Do you want to generate income with or without much effort? If yes, then building a passive income stream is the way to go.
What is Passive Income?
Passive income, sometimes referred to as residual income, is money earned while not actively working.
What are some examples of Passive Income?
- Affiliate Marketing
- Digital Products
- Rental Properties
- Investing In the Stock Market
Here is a list of some smart passive income ideas:
1. Rent out a Space
If you have a home and would like to make earn extra from renting out an extra room, your garage, closet, office space or empty lot, then this is a good option.
2. Affiliate Marketing
You can promote other company’s products and earn a commission every time you refer someone. You don’t need to take care of inventory, support, or anything like that. The most common way to passively earn from affiliate marketing is by having a blog.
3. Create and Sell Online Courses
If you are knowledgeable about a specific topic you can create video courses about anything from geometry to Marketing and sell them on your website, Skillshare, Udemy or teachable.
4. Write an eBook
if you enjoy writing and would like to write short-form content that provides value to others then you can create an eBook and sell it on Amazon.
5. Start a Youtube Channel
You can start a channel without making videos with your face or voice as those are some of the greatest fears that prevent people from starting a Youtube channel. You can create educational, tech, funny or any other videos and make money from sponsorship and ads.
6. Create a Blog
You can create a blog just like this one that you are reading and monetize your blog through ads, eBook sales, affiliate marketing, sponsorships or even your own courses.
7. Sell Designs Online
If you enjoy design or knows how to design websites, make logos, use major designing tools then you can create bundles of designs and sell them to people who are looking for different designs.
8. Create an App
Creating an app that solves a problem requires upfront investment but will in turn give great returns after its success.
9. Use Cashback Sites
You are already shopping daily, weekly or monthly so using these sites requires no extra effort to earn money passively.
10. Sell Stock Photos
There are billions of blogs and companies that need stock images to add to their content. f you enjoy photography you can submit your photos to stock photo sites and get a commission whenever someone purchases one of your photos.
So a common myth about passive income is that it requires nothing to make money. Actually it requires time and effort or money or even both.
Which of the above will you try or is more suitable for you?