What is passive income?
According to good old google ''Passive income is a type of unearned income that is acquired automatically with minimal labor to earn or maintain. It is often combined with another source of income, such as a side hustle.'' Some passive income streams require a 'set up' or 'start up' cost and some require no outlay, those are probably the best ones to start with!
Do I need to declare my passive income?
Whether you need to declare your passive income will depend on where you live. If you are in the UK this site will help help you to work out whether or not you need to declare your income.
How can I earn a passive income?
There are a number of different ways you can earn a passive income, in this post I'm going to talk about 3 different ways that are ideal because they benefit from have no set up cost (though do require you have access to the internet)
1. Creating low content books on KDP
Easy to do. No set up costs you just need to sign up. Though you do not require special software there are some free software programs worth downloading that will make things easier for you to create books for KDP.
If you are wondering what is considered to be low content and interested in learning more about what and how to make books for KDP then check back soon to see my post about creating KDP content where I will go more in-depth about the process and how you can earn money with KDP.
No set up costs, unless you want a personalized domain name. Easy to get started and no special equipment or software needed.
Blogging is one of the easiest ways to earn a passive income though you do need to have the ability to come up with interesting and captivating content. It is usually best to have a niche blog and focus on writing content specific to this niche. You will also need to set the blog up and add content to it in advance of linking it with your chosen advertising platform (which is how you can make a passive income) as they require the blog to be active before approving as a site worth linking with.
3. Designing and 'drop shipping' physical products such as clothing, accessories and homeware.
No set up costs. Requires you to be creative and to set up an account with a drop-ship style company.
There are a variety of companies out there that offer drop shipping, once you have found one that suits your needs it is about creating the product designs that people will be interested in, loading them to the platform you choose and then promoting to get people buying them.