How to Make Passive Income?
Passive income opportunities require very little engagement from the person who is earning the income. When you’re equipped with the knowledge of how to successfully produce passive income, you have the key to financial freedom. The professionals at Entrepreneur advise that over time you can build a substantial income from pursuing passive income opportunities. With the ideas listed below, you could make passive income upto $100 a day!
Forms of Passive Income
According to Investopedia, the field of passive income is becoming broader with time. So, don’t fret if you don’t have a lot of money to invest in building a passive income, because fortunately, you can replace money with time.
35 Most Dependable Passive Income Ideas
1. Become a Blogger
Creating a blog is an excellent idea for anyone with a marketing, communications, or writing background.
Even if you don’t have experience in one of these areas you can easily generate passive income with a blog if you have special knowledge to offer.
The key to generating income is building a following, attracting paid partnerships, and offering ad space.
You can read this blog of Neil Patel on how to be a better blogger, for a perspective.
2. Make Your Car a Billboard
There are organizations that can connect you to businesses that want to use the exterior of your car for ad space.
You could potentially earn several hundred dollars per month by allowing your car to be wrapped with an ad.
The only thing required of you is to drive your car.
3. Post Videos to YouTube
If you have expert advice to offer then you could generate some income by posting YouTube videos.
According to Business Insider, you can link your videos to Google AdSense.
By doing this, an ad will automatically play prior to the start of your video.
You’ll receive payment every time the ad is clicked.
Read this post on Social Media Examiner and learn how to grow your youtube channel.
4. Purchase a Vending Machine
Consider this source the definition of passive income when executed properly.
You simply purchase and install the vending machines in buildings that receive substantial foot traffic.
With a little bit of research, you can find out what items your customers prefer and stock accordingly.
Remove yourself from the process even more by employing someone to maintain the stock of the machines.
5. Put Your Photography Skills to Use
If you tend to take pictures everywhere you go then this is an excellent option for you to create passive income online.
You simply post your photos to websites like Shutterstock and then receive cash when each time your photo sells.
The initial portfolio set-up is the only work involved.
6. Start an Online Store
You don’t actually need inventory to start an online store.
The experts at Well Kept Wallet refer to this phenomenon as “drop shipping.”
Essentially your site offers products that other manufacturers have in stock.
The customer purchases the item from you and the manufacturer ships it.
You receive the payment without ever touching the product.
7. Sell an E-book
This opportunity does require initial work, but after its completion, your e-book will produce a passive income stream for years to come.
As long as you e-book is available to the public and consumers are purchasing it, you’ll receive a payment.
This option is best for individuals with writing experience but can be utilized by anyone with a story to tell or information to share!
There are online courses you can join and learn all abour e-book writing.
8. Peer-to-Peer Lending
This method allows you to help someone else out and benefit your own bank account at the same time.
Peer-to-peer lending is a service that is offered to individuals who need to take an alternative route to financing a loan.
You can just become a lender for your known colleges, neighbors, or just invest in a lending business.
By investing in a company that offers peer-to-peer lending services, you’ll receive passive income from the interest the lender pays.
You can expect to receive 6-10% of your initial investment in profit.
9. Drive Up Your Income with Dividend Stocks
Passive income investments can require initial funding, as is the case with dividend stocks.
This option will also require additional time in the beginning.
You’ll want to do some research initially so you can be sure you’re making a good investment. Once you’ve invested, you’ll receive dividend checks.
The more you invest, the larger those checks will be!
10. Renting a Room in Your House
If you have a spare room in your home you can easily earn some extra money towards your rent or mortgage by simply renting out space.
In this instance, you have a couple options.
You could lease the room at a long-term monthly rate or by the night on Air BnB.
11. Rent Out a Commercial Space
If you’re looking to make an investment in a property then consider purchasing a commercial building space.
Then, you can rent the building to a business owner and collect a monthly rent check.
In addition, investing in commercial property can become very lucrative if you decide to sell down the road.
12. Affiliate Marketing
According to Business Insider, you can actually produce income by advertising for other companies on your blog.
This is an excellent option for individuals with a strong social media presences as well.
You can easily snap a photo of the product on Instagram alongside a short post and shout out to the company.
13. Savings Accounts
High-interest savings accounts allow you to accrue interest faster than a standard savings account.
According to the financial gurus at Good Financial Cents, you can earn interest at the rate of 1.5% compared to a mere 0.15% with a traditional savings account.
This is a low-risk option, but keep in mind that this option will only produce a small amount of passive income.
14. Cash Back Rewards
Credit card users can build passive income just by using their credit cards.
Consider making major purchases with credit cards for items like plane tickets and electronics.
Shop around for a credit card that has sign-up offers.
These offers will allow you to accrue more points faster, resulting in an increase in passive income.
15. Invest in the Stock Market
One of the most traditional ways to accrue passive income is investing in the stock market.
It’s an option that can produce a seriously high yield. You’ll want to do some research to learn the ins and outs of investing.
It’s also advised that you go through a reliable organization for your initial investment.
For beginners, Investopedia’s stock market guide is the place where you can get a lot of knowledge.
16. Sell a Video Course
There are several passive income opportunities online that require some initial work but then yield long-term passive income.
This option creates an excellent opportunity to share specialized knowledge on your topic of expertise.
There are websites designed specifically for creating and sharing your online course with users.
Consider making the course available in more than one format, like podcasts and videos, to make it more marketable.
17. Become a T-Shirt Designer
With companies like Cafe Press and Amazon you can post your own designs for merchandise like t-shirts, totes, stickers, mugs, and more!
When the customer purchases your design, the company prints and ships the product.
This is an excellent option for producing income during elections and other a major events.
18. Develop an App
We’re living in a digital age and it seems like there is an app for everything.
But, let’s face it, how many of these apps are high quality?
If you’ve tested out your fair share of apps then you know that there is a market for truly useful and well-developed apps.
19. Invest in Realty Loans
This passive income source is a good option if you have at least $1,000 to invest.
According to Listen Money Matters, there is a market for investing in real estate loans.
So if you want to skip the option of investing in an actual piece of real estate, you can take this route and still benefit.
20. Create a Guide
If you want to learn how to make passive income off of the activities you’re already engaged in then this is an excellent option for you.
On your next getaway or family trip, thoroughly document your experience.
You can develop this into a travel guide when you return home and sell it online.
21. Working at the Carwash
This is one of several passive income ideas that require very little work after the initial property investment is made.
The key is purchasing a self-serve or automatic carwash.
You can even pay someone to restock and maintain the space, further removing yourself from doing any work. Location is pivotal to the success of this investment.
22. Buy a Business
The best passive income businesses are already established, meaning you don’t have to worry about starting from the ground up.
First, establish your preferences and decide what kind of business you’re looking for.
There are online and physical options.
In order for this option to be passive, you need to purchase a company that is already fully staffed, has a reliable management team, and is profitable.
23. Rent Your Gear
Pursuing a new interest can be expensive and sometimes we don’t stick with every new hobby we start.
Fortunately, you can rent out your gear.
This is an excellent option if you have expensive camping gear, musical instruments, or even tools that you are not using on a regular basis.
24. Sell Your Old Stuff on eBay
This option isn’t completely passive, but if you’re trying to downsize then it can be a great form of income.
The only work you’ll need to really put in is listing and shipping the items that you sell.
Keep in mind that your items are more likely to sell if you use the “auction” option.
25. Artsy Opportunities
We usually think of three categories when discussing passive income: finance, real estate, and tech.
However, there are other options for artists and creative college students. According to The College Investor, selling digital designs on sites like Etsy can be a very lucrative path.
This is also an excellent option for professionals with a background in graphic design software
26. Get Paid to Shop
If you shop online at sites like Amazon or other major retailers then consider signing up for Swagbucks.
You’ll receive points for making purchases you’d have made anyways.
Over time, your points will stack up and translate into cash back rewards.
The company offers additional opportunities for building your point bank.
27. Sell Special Occasion and Everyday Cards
This is one of the more creative passive income examples.
According to money savers at The Penny Hoarder, you can actually get paid to help write and design cards.
After the initial work of creating the design, you won’t be required to do anything else.
The best part is that you get paid every time your card sells!
28. Silent Business Partnering
Essentially this option allows you to become a partial business owner without having any obligation to running the business itself.
As part owner, you’ll receive part of the profits.
If you go this route, be certain that you’re investing in a stable and lucrative company.
29. Become a House Sitter
This is an excellent option for individuals who don’t have pets, children, or other obligations that they need to return home to daily.
You can actually get paid just to stay at someone’s home while they’re away.
And, if you want to take a vacation yourself then you can look for house sitting opportunities abroad.
30. Take Notes
Calling all college students! This is a special option just for you.
If you’re an excellent note taker then you should consider selling your notes to your peers.
Other students will actually pay to purchase notes and study guides.
You’ll benefit by making some extra cash and your grades will also benefit from your excellent notes.
Certificates of Deposit are still a popular form of traditional investing.
This is a fairly low-risk option. While it won’t bring in a lot of passive income short-term, CDs can produce substantial returns over time.
If you’re looking for a long-term investment then this may be a good option for you.
32. Refer Small Businesses and Service Providers
If you’re a homeowner or professional then you probably seek services from a variety of businesses.
Check in with your service providers to see if they offer referral rewards.
Essentially, you’ll be increasing their business and receive a reward for doing so.
This option requires very little of you since you’re receiving the services anyway.
33. Get a Gumball Machine
Consider purchasing a few gumball machines and placing the machines at local businesses that receive a lot of foot traffic.
Shopping malls make an excellent location for gumball machines.
This is one of the types of passive income that should be pursued in multiples.
The more machines you have, the more you’ll make!
34. Start a Storage Space
If you want to learn how to earn a passive income monthly while investing long-term then consider purchasing a storage space.
Storage spaces are an incredibly low maintenance way to produce income.
You’ll own property and be collecting monthly rent from customers.
This is an investment that practically pays for itself while requiring little work on your part.
35. Develop Lesson Plans
It turns out you don’t have to have a teacher certification to develop and sell lesson plans.
If you have specialized knowledge to share then you can contribute to the field of education by compiling that information into a lesson plan.
Once you’ve created the lesson plan, you can sell it to multiple buyers.