Although freelance writing is lucrative, relying on it as your only income source leaves you susceptible to market changes and loss of clients. Diversifying your earnings through several passive income sources is the best way to establish financial stability. These income sources don’t require much daily involvement, giving you time flexibility and a better work-life balance.
Building several passive income sources also allows you to diversify your portfolio and mitigate the risk of depending solely on freelance writing. Eggs in one basket and all that…In this article, we look at some ways freelance writers can earn a passive income in 2024.
Passive Income for Freelance Writers
1. Explore Bitcoin
Bitcoin has provided an avenue for freelance writers to make money without active involvement. As a freelance writer, you can earn passive income with Bitcoin in the following ways:
- Bitcoin lending: It’s where people holding BTC lend it to borrowers via P2P, centralized, or decentralized platforms in exchange for monthly, weekly, or daily interest. Your earnings vary depending on the value of the Bitcoin you’re lending, the loan duration, and the interest rate. Upon finding a reputable lending platform, you can buy Bitcoin instantly and start loaning to borrowers
- Bitcoin interest accounts: They involve keeping BTC in a crypto savings account to earn fixed interest. While you can opt for a flexible savings plan, a fixed-term option offers higher interest rates
There are many other cryptocurrencies out there, but you need to do your research before investing. As you may well know, this niche is very volatile. One way to start is to use secure, reliable platforms. I recommend Nexo, which is just that—and super easy to use, even for beginners.
I also suggest reading up on the niche:
- Learn Crypto
- Cryptocurrency Basics: Pros, Cons and How It Works
- Crypto Investing—A New Investor’s Guide
- Crypto for Beginners: A Simple Non-Technical Guide on the Blockchain Revolution and Crypto Investing for Creating Multi-Generational Wealth Paperback
2. Leverage affiliate marketing
Affiliate marketing involves promoting services or products to earn a commission for every sale your marketing efforts generate. To begin with affiliate marketing, you have to:
- Join an affiliate program
- Select services or products relevant to the needs and interests of your audience
- Promote these products or services to your audience via social media, your blog, paid advertising, or email list
To earn passive income through affiliate marketing, freelance writers should find ways to drive traffic to their affiliate links. This is critical to earning. So, before you engage in affiliate marketing, learn about the basics of how to drive traffic. (See the next item in the list.)
Check out these resources to get started in affiliate marketing in 2024.
- Affiliate Marketing For Dummies Paperback – Illustrated
- From Nothing: Everything You Need to Profit from Affiliate Marketing, Internet Marketing, Blogging, Online Business, e-Commerce and More… Starting With <$100
- Affiliate Marketing for Beginners: From Side Hustle to Financial Freedom in 10 Simple Steps
- The Affiliate Marketing Bible: [5 in 1] The Pathway to Financial Freedom and Passive Income | A Complete Guide to Niche Selection, Website Building, Content Creation, and Scaling Your Business
3. Consider blogging
Blogging is one of the most profitable ways freelance writers can generate passive income. However, you must first select a profitable niche you’re passionate about to make creating content more enjoyable. Upon settling on a niche, set up a self-hosted blog and make it visually appealing. Publish top-quality content and build your blog audience to ensure success and profitability. Once you create a loyal following, you can monetize your blog and earn money passively. You can monetize your blog through.
- Advertising: It involves displaying ads on your site through ad networks or by collaborating with brands
- Selling products: You make money selling your blog’s niche-related physical or digital products, like merchandise, ebooks, or online courses
- Sponsored content: You can partner with brands to create content promoting their products or services
- Affiliate marketing: As we mentioned earlier, you need to drive traffic to your affiliate links. Having a blog is one way to do that.
How do you start and run a blog? Here are some of the most useful guides:
- How to Start a Blog in 2024 (A Step-By-Step Guide)
- How To Start A Blog And Make Money In 2024?
- How to Start a Blog That Makes You Money
4. Venture into stock photography
Stock photography is a collection of licensed images meant for specific uses. It’s a low-risk investment for freelance writers for passive income sources with a long-term return potential. With stock photography, you upload images to online platforms like Pixabay and Pexels, where organizations and individuals can buy them for different purposes. Once you’ve uploaded the stock photos, they can generate income indefinitely, creating a steady stream of recurring earnings.
Learn how to earn from stock photography:
- Take Stock Photography that Sells: Earn a living doing what you love
- The Stock Photography Handbook: How To Create Passive Income Through Stock Photography Kindle Edition
Increase Your Income Streams
While freelance writing is a lucrative venture, depending on it as your only source of income not only hinders growth but also exposes you to the risks associated with market changes and loss of clients. Creating passive income sources can cushion you from these uncertainties while helping you achieve financial freedom. Consider implementing any of the options discussed above to supplement your freelance writing income in 2024.
Featured image credit: https://depositphotos.com/