5 Important Life Skills for people of African heritage
Life skills not taught in schools
Income ideas to help the African Diaspora
3 min read
Passive income can help continental and historical African Diaspora make extra money or cushion us from economic shocks caused by pandemics such as COVID 19. The coronavirus crisis has indeed opened our minds to the importance of being financially independent. That moment you become laid off from work, or maybe your business becomes unsustainable, passive income streams can come in handy and get you rolling. Plus, the most remarkable thing about passive income is that you can earn real money when sleeping! Doesn't this sound marvellous?
Well, passive income refers to the money we earn with minimal activity and doesn’t consume much of our time. And while there are thousands of passive income ideas and strategies on the internet, we have identified 6 of the best ways for the descendants of Africa to make passive income in 2021. As you read through, you will be able to identify and choose the one(s) that can help you make extra money.
1 - Start a blog and monetise it.
A blog is an incredible way of earning passive income. There are multiple ways to make money from a blog, such as affiliate marketing links, digital products, and ad displays. Identify a lucrative niche with a dependable audience and create content that adds value to your readers. In this way, your site's organic traffic will boom drastically and increase your passive income tremendously. The secret to success in blogging is to run your blog not just as a hobby but also having your revenue goals in mind.
2 - Peer-to-peer lending
Peer-to-peer (P2P) lending is an arrangement where you lend money to individuals and businesses who agree to repay you at interest. Several P2P lending sites such as Prosper and LendingClub act as intermediaries for connecting lenders and borrowers. As a lender, you can minimise the risk of default by diversifying your lending portfolio to several borrowers.
3 - Start a YouTube channel.
Convert your passion into a passive income stream by producing videos that people want to view on YouTube. With an audience, you can monetise your YouTube channel by joining the YouTube Partner Program. Most of your earnings will come from ads that display as people watch your videos. However, there are other ways to earn from your YouTube channel. As your audience grows, the channel will drive traffic to your social media channels and website, thus expanding your passive income. Also, brands are spending a lot to advertise through YouTubers, and you stand a chance to negotiate a lucrative deal.
4 - Create an online course
Online learning has become the new norm, and in it lies a profitable business idea from which you can tap passive income. You can start a course on anything within your expertise or passion by creating video lessons or writing an e-book. After building your online course content, you can sell it on your website or a digital marketplace such as Udemy. This idea may require great upfront work, but it can be your best passive income stream if you have a great marketing strategy.
5 - Become a social media influencer
With billions of people using social media today, there lies an opportunity for you to generate passive income as a social media influencer. Having a massive following on social media market places such as Instagram and Facebook makes a celebrity. You can cut an edge by entering into marketing deals with brands that pay you to post their ads on your channel. Also, you can share affiliate links to your audience and increase your passive income. Nevertheless, success won’t happen overnight. You must consistently create engaging content to keep your audience busy and attract more followers for you to make meaningful earnings.
The bottom line
WeAfric is the social network of choice for all descendants of Africa. As we engage, we inspire each other to diversify our income sources and achieve financial independence. We also use this platform to market and promote the businesses owned by our people. Our unity is a powerful tool that we can use to empower our people economically by optimising the benefits of group economics.
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