Today, we are going to talk about methods to automate your income.
Ask any successful entrepreneur and the majority of them will tell you that automated or passive income is a key to financial independence. Some of the biggest names in the income generating sector…
- Robert Kiyosaki
- Tim Ferriss
- Warren Buffett
All are in complete agreement that automated or passive income is the ticket to financial independence.
In a nutshell, automated income is usually obtained with immediate work, investment or both to create a system that generates profits while you sleep or perform other activities. No matter what type of business you are in, you should try to automate as many of the processes that you possibly can.
Now before I move along, I want to stress to you that any legit automated income system will require immediate and possibly intermittent work, monetary investment, or all. If someone promises you an automated system with no work or investment, it probably is not legit.
Top 10 Ways to Automate Your Income
With that being said, here are my 10 favorite ways to automate your income.
While it is not 100% automated, blogging can be done in short time and provide you with a nice extra income.
Now, do not expect to just immediately start a blog and expect dollars to start falling in your lap. It takes time to grow followers, normally several years.
The automated part comes in that you just write posts when you are able. You can save them in your blog and automate when they will be published.
You put affiliate ads or your own products in your blog and while you sleep, you can be making money as people click the ads.
Best of all, you can outsource your blog. You don’t have to do everything yourself, nor should you. You can hire writers, editors, social media experts and more, and make it totally hands off.
#2: Write An eBook
While it will take some work at first writing and designing your eBook, after you have it finished and made it available to the public, you can sit back while the royalties come in. I know that once you discover the ease of this automated income, you will want to write more eBooks.
Keep in mind Kindle books and eBooks don’t have to be long like a traditional book. Many are just 20 to 50 pages long. Even better, you can outsource the writing if you’d like to. You can visit different websites online and find someone to ghostwrite a book for you, for as little as a few hundred dollars.
#3: Peer-To-Peer Lending
This is a great way to invest money and have an automated system of getting high returns. Most returns average at 5-10%. You receive payments monthly to reinvest or withdraw.
I have heard people say they are afraid of the risk… Yes, there is risk because a person can default on a loan leaving you high and dry. But experts say that if you deposit enough and make 50-100 different loans, one or even 2 defaults will not hurt. You will still profit. While there are several brokers you can use, the most recognized is Lending Club.
It is something we must do…
- health products
We have to spend money for necessities. But what if you got paid every time you shop? You can!
#5: Rental Property
Some would say that rental property is not an automated income method, but I disagree. You can completely automate it by hiring a property management company to “handle the details” for you. They will handle the upkeep and collection of rent. You just collect the money off your investment.
And, if you would like to use this method, but you do not have enough money to invest, there are systems similar to peer-to-peer lending where you can invest smaller amounts of money in a rental house or apartment. One of the best known is Fundrise.
Other posts you may enjoy:
- Automated MLM Prospecting System: What It Is and How it Works
- Top 7 Passive Lead Generation Strategies for Network Marketers
- Easy MLM Company to Build: 5 Things to Consider
- Retirement Income Secrets Book Review
- The Laptop Lifestyle: Top 22 Ways To Make It Happen
#6: Online Course Creation
Nearly everyone knows how to do something that other people would like to know how to do. You can create an online course through a site like Udemy.
There is up-front work designing the course, but once it is done, it can keep making you money for many years to come. Udemy will take a small percentage of every course that is sold.
#7: Make A Mobile App
If you have an idea for a mobile app, you can make a lot of money from it. There is a lot of coding involved so you must have knowledge or be willing to pay someone to develop it for you. Once a mobile app is live, you can just sit back and collect revenues.
There are many people living their dreams just by using FBA. FBA stands for Fulfilled By Amazon.
The way this works is you sign up with Amazon and you find a manufacturer (China, India, etc…) who is willing to make your idea and ship it directly to Amazon under your brand name.
Now all you need to do is list the item on the Amazon marketplace and as people order the items, Amazon will handle the shipping. You just have to ensure you always have products in the Amazon warehouse and the online giant will send you your profits on a regular basis.
#9: Sell Photos
With today’s smartphones, people are able to take outstanding photographs. Everyday, website owners and others are searching image sites looking for photographs to fit into their blog or content. They pay premium prices for the right images. There are various websites that you can create an account at, upload your photos and get paid when people purchase them.
#10: Vending Machines
While not completely automated, I had to include this income method on the list. And you could fully automate it if you hired someone to stock and service your vending machines for you. The key is finding profitable locations to place your machines.
These are just 10 automated income ideas. Keep in mind that entrepreneurs all over the world have learned that you can automate nearly any business by outsourcing the work. While other people are working your business, you can go deep sea fishing off the coast of Jamaica.
I hope this helps you realize all the possibilities to automate your income. Do you have other ways not listed here? Feel free to share them with us in the comment section below. If you have any questions, you can ask those below too.
Thanks for stopping by and be sure and share this with all your social friends. Have a great day!
About The Author
Greg Boudonck is a freelance writer and the author of over 50 books. He writes on many different topics, but business subjects are one of his primary areas of writing expertise. See Greg’s biography here.