How to Get Passive Income in Nigeria Easily
Do any of you feel that your monthly income is still lacking and are looking for ways to supplement your income? One way to get additional income is to have passive income.
The existence of passive income seems to provide an opportunity for your money to “work” for you. So, you are not the only one who is tired of working to earn money.
What is passive income?
Passive income is income earned without active work, setting it apart from active income that necessitates daily work for a salary.
Building sources of passive income requires effort, but it’s an effective way to generate wealth. Investing is one such way to create passive income streams.
To earn returns on investments, a portion of your salary must be set aside consistently. Consistency and patience are necessary to build passive income, and results may not materialize quickly.
Passive income can be generated through investments, rental property, and intellectual property, among other sources.
Passive income provides financial stability and freedom, but requires an initial investment. Despite the effort needed to build passive income, the long-term advantages are worthwhile.
Even after you stop working actively, passive income can continue. Diversifying your sources of passive income is essential, and it’s a worthwhile objective to work towards.
How to get passive income in Nigeria in 2023
There are various ways to get passive income that you can try from now on.
1. Vloggers on YouTube
In this digital era, we can do anything to express ourselves, one of which is by creating video content on YouTube. You can create vlog content, product reviews, podcasts, game streaming, and much more.
Even so, getting the number of views, subscribers and adsense requires our tenacity in creating content that is interesting and in accordance with the target audience.
Over time, when your number of views and subscribers meets the standards set by Google, then you can earn money from YouTube. The money you will get from YouTube comes from three things:
- Direct income from the number of viewers ;
- Adsense;
- Paid promote of certain brands
Having passive income makes you not depend on just one source of income. This is so important that if at any time you lose your main job, you still have other sources of additional income that you can count on.
Affiliate & referral program
In the current pandemic era, affiliate programs from various online shopping platforms are one of the ways for someone to earn passive income. You only need to register in the affiliate program of one of the e-commerce, if you meet the criteria, you can usually start your mission immediately.
The mission of the affiliate program is actually quite easy. You just need to promote a product or service. You can do this promotion through social media platforms, blogs, to e-mail.
So, if your promotion is successful and results in a purchase, you will get a commission. The more items sold, the more commission you get.
In addition to the affiliate program, there is also an application referral program. You only need to invite friends to install and register certain applications to get rewards. The more friends you invite, the bigger the reward you get.
Even so, in promoting goods a creative strategy is needed in creating content. You have to create content that attracts the attention of many people and makes them move to buy the item.
In this article, we will discuss the meaning of passive income and various ways to get it.
Sell your stock photos!
For people who like photography, whether it’s just for fun or as a profession, it turns out that you can, you know, sell your photos on online platforms like Shutterstock, iStock, 500px, and many more.
The photos that you upload on the platform can be purchased by content creators who need additional visual content. This can be an easy and profitable passive income idea, right?
Make e-books
Writing is a place for someone to express their thoughts and feelings. Publishing our writing in book form to be read by others is a new step that you can try. For example, you can start your writing career by serializing your blog or writing platforms like Wattpad.
After getting a lot of loyal readers, you can finish the story and release it in e-book form. Only then do you submit to publisher platforms such as Amazon KDP (Kindle Direct Publishing ) or Nulisbuku.
You can also sell them independently through your wordpress platform by using a plug-in like Sell Digital Downloads. You can turn your e-book sales into a source of passive income.
Rent property, legendary passive income
One source of passive income that has existed since ancient times is property rental. For those of you who have unemployed property assets such as houses, shops, etc., you can turn these properties into passive income, you know!
For example, if you have five shop units, one shop is rented for 1,200,000 Nigerian Naira per year. This means, if all your shop units are rented out, you will automatically get 6,000,000 Nigerian Naira a year just from the shop rent.
Sell art online
Do you work as an artist or have a passion for the art world? You can, you know, sell your art online. For example, if you have the ability to create music, you can sell your music on platforms like Tunecore, Bandcamp, Fiver, and many more.
The proceeds from selling your music can be a promising source of passive income too.
Investment
Investing is one of the most effortless ways to generate passive income when compared to other methods. Investments provide space for money to work for us.
However, the most important thing you need to do before investing is to determine investment goals and investment time targets. Only then can you determine the choice of investment products that match your investment goals and investment time targets.
For example, if you have a long-term goal (> 5 years) to buy a house/apartment, you can choose a stock mutual fund product. In the long term, the returns from your stock mutual fund savings can be a promising source of passive income too, you know.
Advertise on the blog
Did you know that uploading your content on a blog can bring in money by placing advertisements? Yes, you can connect Google AdSense with your blog site. The way AdSense works is quite easy. You will get income every time someone clicks on the ad banner that appears on your post .
There are two ways you can display ads on posts on your blog:
Auto-ads: Google will automatically choose the type of ad that matches your post
Ad-units: For this option, you can customize the type, size and position of the ad in the post yourself.
Open an online course
Do you have any special skills such as copywriting, graphic design, public speaking, etc.? You can , you know, share knowledge while earning income from your expertise. You don’t have to worry about free courses floating around on YouTube, you can highlight your paid course by packaging material with an interesting and more in-depth perspective.
Focus on something practical rather than focus on theory. Interested in generating passive income this way? You can start your online courses on platforms like Udemy, Coursera, etc.
Dropship / reseller business
Dropshipping is one way to get passive income online by selling goods without having a product.
The working system is quite simple. All you have to do is find a supplier of your merchandise and promote the item on your e-commerce account, social media, or personal website.
If a customer buys, you immediately order the product and your supplier will send the ordered goods directly to the buyer’s address. The dropshipper will benefit from the price difference from the supplier with the price he sells to the customer.
Dropship business is a way to get additional income without capital that you can try. You only need to find a trusted supplier and market your goods to potential buyers.
Make sure it’s true, you make a detailed agreement and have strong legal force. So, whenever a problem occurs that can harm you, you have strong legal evidence.
Conclusion
All of the passive income options above may be very tempting, however, we also have to be careful in determining the right way to get it. Not everyone has more time to build passive income sources.
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