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Boost Your Writing Income: Combining Freelance Work with Passive Earnings

Boost Your Writing Income: Combining Freelance Work with Passive Earnings

Let’s face it: if you chose to switch to freelance, you probably did it for freedom and independence, both time- and financial-wise. Now that you feel more comfortable with your occupation, it’s natural to get curious about better possibilities. That also includes passive income.

With a good passive income strategy, some people not only quit their nine-to-five but also managed to minimize their freelance working hours. What is passive income, and how can you make some money as a freelance writer? Keep on reading to find out.

Balancing Active and Passive Income Streams

Beginners find it hard to differentiate between passive and active income. In fact, not everyone comprehends that passive income streams are not actually 100% passive —they still require time and effort. So, how does one understand the difference?

Active income always takes your time and effort directly. That includes going to a full-time job, sitting in the office, or working nine hours from home. All the earnings you receive by working for someone or managing your business count as active and usually appear more traditional and common.

Passive income, on the other hand, is the finances you receive from other tasks that require little to no effort. For example, dividends from investments, rental properties, small jobs, and untraditional tasks are all passive income. You can get income even if you’re not constantly working.

To balance active and passive income streams effectively, it’s essential to plan your actions and possible revenue. First of all, you can use some funds from your freelance writing in passive ventures. Secondly, your active income skills can be transferred into passive income, like creating a blog and monetizing it. Thirdly, make sure you continue to assess your financial situation and make actionable changes whenever needed.

Now, let’s see what exactly freelance writers can do to secure some passive income.

Create a Course

If you’re doing freelance writing successfully, you have a ton of knowledge about curating your finances, using and developing your skills, managing your workflow, and so much more! Why not share it with those in need? You can create and sell a course about freelance writing and gain some passive income.

After all, you only need to write or film it once and then market it. That’s all it takes to create a course for a long-time passive stream of revenue. When generating ideas, search and analyze the market to find a perfect topic. Answer questions that haven’t been answered before and think about unique ways to share the information.

Earn a Referral Fee

Consider outsourcing your work to other freelance writers once your schedule is packed and you no longer have time for additional projects. Not only does it earn you some money (a referral fee from each shared project), but it also helps you connect with other creators and businesses through an ethical networking style.

When sharing work for a referral fee, be open and frank with your clients and other writers. Let them know what is happening and who is doing the job. Keep the private data in check; don’t share it with anyone. Make sure that the freelancers you’re working with deliver high-quality pieces. Otherwise, you’ll be to blame.

Sell Your Unused Writing

As a freelancer, you sell the ownership of your work to individual clients and businesses. In case they don’t end up using the pieces, you still own them, and they get dusty in the deep corners of your computer. Don’t forget about their existence and instead propose them to other clients if possible.

Become an Affiliate

Based on the fact that you work as a writer, you probably own a blog. If not, you should because affiliate fees can become your reliable passive income. Social media pages, written blogs, and YouTube videos can be monetizable. Once you’ve got enough content and a sizeable audience, you can promote products or services; every purchase through your link or code earns you 100% passive money.

Sign Up For Passive Income Apps

Anyone, including freelancers, can take advantage of passive income apps. Most of the time, you will be getting paid for what you’ve already planned to do. For example, you can download a cashback application and receive money for grocery shopping. You can also watch ads, test software, and games, and share unused bandwidth with others. While it won’t bring you tons of money, it’s enough to pay some bills, which is already a great bonus.

Sell Digital Products

We’ve already covered selling courses, but you can do so much more regarding digital product sales. Templates, tutorials, and visual lessons are all important for new freelance writers. That’s also where having a blog or an active social media page would benefit you – once you post the announcement there, you will see people engaging with new content and money trickling in.

Passive Income For Freelancers? Easy!

Thanks to the power of the wide web, many people who struggle with nine-to-five can finally find an actionable approach to their money-making problem. And once you’re already a freelancer, you can utilize your skills in other ways, including passive income streams.

Writer or not, you can easily create a course, download a cashback app, or invest in digital product creation. Now, you also know how exactly to balance your active and passive income streams, meaning you’re all set for a great journey to true financial freedom.