How To Create Passive Income through Blogging and App Ads
First of all, it has been a while since I’ve posted. I really hope you haven’t missed me too much 😛
On a serious note, all wedding stuff has been finished, I am now married and everything has been paid for. My Net Worth did take a little bit of a hit which I will update later, but overall it wasn’t too bad as far as costs go. We had a fantastic day and sealed the deal with a kiss. I am now married!!
What Is Your Financial Independence Goal?
I’ve taken a close look at my recent spendings. For me, financial independence (FI) is where my passive income will match or exceed what my everyday expenses are. For the sake of this exercise, I will not consider my mortgage. The reason for this is, that one day it will be paid off and I don’t expect to reach FI until this has been paid off anyway. Although, I will still account for home and contents insurance, Council rates, water etc. All things that still allow me to live in the house still have to be accounted for. I just won’t count the actual repayments, ok now that we have that, lets have a look.
What Expenses Does Financial Independence Cover?
For this, I wanted to make sure I covered everything plus a little extra. For me, I would still work even when I reach FI, I just would like to have passive income to cover my basic living expenses.
I have allowed expenses for everything I can think of; from Car Insurance, Council Rates, Mobile Phone plans, Gas (LPG heating), Food, Netflix, Dog Food and a little extra for “fun things”.
What Is Your Passive Income Goal?
My passive income goal is to cover all my expenses, this figure for me is around $17k a year, remember this is without house repayments. Overall, I believe this is quite achievable. It will take me some time to get there but I will work on it to get there as soon as I can. It is a journey not a race.
How Far Am I Into Financial Independence?
To calculate this I add all my passive income sources and then divide this by the “daily” cost to FI. The daily FI rate is just the 17,000/365 = ~$46.50 per day of passive income needed.
I recently calculated how far into my FI journey I am. My Total Passive Income was approximately $1400 a year. This covers approximately 30 days or 8% towards FI. I am happy with this, but I could do a lot more!
Creating A Blog for Passive Income
Creating a blog for passive income is a very common item these days. There are plenty of personal finance blogs that do a lot better than me. I still really enjoy making and updating this website, and with my new work arrangements I hope I can post here more often. I won’t go into too much detail about how to set up a blog. This has been done before and many people would be able to explain it better than I ever could.
Creating passive income through a blog isn’t an easy thing. Most of my traffic comes from organic searches and backlinks from other websites. You have to communicate, converse and relate to other similar blogs. This a very simple and easy task to do to get more viewers on your site. I generate passive income through AdSense ads only. I have thought about affiliate networks but I don’t believe I have enough viewership for that just yet. I would have to be about 10x bigger before I could see that being effective for me, I know my site is small.
Share new ideas, controversial items even as this will get people taking or, in my case, provide facts with data. I am a stats person, these stats interest me.
Basically, you have to give people something interesting and engaging to read, otherwise they will move onto the next website. Get views, get impressions, get paid. It’s that simple.
Creating Simple Apps for Passive Income
I currently use Thunkable and Makeroid to create very simple and basic apps. I have only made a few through these platforms but so far they have been pretty good to use. All you need is basic coding knowledge. You don’t actually have to know code at all, you just have to know how basic coding languages work, which if you don’t know how to, there are plenty of sources online that could help a lot.
Recently, my apps have done a lot better than I expected. I really only expected them to bring in maybe $10 a month to add to my passive income. So far this month, my apps have made over $15. Now I understand this isn’t life changing money, but these apps I have created (3) have taken me maybe a couple hours each to make. If you work that out over a yearly basis, it works out to a very nice hourly wage.
I plan to make more apps soon. Check my apps out here!
As you can see my estimated earnings are trending up over the month, due to a release of another early in the month. Also, the impressions have increased too which is to be expected.
If it continues to trend upwards then it will be a fantastic result.
I really like these few easy methods of creating passive income. I think these are options that are available to most people. It doesn’t take too much time or money to get started and I think overall, these will really help me reach Financial Independence sooner than I have first expected. How are you going with your FI journey?