Passive Income when you do the work one time and getting income continuously from it on regular basis. Before to get into the 21 different ways that you can earn passive income.I just want to tell you a couple important things about passive income.
The first thing is that passive income always requires an initial investment of some sort. You can’t make something out of absolutely nothing. So you need to invest either effort or time or money if you want to produce passive income in the future.
Second thing is that different passive income strategies require different amounts of effort or different amounts of time, different amounts of money to get started.
Every Passive Income has very different profit potentials some of them can earn you just a little bit of money each month. Others could earn you hundreds of thousands of dollars.
I’m not a financial adviser and so before investing in any of these opportunities I would highly recommend consulting with a qualified professional.
Number 1 – Investing your money in a high-yield savings account
The first passive income strategy is investing your money in a high-yield savings account. This isn’t a strategy that has a very big profit potential. Typically, these high-yield savings accounts only pay about 2.5 percent per year. However, if you do have a large amount of money and just sitting around, it would be better to put it into a high-yield savings account. So that it could be earning you some a passive income each and every month.
Number 2 – Rental Properties
Passive income strategy number two is rental properties. You can buy a real estate and you can rent it out for a profit each month. This strategy can be a lot of work if you are managing the properties yourself. But it can be a passive income strategy if you outsource the management of these properties to a property management company. They will work for you.
Obviously, this is a strategy that requires a fair amount of money invested. However, I’ll let you know that I bought my first rental investment property with just about ten thousand dollars saved in my bank that I’d earned from my job. So you can get started with a moderate financial investment.
If any one of these strategies doesn’t appeal to you or wouldn’t work for you. Don’t worry, keep reading and I am sure you’ll find one that will match your ability to invest time or money or effort passive income idea.
Number 3 – YouTube Videos
Number three is to make videos here on YouTube. Maybe you have heard about it. How would YouTube be a passive income generator? Once you make videos on YouTube, it will continue live on the platform for years to years and every time.
Someone watches one of your videos, YouTube will pay you for the ad revenue that is generated. Here you are just making videos and posting on youtube.
Number 4 – Dividend Paying Stocks
the fourth passive income strategy that you could try is investing in dividend paying stocks. Some stocks pay dividends each month or each quarter.
If you buy stocks, then you can earn the money without having to wait for the stock to increase in value.
Typically, dividend paying stocks pay between two and five percent of the cost of the stock per month. For example, if you bought a stock for $100 the dividend would most often be somewhere between 2 and 5 dollars per month.
Number 5 – Peer-to-Peer Money Lending
Idea number five is peer-to-peer money lending. These days there are several different companies online that allow you to lend money to other people in an easy and secure way.
You will earn interest from those who are lended. Of course, passive income strategy will not work without no money.
Number 6 – Selling Ebooks Online
It requires a bit more initial work than some of these other options. Once you do the work it is going to be completely hands-off.
In order to sell an e-book online you first have to take the time and the effort to write the book itself.
Once you have the book written, self publish the book with a service such as Kindle direct publishing and then you can start earning royalties from that book that you have written and published.
Number 7 – Investing in a Startup Company
Number seven passive income strategy is investing in a startup company. It don’t mean buying stocks for an existing company but investing in a company that’s just getting off the ground.
Entrepreneurs who have great business ideas often don’t have the capital to make their ideas reality, so they often take on investors who later get to reap the rewards of the growth of the company.
Of course this strategy is certainly a lot riskier than many of the other strategies. But it also has a very high potential for profit.
Consult a qualified professional. it’s important that you do diversify your investments and you make sure that you have a significant amount of your investment portfolio invested in very secure stable investments and a smaller portion invested in higher risk more volatile options.
Number 8 – Selling Stock Photos
Passive Income idea at number 8 is sell stock photos. Selling stock photos is not going to earn you very much passive income each month, unless you have a lot of photos. There are a lot of photo stock websites who ask you to upload the pictures. Upload them stock photo websites so that you can earn a little bit of very easy passive income every month.
Passive income idea number nine is to sell digital courses online. This is something that I do myself these days and I find it to be very profitable. Some people sell digital courses for very low prices. I would just say do your research. This is very lucrative.
Number 10 – Make Music and Sell License
This is very similar to selling stock photos if you’re already a musician. You’re already making music. it’s something you want to do for fun or you do professionally you might as well put some of your tracks online and license them to earn a little bit of bonus passive income. But if you’re not already a musician and you don’t want to spend your time doing, then I wouldn’t recommend this as your best passive income option
Number 11 – Make Music and Sell License
Idea number 11 is creating an app. Creating an app can potentially earn a lot of passive income if your app takes off. But if you don’t already have the skills to code an app then you should learn in order to possibly earn passive income from this strategy.
if you already have these skills and you enjoy creating apps then you might as well put them to work because the potential for profit here is quite high. The more apps you make the higher your chances of one of them taking off are unlike some of the strategies that I’ve mentioned passive income strategy.
Number 12 – Affiliate Marketing
Number 12 doesn’t require any advanced skills or expertise and its affiliate marketing. This is something that absolutely anyone can do. Basically affiliate marketing is when you sign up to be a sales rep for a company and to sell their products for them.
There are many different companies online including amazon.com that have affiliate programs that you can easily sign up. Once you sign up for an affiliate program you’ll get a unique links for each product that the company sells. You can then share with your audience or even your friends and family.
If someone clicks on your link and proceeds to buy the product then you will earn a small Commission. These Commission’s range anywhere between about four percent all the way up to fifty percent or even higher.
Number 13 – Selling Digital Files Online
passive income idea at number thirteen is to sell digital files online. You can sell templates designs or outlines on your own website or on a public platform like Etsy. these digital files can be sold for anywhere between$1 and $100 depending on what they are.
If you sell them on your own website you typically can sell them for a higher price. If you sell them on a public platform like Etsy then the marketing will be a bit easier because the customers will be able to search for your products and find them.
Number 14 – Cash Back Credit Cards
Fourteenth suggestion for how you might be able to earn passive income is with cash back credit cards.
I assume this isn’t the right strategy for everyone. but it is a really easy one that can earn you some money for something that you already do spending money on your basic necessities or anything else that you buy.
There are mini cash back credit cards out there to pay you anywhere between one to five percent of the amounts that you spend on the cards. It means that every time you spend money you’ll earn a small amount back.
Of course, this strategy can never make you rich because you have to spend far more than you earn back. but if you’re going to spend the money anyway then you might as well earn a little bit of it back in a passive way passive income idea.
Number 15 – Renting Properties
Number fifteen is to buy and rent out a vacation rental. This is different than your typical rental property because your typical rental property you rent out to a single tenant for a long period of time. However with vacation rentals you’re generally renting them out to a different person every single week.
One of the most common examples of the keishon rentals would be Airbnb. You might choose to invest in the property specifically to rent out. In this way or you might simply rent out a room or a property that you already own. Put that space to work and start easily earning passive income.
Number 16 – Start or buy a Car Wash
idea number 16 is to start or buy a car wash. A car wash is a very simple type of business that you don’t personally have to be present. In order for it to earn a profit every month you can have an automated car wash or you can hire employees to run your car wash for you. Because it doesn’t require any sort of advanced operation anyone can do it.
So if you invest the money upfront into purchasing a property and building a car wash or into buying an existing car wash, then you can start earning passive income from that simple business every month.
Number 17 – Building a niche website
The next way that you can earn passive income is called a niche website. A niche website is a website that is about a specific topic.
Think of any website that you would found. If you were googling some random query how to do such-and-such or a recipe for a certain type of food. Any random query that you’re going to visit a random website. You typically visit the blogs or these niche websites and get the information that you need and then we leave.
But here’s the thing those websites are making money. They share some information and make money. They make money with ads that are installed on their website. Whenever someone visits their website, it happens to click on one of those ads.
The person who owns the website earns a little bit of money. these websites take a little bit of time to set up but they are quite simple to set up and anyone can do this.
Once the website is set up you can continue to add the most up-to-date information to it, f it is a topic that needs the most current information. However, there are many topics that do not change, and they don’t need to be constantly updated.
If your website is about one of those topics, then once you have set up the website you can forget it and it will pay you a little bit every single month.
Number 18 – Vending Machines
You can make passive income is with vending machines. Obviously vending machines require an initial investment. You have to buy the machine and then you have to do the initial work of finding a place for your vending machine to be located. Once that’s done you can do a tiny bit of maintenance every month and collect a paycheck.
Number 19 – Start a Laundry Busines or Laundromat
19th idea is another very simple business idea and that is to start or buy a laundromat. Many people rely on laundromats as a very necessary part of their lives. If you start laundromat then you will start having regular customers who will be paying you time after time just like with the carwash.
It’s a very simple business that you can easily hire some employees to run for you. Even you can set up an automated laundromat that requires very little maintenance.
Once you’ve made the initial investment of the time and money to setup your laundromat you’ll be earning passive income for a long time. to come passive income idea
Number 20 – Ecommerce Website
Number 20 is an ecommerce website. These days Shopify has made it very easy to set up your own shop online where you can sell any sort of product.
Might not sound like a passive income strategy because you think that I have to get the product and I have to ship it to my customers and that’s going to be a headache.
But there are many people who have e-commerce websites where they sell products that are produced by a different company and are delivered by a fulfillment company.
The e-commerce website then orders the product from the production company and the fulfillment company delivers it back to the customer. the owner of the e-commerce website never has to touch any piece of the process.
This type of business has the potential to be highly lucrative. However it is fairly competitive and similarly to developing apps.
Most people who make a significant amount of money with e-commerce websites do so after developing a number of different ecommerce websites and having one of them take off and become profitable
Number 21 – Storage Facility
Final suggestion for how you can earn passive income is setting up and starting a storage facility. You can either buy a storage facility that already exists or you can buy some land and build a storage facility on it. Once you have your shortage facility up and running. Customers will start to show up and will start paying you month after month to store there are possessions in one of your storage units. Most of the time once people start storing stuff they keep storing it for a long time.
The 21 different passive income idea as I mentioned in the post some of them are easier some of them are harder.
Some of them have a very high potential for profit whereas others are only going to earn you a few dollars a month. Some of them require a lot of advanced skills and others of them anyone can do.
We just want to know which one do you think is the best opportunity. Leave a comment down below to share your opinion on which of these ideas is the very best opportunity.