Exchanging time for dollars has a limit. You can only work so many hours in the day and there is a max to the amount of money you can make in that time. The best way to make more money without exchanging more time? Passive income opportunities.
Passive Income means income that you earn without directly exchanging time for said income. It can be affiliate income, investment income or influencer income.
Anyone can be an affiliate. In fact, if you think about it, you’re probably an affiliate already. Ever refer a friend to an app, program or service? That’s an affiliate. You are working as an affiliate to spread the word about a company’s offering and you’re getting paid for it. Most often, in the traditional “refer a friend” scenarios, you’re getting paid in free classes, free subscriptions or credits toward a freebie.
But what if that was actual payment?
Many software companies offer affiliates a percentage of sales earned in exchange for spreading the word. This is something that online entrepreneurs also do. To begin as an affiliate, you need to determine what value you bring to the company you’ll be working with.
How big is your network?
How interested is your audience/community in the item you’re going to be selling?
Once you determine if this is something that you can actually convert (ex: sell to your audience), then you can approach individuals and work out the specifics.
Invest in a product, content series or video series for a chance to earn percentages back when the product becomes successful.
This is much more risky than traditional affiliate income opportunities but it could also have a larger pay off.
As a digital influencer, you are betting on the response of your community. When you approach a brand, you share your overall reach and, if the brand is smart, they’ll ask for stats on conversions for other collaborations. Why? Because you could have a very high number of disengaged and disinterested followers — which is not a good investment for the brand. However if you, like the Kardashians, have a large group of lively and engaged fans, this could be a very lucrative way to make money.
Influencers also get paid in product sometimes, so if that’s your thing, it could be a positive exchange.
How do you create more wealth without exchanging more hours? I’d love to hear your thoughts in the comments!
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