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Passive Income: Basic Notions to Start with

Passive Income: Basic Notions to Start with main article image
Posted on February 16, 2023 by Giada Buccarella
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Passive income, have you ever heard about that?

If the answer is yes, that’s great because you’ll probably enjoy this new article.

If not, it’s even better, as you are going to discover something completely new. 

This topic is very fascinating but it’s easy to get lost in the many fragmented aspects that presents. Yes, it’s a bit like going down a rabbit hole.  

What’s the definition of passive income?

First of all, what is passive income? If we stick to Wikipedia’s definition we can already have some sort of notion about it: “Passive income is any kind of 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 job.”

Despite this definition being pretty accurate it’s still incomplete and it doesn’t tell the whole story.

Yes, passive income is any kind of income you can generate with any kind of activity that won’t require any active labor or just minimal labor.

Let’s pretend you receive an inheritance of an apartment from your deceased and beloved uncle. You inherit the apartment and rent it to someone and all you have to do is collect rent every month – this is a way to generate passive income. You do nothing but earn money regularly every month.

2023 Post-pandemic scenario

As we will see later in this article, there are many ways to generate passive income and the reason why it is so appealing to everyone is that there is nothing more exciting to earn money without doing anything and with the particular conditions we are all living right now we probably are all quite concerned about money and business and work.

Let’s not forget how we entered this 2023: we are in a post-pandemic, under a general economic crisis where a huge amount of the population lost their jobs with east Europe war that seems to find no peace in the background and if this wasn’t enough, Artificial intelligence seems to perform faster and better than humans, so much so that this will probably substitute human labor in the next 10 years.

Is no secret that these social and economical premises pushed many people to revisit some life choices, for example, the experience of smart working during the pandemic. After the pandemic hit the global population, we witnessed a migration of people from their office desks to switch their carriers into something else that wouldn’t necessarily require them to get out their bed just hop on their car or public transport, working 9 to 5, be back in mad traffic to get home and repeat the same actions over and over for the same money they could earn from home. And if there’s a moment where people discovered the real power of passive income/work is really during the 2020 pandemic.

Many ways to earn passive income

In order to be as much careful as possible, we should say that passive income is a generic term that can have different ramifications. Let’s see more in detail about these notions.

The first thing you need to know is what is considered passive income.
We already made a generic example of the inherited apartment, right? Ok, that is just a very quick example. Not all of us in real life will inherit an apartment to rent so we must know what other way we have to generate passive income:

Music Licensing
Create Custom Products (both digital and physical goods)
Book Copyrights
Photo Licensing
Affiliate Marketing
Selling a Course
Selling POD items of any kind

Please note that we are not even mentioning the “classic” and traditional passive income sources as these are not coherent with what we are talking about but since we like to avoid confusion, in this article we will not be talking about the typical passive sources as stocks, dividends, peer-to-peer lending, private equity, and so on.

PASSIVE INCOME VS ACTIVE INCOME

Music Licensing
Yes, you can create music, melodies, even noises, and even short snippets of melodies that can be sold on different platforms. This kind of content is used in media, from TV, radio, podcast, and anything that requires a voice-over or a sound.

Create Custom Products
People will never be bored with customizable products, and even more, vendors truly love the idea to give their customers the choice to have something unique. Custom items are still going stronger than ever, and it keeps growing every day with new requests. Keep in mind this is true for both digital and non-digital products!

Book Copyrights
Platforms such as KDP or Lulu that allow you to generate POD books (novelty books, coloring books, agendas, activity books), despite what people are trying to say, are still going strong. If you are a published writer and can earn income from the sales of your book you are already generating passive income, but if you are not in this privileged area, keep an eye on the Creative Fabrica KDP interior sections, and think about starting your passive income activity as a book vendor.

Photo Licensing
Royalty-free platforms are still great resources to generate passive income from your artworks such as illustrations, drawings, vector images, or photos. Yes, platforms like Shutterstock or Adobe Stock do accept AI-generated images too, so if you want to give it a try you can start from Creative Fabrica Spark.

You can have a look at AI-generated images here below to see the quality and definition of what Spark is able to create for you.

AI GENERATED IMAGES FROM SPARK

Affiliate Marketing
With affiliate marketing, all you have to do is share a link to a product and those who will buy from you using that link will make you earn a commission. This is possible with every Creative Fabrica product – you can share referral links of products and earn commissions.

Create a Course
Internet and educational content of any kind walk hand in hand. You will never be out of content if you work on educational content, such as school subjects, tutorials, and manuals, it can be any kind of content that teach something to others. That is why creating a course can be a great source, as your course can be online from today until forever and generate revenues non-stop (if you perform appropriate actions to let people you sell a course online). You can find a whole section with teaching materials that is perfect for teachers, from PreK to 10th Grade.

TEACHERS MATERIAL

Selling POD of any kind
POD is a very easy and fun way to create something without having the burden of having an inventory, or a manufacturer that would only take orders under a certain quantity.
All assets on Creative Fabrica are perfect for any kind of POD project and we offer a POD license that allows you to sell without having to browse the whole internet for the right designs with the matching license. You have everything you need on one single website.

We hope you liked our new article about passive income, We’d love to see our community share thoughts, questions, comments, and opinions with us!


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