In a traditional working environment, you work a set number of hours at a pre-determined rate set by the employer. The good news is that you get a guaranteed check for the hours that you work, with the bad being that you don’t make any money outside of those hours, unless you are pursuing passive income online. Those of you who may not be familiar with this way of making money are likely now posing the question, “What is passive income?” Simply stated, passive income is a way to make money over and over again even when you are not actively working on that “job.”
We are here to help you discover how to make passive income without needing to get into a huge outlay of your time or money. With that in mind, we have come up with 9 passive income ideas that you can get started with as soon as you finish reading this piece, so let’s jump right in.
1. Affiliate Marketing
Is there a particular product or brand that you really like and that you trust? Were you aware that you might be able to generate passive income by promoting said brand or program? There are lots of companies out there who have an affiliate program in place. These are free to join, and you can make money by promoting products and services via your unique affiliate link. You will receive a percentage of every sale generated by a customer clicking on your link. If you are planning on working with several different affiliates, you should look at creating a website to better get the word out in an organized manner.
2. E-Book Writing
It’s not just big shot authors like Stephen King who make money from selling their books – you can do it too! If you are passionate or knowledgeable about a specific subject, why not create an e-book that you can share via your website or in online stores like Amazon? Yes, you have to invest some time in writing the e-book, but you get money coming in for every sale that you make after the fact.
3. Create Online Courses
There are several educational sites out there that allow you to make some extra money by turning you into the teacher. Websites like Udemy give you a platform to sell your knowledge to eager students. Again, it takes a little bit of time to set up your courses, but once they are done and online, you can make a lot of money in a very short space of time. Once consumers take your course and get something out of it, they will be more than willing to subscribe to and pay for any future courses you upload.
4. Create a Smartphone App
You don’t necessarily need to be a tech whiz to create a smartphone app that can make you a nice chunk of passive income. Some of the best, not to mention most lucrative, apps are rather basic and can be created from a template of sorts. There are several different online app makers that allow you to build the next great app from scratch. You don’t even need to necessarily sell the app to make money, as making it free and putting ads in there can also serve as a great way to make a little extra money.
5. Make Money From Licensed Photos
The average smartphone is now a powerful camera as well as being a way to stay in touch with friends and family. Rather than letting your great looking photos clog up your memory or cloud space, choose instead to put them up on a website for sale. There are several well-known sites that allow you to upload your images for sale, with the best part being that you are not limited to selling each image just once. Bloggers and graphic designers are always looking for images for their projects, and they are willing to pay to get the image they want. You can have a single image making you money for years. This is a truly effective way to make passive income online.
6. Become a YouTube Sensation
This one is a little easier said than done, but if you can create content that you believe people will love, you can quickly learn how to make passive income through the videos you create. People love to share videos through social media sites and YouTube is willing to share their advertising revenue with video publishers who bring in a large audience. Investing in some video editing software is a good idea for those of you interested in this income idea.
7. Purchase an Online Business
One of the toughest things about creating an online business that makes you money around the clock is getting said business in front of the masses. Starting your passive income business from the ground up takes a lot of time and work, and it may be quite some time before you start to see that money rolling in. One way around that is to buy an online business that is already established. Yes, this is the most expensive of the options listed here, but it’s also the one where you are basically going to be getting a return on your investment from the moment you take the reins. If you do go this route, look for a seller who will work with and train you for a month or so. They can show you the tips and tricks that led them to owning a successful online business.
8. Renting Space
The options open to you here are limitless and can range from renting out a single room to a second property, or perhaps even a vacant office space. Most of the wealthiest people in the world amassed their fortune by investing in real estate and renting it out. The beauty of going this route is that you don’t really need to be that hands on, as you can put a property manager in charge of bigger spaces. Alternatively, you can play the role of landlord when renting out a room, basement suite, or even your dining room for dinner parties hosted by others. This is one of the easiest ways to make money on something that you already own.
9. High Yield Mutual Fund/Stocks
One of the most effective ways to increase your wealth and earn money while you sleep is through investing. High yield mutual funds are particularly popular, as they increase your money a whole lot quicker than leaving it in a traditional bank account and letting it sit. Sure, you’ll make interest in a bank account, but nowhere near the sort of returns that you can traditionally expect to see when you have those high yield mutual finds.
As you can see, there are plenty of different ways to make money online and off. We are just scratching the surface here, though, so get out there and see what else you can do to create a new income stream. The next time some asks you, “What is passive income?” hopefully you will be able to tell them that it’s how you became independently wealthy.