It's not just education and office work that have been reshaped by modern technologies. Nowadays, it's hard to impossible to name a sector they haven't yet changed or upgraded - and passive earning is not an exception. The ever-improving technologies have both simplified the money-making opportunities that existed before and created a ton of new ones, now accessible to millions of internet users around the world.
Passive Earning in the Past: Expensive, Complex, Inaccessible
A few decades ago, there were a handful of ways to take up passive income - however, none of them were simple enough to be accessible to just about anyone wishing to earn money passively on the side. All the most popular options went hand in hand with:
- Financial investments (e.g., investing in stocks)
- Time investments upfront (e.g., publishing a book to earn royalties)
- Time investments on a regular basis (e.g., maintaining rental properties)
- Highly specific skills (e.g., owning a tiny business such as a carwash)
- Financial risks (e.g., peer-to-peer lending)
Unfortunately, none of these passive earning opportunities were available to those who are typically in the highest need of extra cash - students, single parents, etc. In fact, they were more of a financial instrument for the already rich to get even richer without adding much effort.
With the rise of modern technologies, however, the situation has changed dramatically. With more people getting equipped with internet devices every year and internet coverage improving quickly on a global scale, passive earning - be it solid income or just a few Abraham Lincolns for some coffee - has become a viable option for most.
Added Convenience: a Facelift for the Past
The passive earning opportunities of the past haven't gone anywhere - and why should they? Time and time again, they have proven to be a reliable source of income. And yet, modern technologies have certainly provided them with a fresh feel, making them easier and more convenient to benefit from.
Once associated with businessmen in suits frequenting Wall Street, a classic passive earning option like stock market investments can now feel as simple as a mobile game. Apps like Robinhood and Betterment have made managing one's portfolio a breeze with robotic advisors, investor communities, and user-friendly interfaces. A lot of them now also come equipped with cryptocurrency investment opportunities, letting their users explore this exponentially growing arena and diversify their investment portfolios to the max.
Similarly, Kindle Direct Publishing has made self-publishing a book completely free and dozens - if not hundreds - of times faster. The program does collect a portion of what the author makes, but there's no need to invest any money upfront, whereas, in the past, you would have paid for printing, shipping, marketing, etc., from your own pocket. With e-books, this is no longer the case, and your book can start selling worldwide in as little as a day.
In addition to smoothing out the rough edges of traditional passive earning opportunities, modern technologies have brought a wave of completely new ones that can appeal to the masses by having little to no requirements when it comes to geographical location, experience, or level of skill.
How to Make the Most of the Time You Spend Online
With the number of internet users around the world steadily creeping up to 5 billion, companies are keen to use them as a certain global workforce. Naturally, this also means they are ready to reward those helping them reach their business goals.
The most popular passive earning opportunities online include affiliate marketing, completing surveys (InboxDollars for example), watching online ads, selling stock photography, etc. Their attractiveness is boosted by the fact that there are typically no entry requirements or selection processes: anyone can register for free and start generating passive income.
In some cases, you can even make money by effortlessly sharing the resources of your device, such as excess internet bandwidth. Honeygain is a free internet-sharing application that's currently available on Windows, macOS, Linux, Android, and iOS. Once you sign up and start running the app on an internet-connected device, it shares a portion of your internet bandwidth with Honeygain's web intelligence network - in exchange for money.
The bottom line is that not only are there now more passive earning opportunities than ever, but they're also now accessible to a much wider range of potential earners. It's simply a matter of choosing the right one for you.
Don't be afraid to experiment and combine multiple options: since tech-driven options for making money on the side typically take little time, it's a perfect way to diversify your income sources and boost your personal finance situation. However, if you do find something that works well for you, we'd advise you to stick with it; the key to successful passive income generation is consistency.
Go ahead and make the most of the wide selection of tech-guided passive income opportunities out there! Which ones will you try first?