How to Earn Passive Income for Writers
Passive income is the amount that you earn without having to work for it constantly. It's something that you have to do once and just forget about it. Yet, it will generate income that you can use.
After some time, it will earn income without having to do it over and over again. A job can earn us an active income but we always need to trade our time if we want to earn something from it.
How to Earn Passive Income as a Writer
As a writer, we don't have to be broke pursuing our passion. We don't always have to worry about how we can make ends meet. Being a broke writer is now a thing of the past and I'm thankful that it finally happens.
Thanks to the internet, we no longer have to be what we used to be. Now, we can find people who need content for their blogs or business websites. Being a freelance writer is for your basic income.
But how about earning a passive income as a writer? Don't worry, you can also do that now. You don't have to wait to find a higher-paying assignment to get started.
1. High Yield Savings
If you are wise enough to save from your regular income, you have a good head start. The next thing to do is to start putting your money into a high-yield savings account. Your money will still be accessible when you need it.
This is like a normal savings account but the difference is, your money will earn a higher interest rate. That can add up over time and see your savings grow. The best part of this type of account is you're allowed to make withdrawals for a certain period.
2. Dividend-Paying Investment
Investing your money is one way to make it grow without having to do anything. But the downside is, you can't just withdraw your investment just like what you can do with a savings account. Though you can go for the dividend-paying investment instead.
If you have something extra which is enough to open an investment account, this is the best way to go. Though you can't get your money instantly, it can earn you more money. The dividend-paying savings will pay you every quarter which you can choose to withdraw or reinvest.
3. Start a Blog
Starting a blog can be a passive income earner. You can treat it as a semi-passive income as well. You have to work for it continuously but it won't take too much of your time every day. Just write your article at least twice a week and you're all set!
Blogging is a lucrative business for writers. It can serve as your writer's portfolio and attract clients. You can also monetize it if you want to earn it like other bloggers. But it's not necessary. Just have a web hosting service to start earning.
4. Online Publications
As a writer, you probably think of writing your novel. Creative writing is different from being an article writer. But if you can write a decent piece on a topic, that means that you can also write your novels. It doesn't matter which genre you like to write, just get started with it!
Stary Writing accepts online novel writers and they are contracting aspiring writers around the world. My novels like Intergalactic Exchange Corporation Ltd., The Invisible City, and Alpha & Omega, are currently signed with them.
It's a good way to start your creative writing career and get published. You can look them up and sign yourself up! Then you can follow me so we can discuss your story idea if you need some help.
5. Create a Course
Many writers have written their courses to help other people to learn about their specialty. If you have a special skill or talent, you can create your course. That will be a good way to earn a passive income and help others to succeed in their lives.
It's a very rewarding feeling to help out and earn a passive income from it at the same time. Just create a course and sell it online. You can choose which platform to use such as Udemy, Amazon KDP, and many more!
Final Thoughts
Earning a passive income doesn't have to start with thousands right away. Just work for it and start whichever way you want to start it. The best thing to do is create as much passive income as you can. That way, you can retire early and don't have to worry about being a broke writer anymore.
