense of Affiliate Marketing and Making Sense of Sponsored Posts. I'm paid when I direct traffic or sales to partner brands through links on my blog - including on posts that were created months or years ago and are still discoverable via Google, my social media channels, and my blog.Ībout 20% of my revenue comes from course sales. I have three main passive income drivers: affiliate marketing, course sales and display advertising.Īffiliate marketing commissions make up about 50% of my revenue. But you can do a lot of work upfront and earn money for years with little maintenance. You are always going to have to manage the accounting side of your business, maintain your website, and create fresh content. Making passive income from a blog doesn't mean that you never have to work. Today, I write and publish blogs just once or twice a week, and I have earned over $4,000,000 gross revenue in the last five years. And in 2016, I launched my first blogging course. Over the years, I've leveraged my audience to create several passive income streams. I also have over 130,000 email subscribers. Now I have 110,000 followers on Facebook, where I post multiple times a day, and 161,000 followers on Pinterest, where I post about twice a week. Then I doubled down on my social media presence. I posted guest articles on my friends' blogs, too. Once I fully paid off my student loans in 2013, I decided to quit my job and blog full-time.įor the first few years, I focused on the blogging element of my business and published new posts almost every day. In just two years, I was earning around $5,000 to $10,000 per month - more than what I was making at my day job. I also continued writing sponsored posts by reaching out to brands that I saw other bloggers working with. I posted more frequently and set up display advertisements on my website. They paid me $100 to reach my 50,000 monthly site visitors.Īfter that, I started studying other bloggers who made money off their blogs. Making Sense began as a hobby, but about six months into writing, my friend connected me with a company that wanted me to write a sponsored post for them.
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