How would you feel if you earn money passively (earning money from a work while spending little or no time maintaining it?)
“Side Hustle”, “Passive Income”, “Multiple Streams of Income” etc., we hear these phrases a lot and it makes one wonder- how can one successfully earn passive income?
A passive income is simply the revenue you earn while you are not actively working; you keep earning money whether or not you are working. When you earn money from a side business while you spend little or no effort on the work or to maintain it, you are earning a passive income.
Passive income is also called residual income. It is basically what happens after you have already done the work.
There are so many types of passive incomes available today; here are 25 Passive Income Ideas:
- Write a book: you can simply write a book, and self-publish or traditionally publish. You would be getting years of passive income steadily, as people buy the book!
- Write an e-book: do you have an idea or are you good in a specific area, you can write an e-book and put it on sites like Amazon, and you start getting monthly income as people buy your book.
- Create online courses: most people want to learn something new, and chances are, you already know something they would want to learn. Why not turn it into a course and help people learn with a fee?
- Affiliate marketing: you can start this if you have a blog.
- Sell your photographs online: take high-quality pictures and sell it online.
- Rent your apartment: going on a trip? Why not rent a room in your apartment to a trusted friend?
- Join a good and trusted lending club around you.
- Sell your products online. You can sell crafts you make online on different websites.
- Invest in real estate.
- Sell your old items online, e.g. you can sell on eBay
- You can use your car for cab services, you can even employ someone to handle that.
- Blog and take it seriously.
- Create an app that is needed. Remember, creating an app is not as expensive as it seems.
- Outsource: you can also outsource the tasks you currently do for your business.
- Sell your used books
- Enter contests and giveaways. You can find lots of contests and giveaways online.
- Produce an audio book. You can simply turn your book into an audiobook, and start making money from that as well.
- Invest in dividend stocks
- Invest smartly
- Create a start guide. For example a start guide of launching a website or writing a book.
- Rent out properties or equipment: do you have tools or equipment that people need? You can rent them out.
- Design t-shirts, mugs, etc.: On websites like http://www.cafepress.com/ you can design your own t-shirts, mugs, and so on.
- Freelance your services
- Buy items online and resell.
- Vending machine business is also another great passive income idea. You can even employ somebody to help you handle the stocking of the vending machine.
Do you have more passive income ideas? You can share them with us below. Don’t forget to share this article, sharing is caring!