Most people from around the world want passive income. It is completely normal since who wouldn’t want to make some money without actually doing anything? Various companies and systems exist that promise you the fact that you can make thousands every single month as you do almost nothing. Obviously, most are just scams. However, this does not mean that you cannot find some great ways to make passive income.
Understanding Passive Income
Passive income can be defined as money that you regularly receive with little or no effort. The problem is that income cannot actually simply flow in without you doing anything. Some work does need to be put in.
In some cases, you might have to do a lot in the beginning so that a passive income stream can be set up. In others, you need to regularly invest some money, effort, or time in order to maintain the passive income stream. The fact that you can receive money without doing anything is just an illusion.
The Very Best Passive Income Ideas
There are different ways in which you can generate ongoing cash flow so let’s discuss them based on a structure so you have a better overview of the options that are available for you right now.
Daily Activities That Give You Passive Income
This is usually what people think about when discussing passive income. Such opportunities allow you to do the things that you already do and get some compensation in return. These mostly operate using smartphone apps that will pay you. Things couldn’t be easier.
The disadvantage of these options is that you surely cannot get rich thanks to them. Based on your activity level, you can make some hundred per month though, which is good pocket money.
Countless people buy numerous items from Amazon and other retailers. If you are among them, you will want to learn about Ebates as it partnered with many very popular retailers like Amazon or Walmart. By using the links that are provided by Ebates when you shop, you receive 10% cash back. Although you might only shop a few items from time to time, the site can still be really useful.
Search The Web
There are different platforms that will give you some passive income without doing too much, like InboxDollar and Swagbucks. If you search the internet with the use of their search console, you get money. Also, if you are bored, you can play some online games, all for compensation.
Swagbucks allows you to make some money while you watch videos presented on their sites. Usually, these are either sponsored videos or news videos. If you want to kill some time, this is an option to consider.
It was already mentioned that you can buy from online stores and get cash back but this is also possible with local products. For instance, you can use the Ibotta app. Add the items you buy there and take a photograph of the receipt. In 48 hours after you do this, a cashback amount is added to your account. At the moment, there are over three hundred partner stores from where you can shop, like Homeland, Best Buy, 7-Eleven, and Walmart.
Walk And Exercise
How does it sound to go for a run during the morning and get money for it? This is crazy but it is completely true with apps like HealthyWage and Sweatcoin. These are apps that will pay you to lose weight and move. Such an option is great for your health and your bank account.
Do you often find yourself going out and having dinner? If so, Seated is an app you want to download. As the app is used to make a restaurant reservation, you receive a gift code for various brands like Lyft, Starbucks, and Amazon.
Use Credit Cards
When you often use credit cards to make purchases, using one that will offer a cashback is a wonderful idea. There are many that offer up to 5% back on all money spent as you use them. The most common example is Chase Freedom Unlimited.
Check out this post to learn how exactly you can save money and make money using credit cards.
Sell Items You Create
This option for passive income means you will invest time and even some money when you start out. After setting up everything and the business runs smoothly, just little maintenance is needed for passive income to keep coming. Here are some things you can create and sell.
E-Books And Books
This is quite a popular way in which people create passive income right now. You need to conduct research and choose a niche so you find what is trending, together with subjects that have the potential to sell really well in the future. You want to write the book or you could hire a content writer to get it done. The great news is that the book does not have to be large. If you get really good content and you cover around 30 pages, it is more than enough.
After the book is created, it can be published, with Amazon Kindle Direct Publishing being a very popular option. Then, the e-books can be promoted on various websites and on social media. After the system is set, just frequent content updates are needed when they are applicable. Money will be made every single time a person buys a book.
If you invest a lot of time into writing a book, it is also a good idea to create an audio copy of that book. Recording everything yourself is one option or a freelancer can be hired to get the job done. Similar to e-books, the audiobook just needs to be updated. Royalties are paid whenever a purchase is made.
Print On Demand Products
You can nowadays print anything, like mouse pads and t-shirts. It is possible that you make money with printing. Various sites allow you to upload designs and then they will take care of everything, from production to shipping. You can choose sites like Amazon Merch and Café Press to help you.
Are you especially knowledgeable in a specific niche or industry? For instance, are you good with blogging, investment banking, or photography? If this is the case, creating online courses is a wonderful way to create a passive income stream. Nowadays, the popular option is to create videos. Then, you upload them to platforms like Udemy. After the promotion strategies are set up, money is made for every single course that is sold.
If you love taking photographs and you already studied photography, selling pictures is an option to consider. All kinds of photos work, ranging from portraits to landscapes. You can upload the photos to sites like Shutterstock and you will get money when people want to use them.
Countless people have ideas for fun and useful apps but they do not act on it. In the world of apps, there are countless opportunities that are available. The app can be created by a freelancer and you can easily promote it afterward. This can be a much more accessible and lucrative source of passive income than you might initially think.
The great thing about developing apps is that you do not really need to know how to create them. You just need to find freelancers that are good enough. Alternatively, software like the iBuildApp can help you.
If you ever learned anything about online marketing, you already know that this is quite a huge field. Online marketing can practically be anything. The options that you need to know more about are:
This is when you promote the services or products of others and you get a commission as a purchase is made. Some ways in which you can use this include:
- Blogs – This is where you recommend products to readers and commissions are made when buying happens through a link present there. Bluehost is probably the most popular hosting provider to help you build your first blog.
- Comparison Websites – This is quite a popular way in which you can generate a large passive income. You compare different products from the same category and you recommend the very best ones.
- Instagram – You do not necessarily need a website to use affiliate marketing. Promoting on Instagram and adding the affiliate link in the profile section is a wonderful way to get passive income.
- Pinterest – This is another way in which you can promote products, all through pins and images. Look for a good guide that teaches you how to use Pinterest and you will make sales.
When you have a site or a blog that you use for affiliate marketing commissions, ads can be used to generate some extra cash. Many companies can be used, like Mediavine and Google AdSense. If you can create a good campaign, passive income can come in without much work.
- YouTube Videos
Monetizing videos that you upload to YouTube can be a wonderful way to make a passive income. Vloggers can now make a lot of money when they use ads. Whenever an ad is shown, the user is paid. If you do not have many views, you will not make much but it is definitely better than nothing at all.
Websites & Blogging
You can read countless lists that show passive income opportunities and most of them will talk about blogging as a very good and profitable way to make money. This is completely correct and you can monetize websites and blogs in various ways, like:
This is what most people do. You start a blog and you then make money. The problem is that when you start, it is not that easy to make the blog/site profitable. You need to put in work until you get enough visitors to actually monetize the site.
The good news is there are many ways in which you can make an income with your blog. Ads and affiliate marketing are very popular. You can also sell a membership to an area of the site that is private and where members can connect or download documents.
After everything works well, literally thousands of dollars can be made every week with blogging. If you cannot build one from scratch or you do not want to, you can always just buy one to get a continuous income.
After the blog is fully up and running, it can be sold for a lot of extra cash. You can also buy a site/blog, make improvements and then re-sell for a profit. If you manage to become really good at flipping and you focus on a niche, blog value can be increased without problems.
The problem with this option is that we are not talking about a fully passive income opportunity. A lot of money can be done when properly flipping a site though and if you have an act for it, you should consider the opportunity.
Flip Domain Names
Similar to how the blog is flipped, the domain name can be flipped. There are countless wonderful and popular domain names available. If you can find some, a lot of extra cash can be made. You want to buy some domain names that are going to be popular in a short time and then sell them when they become popular. Cheap and great ones can be found on platforms like Namecheap.
A lot of research is needed if you want to find highly profitable niches. You can expect to buy some useless domains but you can make a lot of money when you find some that become profitable. This can be arranged through Flippa.
A high passive income can also be generated at a more professional level. Some great options to consider include:
Dropshipping is quickly becoming more and more popular because of how simple the business is to be set up. Thanks to the use of platforms like Shopify you can quickly set up your very own online shop to sell products.
The great thing about dropshipping is that you do not have to produce, store or own what you sell. Another retailer or another manufacturer can take care of absolutely all logistics. After the store is up and running, not much time has to be spent on it. Your entire focus can be put on running successful marketing campaigns.
There is no rule that you have to create a passive income by creating a brand new business. It is possible that you already have a business. In this case, most of the necessary work can be outsourced. Read books about this and you will learn how to outsource most parts of the business.
If you have a budget that is available right now, money that you do not need, it can be invested. This will offer extra income if you make smart choices. However, with most investments, there are associated risks. Some options to consider include:
Crowdfunded Real Estate
Most people dream that they will eventually buy a great apartment or a house, will rent it, and then make money. The problem is that real estate purchases are not at all cheap. It is close to impossible for most people to afford such an investment alone. Fortunately, crowdfunding can help you. There are platforms like Realty Shares and Fundrise that allow you to start investments with under $1000.
When you do not qualify for regular financing options, private investors can help. As you loan individual money, the return is usually up to 10%. You can find people that can support you through Peer-to-Peer Lending Platforms like Lending Club.
Nobody can tell you if it is a really good idea to invest in Bitcoin or other cryptocurrencies but there are many out there that do make a profit through such investments. You should at least learn more about cryptocurrencies to see if this is something that is right for you. Bitcoin has huge potential but only if you know how to make the right investments.
This is an option that is not connected with the online world. However, it still offers the potential to generate a large passive income. If you can and you think it will work for you, here are some options to take into account:
Rent A Room
Is there a spare room in your apartment or your house? If this is the case, it can be rented out. You do not need to do this every single day of the year. It might be that where you live there are some popular seasons, like the summer holidays or festivals. The room can be rented for just 2 days per month and you make more money. Platforms like EasyRoommate and Airbnb can be utilized to locate tenants.
Rent A Vehicle
Do you own a vehicle that you do not always lead? It can be rented. There is quite a lot of money available, especially when you live in some popular locations. Sites like HyreCar will help you.
Rent The Car For Ads
If the vehicle you own is used a lot, you can rent some ad space on it. Random advertisements will be placed on it and all you have to do is keep driving. Just do not pay anything upfront. There are some scams that exist right now. You need to find legit companies like Autowrapped or Carvertise.
There are countless passive income ideas that are presented above and that you can test. Some of these options only force you to download an application and then use it to watch some videos or shop online. Other methods are only available in the event that you have some money to make investments. No matter the case, you can work hard and start from zero to build a business making thousands every single month.