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It is common knowledge in the field of personal finance that having multiple sources of income can greatly aid you and your wallet. As much as possible, don’t settle for only one source. And a good opportunity you can leverage is having passive income.
Yes you heard that right. The keyword there is passive income. But what is passive income?
Investopedia defines passive income as “earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.” Popular culture, however, defines it as “any money you earn while sitting on a beach sipping mojitos.”
Simply imagine, you are still generating money while actively not doing anything to earn. Some may refer to this one as a dream come true. However, you need not look far to have that passive income source. As a matter of fact, having your own website would be a good passive income start.
Let me share you a personal anecdote. I am earning passively with the aid of this blog. For one, I earn via Google ads and second when I write articles. Though I need to actively update this blog from time to time, yet in the long run, I am getting a specific amount straight from Google. It might not be that big but somehow I get to earn something right?
Many might be taken aback by the mere thought of creating their own website. Some might say this is expensive and more so something that they don’t know a thing or two. Many will exclaim that they are not IT graduates hence they have no idea how to get started. But trust me when I say, anybody can do it and it is not really that expensive.
Here’s a cheap breakdown.
Platform
Creating a website is as easy as getting an email. If you know how to sign up for one, you are good to go to sign up for a website. You need not pay for the platform. There are already free ones found online such as Blogger or Wordpress. When I started my website, since I have a Gmail account I opted for Blogger as my blog platform. I simply shift to the Blogger site and it redirects me immediately to its very similar Word application where I enter my blogs title and content.
The website look needs not coding at all too. There are already many free templates that you can choose in line with the platform. If you need a unique one, you can opt to buy premium templates online or hire a web designer to do the work for you. You need not HTML knowledge at all to change how your website looks.
Domain Name and Hosting
The next thing to consider is domain. When you choose the free platform, it usually has an extension to the domain like blogspot for Blogger and wordpress for Wordpress. If you want to delete those extensions, you need to buy a domain or a domain and a host. This involves money but it is very minimal. Many have monthly payments or yearly dues. As for my case, I only pay 400Php per year when I started my domain three years ago. That is pretty cheap if we are to divide it monthly.
There’s also top5hosting.co.uk for other hosting related concerns at very cost-effective rates. If you will be hosting your site, expect a minimal monthly fee to pay for the web host. They also offer discounts if you opt to pay for a year or more in advance. There are hosting sites that asks for 500Php every month while there are also expensive rates too.
These are just the three of the things you need when creating your website. You can always opt for the free ones in the first few months or in the first year of your website. However, should you wish to make it more personal with your own domain and theme, you might need to shell out some amount. However, if your website is already earning, this can compensate the monthly or yearly expenses. Plus, you can transition your website to a business in the near future. So don’t be afraid to create one and start earning passive income from your website.