“Passive income” is a buzzword. It’s BS. But here are 5 crypto passive income to maximize your earnings without side-jobs.
If five years of covering the financial markets have taught me anything, it’s that there are no free lunches.
You always have to put work in to achieve passive income:
If you make money on the financial markets, you must keep track of your investments, watch the markets and react quickly.
If you receive royalties or ad revenue, it’s just the long tail of your hard work from the past.
If you’re a business owner, you must care for it, find the proper management, check their books, file your taxes, etc.
That said, if you put in the hard work, you can get very close to pure passive income.
With the bull market still in limbo – and we’re not sure how long an FOMC raly will sustain – here are all the passive income streams I use for my business — and no, I did not inherit any of them.
1. eBook Sales: $50 a month
Writing a book is a lot like skinning a cat — it takes longer than you think, but in the end, it’s worth it.
Wait, is that the right saying?
Anyway, during the pandemic I wrote two ebooks that sell for $13.95 on Amazon and bundle a free eBook copy with a subscription to my Substack.
The key here is, as Chuck Palahniuk, author of Fight Club says, “Write something you are deeply proud of first, then you can sell it.”
Personally, I felt like my second book was rushed, and I won’t make that mistake again. Be proud of what you publish.
2. Crypto Staking on Phantom and Lido
Staking crypto can sometimes feel like a Jeehovah’s Witness knocking at your door, but it’s worth learning about.
I’m currently staking a portion of my SOL for 7% staking rewards and my leftover Eth on Lido.
Staking is loaning money for others to use, and Phantom and Lido are two of the oldest platforms that offer these services. Plus, it’s decentralized, meaning unlike the FTX and Celsius failures, you don’t have to worry about a third party going rogue.
DISCOVER: The 17+ Best Cryptocurrencies to Buy in September 2024
3. Substack Paid Subscriptions
Internet-famous blogger Tim Denning recently wrote an article titled “I’m About to Make My Substack Newsletter Paid,” which is the best article I’ve read all year on making money.
My Substack newsletter is free, but there is a paid option of $6.95/month, which includes exclusive content and a free copy of both my books.
While it’s not where I want to be in terms of subscribers, with 3000 subs compared to my blog with 32,000, it’s a good start and does help with passive income.
4. Artificial Intelligence Outsourcing
Here’s how I wrote my new resume recently:
Ask ChatGPT for a qualified description of my job inside a resume
Put quantified description into rezi.ai (buy premium)
Apply
This final point right here is worth this entire article alone.
I saved money by not hiring a resume writer and had a better result than if I did. This is a game-changer.
5. Passive Income From Stocks and Crypto
I do get passive income from stocks and crypto.
In a bull market, it’s a lot. In a bear — like we’re in now — it’s nada.
Passive income from stocks and crypto assumes that you already have a high net worth, even during a bull market when the market is trending up.
The upshot is that as you steadily pour funds into blue-chip stalwarts like Bitcoin, Ethereum, Tesla, and Nvidia, watch your wealth quietly snowball.
Even if the market is boring, life-changing money is made when markets aren’t exciting to the mainstream.
By the time everyone apes into the hype, you’ve missed out.
Anyway, hope these help during this boring slugfest of a market – good luck out there!
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
