To become Finically independent, you will need to build a stream of passive income. Passive income, is money you are making whilst not doing anything, by mastering this skill you can focus more of your time on more important things like family and life. So here are 21 passive income ideas.
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1. Affiliate Marketing
Affiliate marketing if done right, can be insanely profitable. And no, I am not mentioning Amazons affiliate program. Depending on your brand, you can be affiliated with all types of products and services, though my most favorite ones are ones in the business niche. This is due to most of them having recurring revenue if you sign a person up to their product. Here is a list of a few recurring revenue affiliate websites…
- ConvertKit – All Affiliates make 30% Recurring Commissions.
- MailerLite – All Affiliates make 30% Recurring Commissions
- AWeber – All Affiliates make 30% Recurring Commissions
- GetResponse – $100 per sign-up or s make 33% Recurring Commissions
- Drip – 30% recurring commissions
The ones mentioned above are my personal choices in which I advocate for. Also note, that if you are able to get only a few people on there, lets say about 10 – 50, you could potentially replace your whole income!
2. Rent Out Space
Do you have a spare room or house? If so then you can easily rent those rooms out on Airbnb. Which, if you give the house a nice renovation, you can charge more for these rooms. Though be aware, be sure the house or room is at a desirable location with a good supply of demand.
For example, you wouldn’t expect to get many clients if your house is in the middle of nowhere, in contrast to a house in the bustling streets of London.
3. Start Writing
Writing can earn you a decent amount of money, especially if you know how to market your content and write well. But what if you can’t write well? Then my suggestion is to go to medium.com, Medium allows all types of writers to write for them, though I advise you to join a publication, for Medium to start showing your work to other readers.
Once you are writing is up to par, you can then go to iwriter.com, this website will allocate your work and pay you significantly more than medium.com for the work you complete for clients. The best part is if you get to a higher ranking, they will pay you more for the work you do, which can easily replace your job.
4. Sell On Etsy
If you are good at handcrafting items, or even painting! Then Etsy is the place for you. Etsy is a marketplace that sells handmade items, from clothes, desks, table lamps, and much more. If you are good at crafting things, then definitely check it out!
5. Write a Book
Do you enjoy writing? Why not make a book!? With Amazon KDP, you can now write your own nonfiction or fiction book. However, please note you will be needing to make your own cover for your book. If marketed well, you can easily replace your income with just a few of these books. But remember, quality writing is more important than the quantity of books publishedhed!
6. Amazon FBA
Similar to Etsy, but the difference is, with Amazon FBA you will be buying a product in bulk and selling it at a higher price. I’ve previously done this but with eBay. However, the trick to do this is by finding high demand and low competition products, this will allow you to quickly make sales at any given time.
7. Invest In Peer-To-Peer Lending
P2P Lending, or peer-to-peer lending, revolves around you lending your own money to businesses or individuals. This can be highly lucrative if you have a good amount of cash laying around somewhere. However, the risk of this is, the individual or company may not be able to pay you back.
8. Start Uploading Youtube Videos
YouTube can be seen as a dead-end, however, if you bring a unique prospect to YouTube and correctly market it, then you can greatly increase your subscribers. content creation, gives you avenues to create your own brand, accept sponsorships and display advertisements to generate your own income. It can be quite difficult, but it is surely worth it!
9. Invest In Crowdfunded Real Estate
Don’t have enough money to purchase real estate? Then simply invest in crowdfunded real estate. This is where you invest a certain amount of money into a property and wait till it’s completed and has inhabitants, the perks of this is, you will start earning money once people are paying for rent on the specified property.
10. Dividend Stocks
Dividend stocks are stocks or index funds that give you a certain percentage per year. For example, if you invest £1000 into a stock, then a 2% dividend will pay you 2% of that £1000. Though the extra perk is the following, the more an index/stock rises in price, the bigger dividend you will attain due to the increase in price.
11. Invest In Index Funds
Index Funds are by far the BEST and SAFEST way to invest. An index fund comprises of thousands of company’s in a specific category. The reason why you would want to invest in them is due to the steady growth they have, of 7-8% per year.
12. Rent Out Equipment
Have spare equipment laying around? then simply rent out, you can rent out your spare phone or even your gaming console.
13. Develop A Smartphone App
Developing an app can be insanely profitable especially if marketed right. However, there is a general fee to make an app. If you don’t know how to code, then you will need to pay for a developer and also a fee for putting the app on Apple or Google’s Play Store. You can make money from in-app purchases or advertisements.
14. Rent Out Your Space For Adds
If you have a blog, you can communicate with advertisers saying you will place their ads for a certain length of time for a specified amount. This can be done also on Instagram, Twitter, or youtube.
15. Start a Podcast
Starting a podcast involves talking about a specific subject, though this is not what will generate income. What will is the advertisements and sponsorships you can put on each podcast.
16. Invest In a Savings Account
Want to earn money without risking it at all? Then put it into a savings account. A savings account will give you a certain amount of interest per year. Although they pay incredibly low, but with a large sum of money, they can be quite life-changing.
17. Download Brave Browser
I have only discovered Brave browser recently. They are a browser that not only will block ads and protect your privacy more so than google chrome but they will give you cryptocurrency called BAT, whenever you view one of their ads. These ads are tiny notifications that appear on your screen, so you don’t even notice them.
18. Download HoneyGain
Have extra data to spare? Then go with HoneyGain, HoneyGain Sells your data to individuals and pays you, per a certain amount of data that you send. You can join them with this link.. https://r.honeygain.me/PEREICCC70 – please note, this is an affiliate link, however, all revenue I generate will go to make-a-wish-foundation.
19. Create an Email List & Accept Sponsorships
If you have a large email list, then you can most certainly sell it to advertisers, by telling them you will be putting their ads on your email list when you schedule them out.
20. Create a Course
Have a lot of knowledge about a certain topic? Why not create a course about it! Creating a course can be very lucrative, if it solves a problem in the market. However, if you don’t have time to market your course, you can always go to skillshare, where a large partition of their audience should be able to find your course.
21. Take Clinical Trials
Though this can be seen as taboo, clinical trials pay a lot of money to individuals. They can range from £1000 upwards, however they will come at a cost for potentially harming your health. To find them, quickly Google Cinical Trials.
Well I hope these tips will help you along your journey of passive income, but whilst you are here, do leave a comment and tell me what you think! Anyways, till then friend 🙂