Financial independence is a powerful desire for creators, as it offers the freedom to choose creativity over ongoing pressure to find the next brand collaboration or sponsorship. Financial independence can often translate to creating several passive income streams – sources of income that keep cash flowing with minimal effort. Three solid options to create passive income streams that can become part of a larger financial plan include the following:
Investing in Geared ASX Funds
If you’ve got some savings locked away, an investment in the share market (particularly with geared funds such as Gear ASX) is a good way to begin earning some passive income. Gear ASX is all about investment opportunities that use leverage to double or even triple the amount you’re investing in the Australian listed share market. These funds combine what you’ve invested with borrowed money, and then they invest in a larger portfolio of the best ASK-listed companies.
Using geared funds is a smart option because they can boost your returns when the market’s going up. Let’s say the ASX 200 index goes up. A geared fund can pay you more than an ordinary index fund. It can speed up your portfolio growth, especially if you’re in the game for the long-term.
Investors who want to invest in Gear ASX need to hold them in a diversified portfolio. Experienced professionals manage the funds and choose the best-quality companies with strong balance sheets and growth prospects, focusing on long-term results. For instance, investing with the right firm will enable you to invest in ASX 100 companies that have liquidity and have proven themselves already, making sure you can ride out market fluctuations with more confidence.
Building Revenue through Subscriptions
While investments create the foundation for passive, long-term income, creators can also try more short-term, recurring income with subscriptions and memberships. Subscriptions are available on many platforms to allow creators to monetize special perks and exclusive content. The model is best suited for creators with an existing fan base since it turns casual followers into paying fans.
Building a subscription service does require some upfront effort, such as creating quality content, establishing membership levels, and marketing, but once it’s established, it can generate consistent revenues. The key is to continue offering value that compels people to continue paying, be it early access to new content, VIP behind-the-scenes content, or deep community engagement features.
Monetizing Digital Products for Income
One trendy way to make some passive income and take control of your finances is to create and sell digital products or license your intellectual property. Ebooks, online courses, templates, stock photos, or music require some initial work, but you can resell them over and over again with minimal extra effort. After you create something and sell it on websites such as Gumroad, Shopify, or Etsy, it can keep making you money for months or years.
Licensing your intellectual property is also an interesting way to continue making money. You can allow other people to use your videos, photos, music, or writing, and receive royalties each time someone uses your work. It’s a great business model for businesses related to photography, music libraries, and book publishing, but really, you can use it with pretty much any type of creative work.
Endnote
Achieving financial freedom as a creator is all about diversifying your methods. Each stream of income has its own highs and lows, but when you diversify them, they provide you with the stability and freedom you require to thrive in the wild online world.