Opened social media websitesA passive income source allows people to continue earning money without expending as much time or money as they do with an active income source. Traditional passive sources, such as real estate and stock options, require you to plant some money upfront for a greater harvest in the future. Here in Denver, CO, investment properties remain a preferred source of passive income among all generations.

It’s not the only kind of passive income, though. You can opt to invest more time and effort, rather than money, in building a source of passive income, as well. The continued growth of social media, in fact, is paving the way for one such type of passive income stream.

Opportunities for Monetization

A strong social media following opens up opportunities for account monetization. Advertisements like those that play before YouTube videos are one of the most common ways you can monetize your social media accounts.

An alternative way is to partner with different brands. It may seem daunting, but in fact, more brands are now tapping regular people with a large group of engaged followers to promote their products and services. Influencers can also receive a commission whenever their followers use the affiliate links or codes they promote when purchasing the brand’s products.

Once you have a strong social media following on one platform, your influence can carry over to other ones, including a personal blog where you can also sell ad space.

Social Media Savvy

Earning passively through social media platforms require a considerable amount of time and effort first, though. You need to curate the content you create, post regularly, and interact with your followers to build up a wide-reaching and engaged following.

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Popular and fast-growing social media platforms among online influencers are visuals-heavy ones like Instagram, Snapchat, and YouTube; though many use Facebook and Twitter to extend their reach further, as well. Pro tip: Use cross-platform posts to help widen your audience pool and reach different demographics.

Diversifying Your Options

Once you start earning passive income through your social media activities, consider diversifying. Move to traditional passive income sources. By investing part of your extra funds into real estate or stocks, you can ensure a constant passive revenue stream should you choose to lie low or leave social media in the future.

Amassing followers and engaging with them is essential to turn your social media platforms into a passive source of income. Putting some of your time and effort now pays off once you start monetizing your accounts.