The term passive income refers to the income you earn without you being actively involved; it’s your money doing the heavy work for you. Passive income ideas range from building smartphone apps to real estate.
Implementing some passive income ideas today will help you quit your exhausting 9-5 job and help you plan your vacation, mortgage, and retirement. Read on and discover some passive income ideas you can start today.
Partner with Airbnb
If you have extra space in your house or apartment, you can register with Airbnb and offer the room to travelers. Take explicit photos of the room and upload to the site. Having information about popular tourist attractions within your locality is essential. You could earn an extra $1,200 per month passively.
Write an eBook or a Book
If you love to write and are creative, consider writing a book or an ebook. You can have your book published by a publishing company or you can self-publish and sell on online retailers like Amazon Kindle. You will earn passively through royalties. Make sure to write on a topic people are interested in.
If a borrower does not qualify for traditional loans, he/she could turn to peer-to-peer lending platforms and acquire a loan. As a lender on these platforms, you get to choose whom to loan your money, and you can select several borrowers to spread your risk. As a lender, you will get your principal back and earn 4-6% returns on your investment.
Create a Blog or a Website
A blog is a popular method for generating income. On average, successful bloggers earn up to $5,000 a month. To create a successful blog, you should choose a niche you are passionate about. For example, if you select fitness, you can earn passively by selling a course on fitness and recipes.
If you have a website or blog, consider joining an affiliate program. Affiliate marketing is whereby someone partners with a company, promotes their product on their blog or website, and earns a commission. Some of the best affiliate programs include Amazon Associates, ClickBank, and Commission Junction.
Online Drop Shipping Business
eCommerce has made dropshipping a popular passive income idea. To start your dropshipping journey, you have to create an online store and offer products from a variety of manufacturers. When your customer orders an item from your store, your system sends this request to the manufacturer. The manufacturer will ship the item directly to your customer. You do not need an inventory; all you need is an account to receive your commission.
Apps are designed to make people’s lives better. If you are a techie, you can create mobile apps or improve on existing ones. Create a unique app that can help people in their daily lives. Some successful app developers include Nick A’loisio, Brian Wong, Joel Comm, and Chad Mureta.
Real estate is the traditional method of earning passive income. It has created tycoons such as Donald Trump and Wang Jianlin. You can also have a piece of this passive income idea. You do not require a lot of cash to get started. Join crowdfunding real estate platforms such as Fundrise and start building your wealth at just $500.
Creating your audiobook is an excellent passive income method. To create an audiobook, you just need to make a recording on a topic you have specialized knowledge. Make sure your audiobook targets people who are genuinely interested in a particular item. You can upload your recording to platforms such as iTunes and Audible and earn passively.
This is one of the fastest-growing passive income ideas. You can make money on YouTube when you create tutorials on anything, music videos, gaming videos, comedy, and much more. As a beginner, you need to create your channel and subscribe to Google Adsense. You earn your commission every time clicks on the Ad. The more useful your videos are, the more viewers you get, and the more money you make passively.
Become a Venture Capitalist
A venture capitalist is an individual that invests in small businesses or tech companies that do not have the capital to start their business. As a venture capitalist, you get to listen to other people’s ideas and invest in them. You are a silent partner in the firm, and you automatically earn when the company makes profits. Some renowned venture capitalists include Chris Sacca, Rebecca Lynn, and Peter Thiel.
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This lucrative low maintenance business is ideal for someone who is still on a 9-5 job. All you need to do is buy vending machines and set them in strategic places within your neighborhood or town. You should stock your machine with snacks that people prefer and restock now and then.
Also known as multi-level marketing, network marketing involves making passive income through the sales of your team. You need to recruit other marketers to earn from their sales. Some popular network marketing companies include AdvoCare, Pampered Chef, and Young Living Oils.
Sell Photos Online
Do you have a keen eye for unique moments and enjoy photography? You can use your hobby to earn you money. Get a high-resolution camera and snap those crucial moments. Sell your stock photos on sites like Adobe Stock, Shutterstock, and Alamy. Your main clientele is magazines, websites, and blogs. The beauty of this is that you can sell the same picture over and over again and earn passive income from it.
This list would be imperfect without the mention of dividends stocks. This trusted method involves purchasing stocks of a particular company and you get paid dividends from the profits made by the company. Make sure to do thoroughly vet each company before buying its shares. Warren Buffet made his success through dividend stocks.
Passive income is fulfilling, enjoyable, and stress-free. This top 15 passive income ideas list will guide you through some of the popular methods that people have used traditionally and even in modern times. Do not be tempted to begin with two. Pick one that you are passionate about, research on it, plan, and then execute it.