Eight Ways for Retirees to Create Passive Income
“The only place where compensation comes before service is in the dictionary, or anywhere the government meddles.” -Ivan Hall
There are many ways to create passive income online today – more ways than this one article can give you. This is not an article on financial products. It is a way to create a home-based business that you create to generate “passive income.”
Perhaps you will get your creative juices flowing by looking at these ideas for making passive income with an online business.
- YouTube Channel
Creating a YouTube channel to make passive income can take a lot of work. But, the video you make today can earn money for you forever, or at least as long as YouTube continue its present policies.
Your challenge is to come up with a good idea that your audience will enjoy. Define that audience and create as many videos as you can each week on your topic. YouTube devours content and you must post at least one a week. With YouTube, consistency is the key. A good example of a high earning YouTube Channel is “Mother Goose Club” which earns millions a year. Click here to view the video.
- Niche Website / Blog
A niche website or blog is a great way to earn passive income. At first you’ll have to work extra hard creating the right content, and finding the right products to promote. Creating a daily posting using targeted keywords will attract an audience.
A good example of a blog that earns good money is RealitySteve.com. You don’t have to create something about celebrities to earn a lot of money, though.
- Write and Publish Books on Kindle
You can write and publish Kindle eBooks for passive income. It’s easy and free to publish on Kindle. You can write the books yourself, or you can outsource it to a freelance ghostwriter. Tiffany Lambert began here publishing career as a ghostwriter for eBooks. She decided to try historical romance novels. She wrote a short story for “Kindle Singles,” a novella, and a full-length novel using a pen name. Within three months, her earnings cover her mortgage.
- Develop an App
You don’t need to know even one bit of code, because you can find a freelancer on a site like Upwork.com to do it for you. Where do you start? . Look for a problem and solve it with an app!
- Create an eCourse
Retired Baby Boomers have a wide variety of experiences and knowledge that people want to know. Here in The Villages, the Lifelong Learning Center has classes offered by retirees sharing their knowledge on specific subjects. Why not develop a course and offer it online? Develop a series of PowerPoint slides and record a video. There are several ways to present the video.
- Embed the video on a private blog with password protection.
- com is a popular eCourse website that will also help you promote your course to a wide audience.
You can also package the video on cds and sell them as a packaged product on Amazon.com or on your own online store.
- Develop Information Products
You can write an eBook to sell on your website, or on Affiliate sites such as Click Bank and JVzoo to let other affiliates promote your information product. People want to see and hear the information using different formats, such as audio and video. You can outsource the content, provide the essentials and hire an editor to shape the content for you. With outsourcing, you just need to have the information available for editors and creative writers to whip it into a sellable product.
- Membership Website
If you have knowledge that others want, you can put it behind a membership wall and collect a monthly fee for those who want to join. Some good examples of memberships that make money are “Writer Help Wanted,” and the membership community “Living Plant Based.” Any idea that you have can work as a membership community.
This business model is useful if you are developing a series of eCourses that people want on a monthly basis.
Click here to view Writer Help Wanted.
Click here to view Living Plant Based.
- Become a Niche Affiliate Marketer
There are many products already created that you can start to promote now. You can go to ClickBank.com, JVZoo.com, Amazon.com and other affiliate networks to find products that have affiliate programs that are ready for you to promote. Simply use proven systems to promote their products, and you can be making passive income with your growing authority website.
Develop Your Plan + Work Your Plan = Passive Income
While creating passive income is anything but “passive,” the point is that once you start creating and marketing these products, you will stop the treadmill of trading hours for dollars. Instead of being limited by how much time you have each day, you’ll be able to sell your products online, 24/7.
Stay Tuned on This Bat-Channel!
Home Biz for Retirees.com has developed a series of blogs designed to help people who are retired earn extra income. Passive income strategies are an ideal business to run on a part time basis. You have full control over your schedule, your budget and your content. Watch for more blog postings for more information.
Do you have questions or suggestions? Send me an email on the contact form on this site and I will follow up.