Welcome back! I’ve been talking about some of the most popular freelance skills and even some of the best resources for freelancers, now let’s get a little bit more specific, let’s talk about some of the best ways to make passive income for data scientists. Now, you don’t necessarily need to be a data scientist to utilize these methods but there are some core skills that every data scientist probably has that you could make some passive income from. Also, all of these require work up front, but unlike a 9 to 5 job you can continue to make revenue even when you’re not working, with that introduction out of the way let’s get started!
In my opinion, this is probably the one passive income stream I would recommend everyone to work on. As most of you know, blogging is essentially creating articles online (everyone knows this), there are tons of different ways to blog these days, whether it’s Medium, LinkedIn or your own website, blogging is a great way to share your knowledge with other people & get paid while doing it! I’ve tried alot of different ways to make passive income as a data scientist (honestly as a programmer in general) and blogging is the one stream where i’ve made some serious passive income from. Unlike some other ideas on this list, blogging is fairly instantaneous, you can make a blog in an hour or two and move on to the next blog, unlike developing an entire software which can take weeks (sometimes months or years), this is the one passive income stream I would heavily recommend everyone to look into!
Developing Software / Plugins / API’s
Next up we have the most typical programming passive income stream, developing software / plugins or API’s. This is also a very popular option I would recommend people to look into, i’ve heard stories of people making several hundred (even thousands) of dollars a month just from a basic piece of software they created. This one definetely takes a bit of time to setup, but after creating the project you’re essentially on autopilot, all you have to do is maintain the product (bug fixes, updates, etc.) and market the product to people. Like I mentioned, this one might take the longest amount of time to setup but after creating the product it’s a fairly passive experience. This is not an easy task though, i’ve developed a couple different pieces of softwares and tried selling them but never was able to gain customers, the product probably wasn’t good enough but if you want to get some good ideas i’de recommend taking a look at flippa:
Buy and Sell Online Businesses, Websites, Apps & Domains - Flippa
Buy & Sell Online Businesses on the Flippa marketplace.
Developing Courses / Tutorials
Next up we have course / tutorial development, this is a very lucrative area where you can make tons of passive income from. Much like creating software, developing courses is another amazing area full of exploration and growth. This is essentially the way a course is developed: you find an area you’re interested in (probably data science if you’re reading this article) > find a website that develops courses (or make your own website) > develop the course > post the course > profit. Now, this is a very high level blueprint and it definitely isn’t as easy as i’m making it seem, but it’s definitely an amazing way to make passive income by essentially teaching what you know, here are some of the best course websites if you plan on developing one:
Sign In - Skillshare
Skillshare is a learning community for creators. Anyone can take an online class, watch video lessons, create projects…
Turn your knowledge into an online course with Kajabi
How does Kajabi help me grow my knowledge business? Your Kajabi account is designed to grow with you. With multiple…
Teachable: Create and sell online courses and coaching
Create and sell online courses and coaching services with the best online business platform used by the entrepreneurs…
Lastly we have affiliate marketing, this is an awesome stream of income that’s extremely passive. Affiliate marketing is essentially marketing other peoples products and when a sale is made you get a piece of that sale, this is especially awesome if you’re able to garner a large audience. This one ties in very nicely with blogging, you could leave affiliate links in relevant posts and essentially make very passive income that way. I would personally rate this one very easy to setup but it can be hard to grow if your audience doesn’t grow, but it’s still an ever growing area that’s historically been an awesome source for passive income.
There you have it, those are some of my favorite passive income sources for data scientists! Like I mentioned before, most of these (if not all) do require a bit of work to setup initially, but after that setup you could continue to generate income as long as you keep generating sales / views.
if you have any suggestions, thoughts or just want to connect, feel free to contact / follow me on Twitter! Also, below is a link to some of my favorite resources for learning programming, Python, R, Data Science, etc.
Here are some of my favorite courses, books and so much more. Most of these are affiliate links which help me create…
Thanks so much for reading!