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In 2021, I began to look at passive income and if this was something i could do. I started putting some wheels in motion to see where it would take me. Now i have put together a passive income report for the first quarter of 2021. So first of all……
What is passive Income?
Passive income is when you earn income with little to no effort from you. The most common phrase used in connection with passive income is “Earn money while you sleep“. Isn’t this a lovely thought. But what if you could? Could i actually earn money while i slept?
What are some forms of Passive Income?
I’m going to tell you about the forms of passive income that I am going to be looking at trying during this year. Then throughout the year, I will update you with, How much i have earned and how much effort I had to put in, to receive these amounts.
1st up is Dividend Payments, no effort required at all. This is where you have purchased shares in a company that pays out a dividend to its shareholders. It is usually a small amount but the more you have invested in these companies the more dividends you receive. I currently own some shares and i will be purchasing more through the year, so it will be nice to see how this payment will increase.
If this is an area you would like to know more about. I have a video on my beginner investing portfolio up on youtube. I have attached the affliliate link for the free share in the description of this video.
Next is Affiliate Marketing, there will be some effort in acquiring the affiliate and posting about it, but after this it becomes quite passive. For some people they can earn huge amounts from Affiliate Income. As someone with a small social media following, I am interested to see how successful I can be in this area. So far I have only tested this with one company and this is also linked to investing, it was with the company Trading212. If people sign up to the platform using my link they receive a free share and so do I. These shares can value in range from €8 – €80.
And lastly is Products. I have an Etsy shop where I sell Cash envelopes, binders and expense trackers. These are not passive as these products need my time. I need to source products and then make the actual product. But what is a passive product in my shop is The Excel Budget tracker. Now, yes this took time to design and I filmed and edited a video to accompany it. But now that it is up on ETSY for sale, I don’t have to do anything else with it. This is actually earning money while I sleep. This is the first product and I hope to work on some more.
Right, what you really came for……The Passive income report for Q1.
How much did i earn in Passive Income?
From Jan 2021 – Mar 2021 I received the following amounts in passive income :
Dividends – I received 8 payments totaling €1.70
Affiliate Marketing – €90.96, very surprised with this. I can see how this could be a big earner for people with large social media following. 7 people signed up using my link, one of the shares was valued at €40 the rest were around the €8.50 mark.
Products – €0.00, The excel budget tracker was released in April, so this is something to look out for in my next report.
Total Passive Income earned in 2021 Q1 is ……. €92.66 which works out at around €30.88 per month.
If I have a look at my expenses in my budget. I can see that this could potentially cover the cost of my Alarm or Mortgage protection. Thinking of the money in terms of paying my expenses gets me excited and motivated to keep going. Watch out for my next report.