Passive income is the ability to make money while you’re sleep. It is the great way for students and self-employed to generate extra money while pursuing your higher degrees, hobbies and dreams. It can help you to maintain your purchasing power during good and bad times. So I hope that these 20 passive income ideas help you to generate some extra money and grow your wealth.
Ways to Generate Passive Income
Invest In Real Estate
If you do not think much about your money, but want it to work for you, then you can invest your money in real estate. Investing in real estate is an awesome way to earn passive income. It has become most popular investment method over the last 50 years. When you look at the richest investors all over the world, one of the common assets they own is real estate. In U.S. the average sale price of homes increased every year.
You can invest in real estate with small investment by using platform like Fundrise, Roofstock, and RealtyMogul. If you don’t have time to manage your rental property then you can invest your money through REITs(real estate investment trust). Fundrise specializes in REITs. It is a continuous and effortless way to generate extra money.
Create an Online Course
After Covid19 everything has gone online, education is one of them. One of the most popular strategy for passive income is creating a video or an audio course. You can sold your course through sites such as Udemy, Skillshare and Coursera. If you are highly knowledgeable person then it is the fantastic way for you to make extra cash. You will need to put only effort to create an online course.
It also help you to build your expertise in specific subject. After creating an online course you can make money while you sleep. Many people look at online courses to upskills themselves.
Invest in Business
Another popular way to generate passive income is to become a partner in business. This investment method is very risky but with risk comes the potential for high returns. You can reduce your risk by investing small amount in many companies. In initial stage many companies looking for private investor to invest in their companies.
Dropshipping is a business model where you sell a products to a customer. According to Google Trend Popularity of dropshipping business is rising day by day. When you open your store on Shopify you have to access millions of products that you can add to your store. The great thing about dropshipping is that you don’t need to manage inventory and handle the products. You can start your dropshipping business with very little amount of money. You need to purchase domain and hosting and then you can start promoting your products.
Sell Stock Photos
Are you a person who enjoy snapping pictures ? If yes, then you can use your talent to make some extra money for your photos. Many stock photography sites are available where you can upload your photos and get paid whenever someone download your photos. Sell your photos by enrolling third-party site such as Shutterstock, Unsplash and Adobe Stock. You can also sell your images on your own websites putting some marketing efforts. If you can take high quality images that people are interested in, you can make lot of money.
Build an App
It is an awesome ways to make passive income forever and ever. Like an online video and audio courses, building an app requires time and effort. When your app is made you can sell it an app market. You can make money through sponsored ads. If you don’t have any coding knowledge but you have a great idea then you can hire freelance app developer.
Publish an E-book
If you have a knowledge in specific subject then you write your e-book and sell it on Amazon Kindle. Creating and publishing an e-book is a great source of income. It also requires an investment of your time. It don’t requires money to get started. It is an easy way to generate extra money. Simply write your e-book then publish on amazon kindle by using free publishing tool. If you provide informative content in your e-book then you can earn nice income.
Affiliate marketing is an another popular way to make money without lot of efforts. First of all you’ll want master SEO Tools to find the right keywords that are going to bring lot of traffic to your sites. Next, look for best affiliate marketing program and join it. Sell their products on your site and earn comission on every sale. It is one of the simplest way to earn money online. If you can bring lot of traffics to your websites and affiliate links, you will able to make more and more money.
Stock & Crypto Investing
Now all the things have changed. People are looking new ways of making money. Investing in stock and cryptocurrency is a great way to generate long term passive income. For investing in stock & cryptocurrency, You need to open demat account with a broker like Robinhood or Coinbase. Invest in good companies and hold on to your investment for the long term is the key to making money with this method.
Freelancing is a fantastic way to generate passive income. It is growing rapidly day by day. In the next five years, freelancing sector is expecting to reach 50 billion dollar in the United States. In your spare time, you can make money by doing some freelance work. Upwork, PayPerHour and Fiverr are the most popular platform for finding freelance work.
Invest In Nasdaq-100 Index Fund
If you don’t have time and experience to research specific stocks, but you want to invest in stock market, index fund are the great option for you. They give you exposure to an entire collection of stocks and securities that track a specific index. Nasdaq-100 is one of the world’s greatest large-cap indexes. It allows you to invest tech companies Apple, Meta(Facebook) and Microsoft. It is a great source of passive income.
In this article we’ll look at passive income ideas. I hope this method help you to make money online and build your wealth.