You may have heard of the term ‘passive income’ a number of times in the past but have never actually uncovered its meaning.
There are two forms of income – passive and active. Active income is a source of money that is earned through working daily – putting in actual hours and being paid for them. Passive income, however, is a form of income that is generated through putting hours into setting up an income stream and then making money thereafter without having to work actively.
For example, writing an ebook and publishing it to Amazon’s Kindle store would bring in a passive income. You would be required to put in time actually writing the book to begin with, however once it’s written and published it’ll bring in money without you ever actually needing to work on it again.
Thankfully, ebooks are by no means the only way to earn passive income. There are a plethora of ways of earning and this article will list 50 of the best.
- Investing. Investing using a site such as LendingClub allows newbie investors to earn interest rates of up to 10% per year. Investing in small companies just starting out will earn you a decent sum paid out in stock dividends for very little work.
- Cash-back. If you’re already spending often using credit cards then you may as well earn money for doing exactly that! Using credit rewards cards will earn you points for spending just as you usually would. These points can be mounted up and exchanged for a range of rewards from gift cards to free hotel rooms.
- Writing an ebook. Writing and publishing an ebook requires fairly low expertise and can be completed in a matter of months – weeks if you’re committed. So long as you can string together decent-sounding sentences in a logical fashion and are able to examine the marketplace to see what books are in demand you can certainly write an ebook of some sorts.
- Courses. Education is a booming industry that generates billions of pounds yearly. Creating a course simply means putting together a compilation of information into a comprehensive guide. Courses can sell for thousands – just think of university courses and how much they charge annually! Udemy is a great platform for creating and publishing a course – they even have a free course on how to create a course!
- YouTube Videos. Creating content to publish to YouTube can attract a significant amount of attention and can then be monetised. Adding ads to your videos will allow you to earn money depending on the amount of views you receive without you needing to ever edit the video again.
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- Photos. Simply taking good-quality photos and uploading them to a site such as ShutterShock or iStock will earn you money long after they’ve been posted – every single time they are downloaded.
- Lending money. Sites such a LendingClub allow you to lend money to those in need of it and charge interest for it.
- App development. Learning to create an app through a system like Coursera can generate money for long periods of time after publishing. Even free apps can earn you money by you adding advertisements and being paid for every click.
- Selling domains. Buying a domain for a lower value, improving it and selling it on for more than you bought it for can earn you decent amounts of cash for very little work. You can buy sites for very little and improve them with next to no effort, increasing your site’s value for resale.
- Blogging. Running an online blog can be a fun and exciting way to share your passions and interests with people who actually care, as well as bringing in a nice sum of money on the side. Affiliate links and Google AdSense will allow you to earn money every time somebody simply clicks an advertisement on your blog – simple.
- Affiliate marketing. Tonnes of companies have affiliate programs through which you can apply to become an advertiser for their company. All you do is fill in your details and they’ll send you links to scatter throughout your blog/website. Each time somebody makes a purchase on a product following your link, you’ll be paid commission.
- Writing articles. If you’re a skilled writer and don’t wish to set-up your own blog/website, writing articles for other companies will earn you money too. Companies will pay you a percentage of the revenue generated through your article without you having to do anymore work!
- Songwriting. Perhaps you’re a talented musician or have an ear for music. Writing songs and publishing them could attract music producers wishing to take your track up and make something more out of it, paying you a decent chunk for the rights to your music.
See Also: How To Promote Music Over Email, 10 Music Related Products To Sell During Quarantine
- Real estate. Purchasing properties, or even a smaller share of a property if you don’t have much money to begin with, can earn you passive income too. Owning a property and renting it out can be a great way to earn by putting in very little active hours. You can also consider House Flipping.
Rent to own with Caza Solution allows consumers who do not qualify for a bank loan to purchase a home. Tightening mortgage rules and the pandemic are preventing more renters from becoming homeowners. Lease purchase can be a way to access a home quickly and without having to take out financing with a private lender, which can cost you a lot of money. In real estate, rent to own businesses is very lucrative. There is also an article about people wanting the flexibility of renting a home.
- Create a clothing line. Using a company such as SpreadShirt to create a simple t-shirt design could allow you to setup your own clothing line and sell via your website for profit. Did you know that Apple once had self-branded clothing in the ’80s? With their fun and colorful designs, they would’ve made a bigger hit today. Check out more of these random facts to learn something new.
- Promote other products and businesses through your site. Businesses will happily pay you to advertise their company through your website. Similar to affiliate marketing, promoting other businesses will earn you commissions depending on the amount of traffic you drive to them.
- Tutoring. There are a tonne of options when it comes to tutoring – maths, english, riding a bike, playing the guitar, you name it. If it’s a skill, somebody will need a teacher. Use your skills to earn money without having to bore yourself with something that doesn’t interest you.
- Dropshipping. Dropshipping involves setting up an online store and shipping purchased products to customers – with one catch. As a dropshipper you never actually handle the product. When a customer makes a purchase, you simply have the product shipped directly to them from another warehouse thus never having to deal with inventory/packaging.
- Create something. Inventing a cool new product and selling it online is a great way to earn income. Once your product starts earning a decent amount of money, you can simply hire people to create it for you and watch your company grow from wherever in the world you wish.
- Design a template. Designing a template for a website and selling it through various online stores can earn you a steady flow of passive income. Create a template in Photoshop and publish it online – that’s all the work you’ll need to put in.
- Breeding. Simply purchasing rare animals and selling their babies is a great way to earn money with very little effort. I once met a man living in an eleven bedroom house just through selling English Mastiff puppies.
- Design knitting patterns. Creating and selling patterns for knitting and embroidery on sites such as Etsy is a sure way to earn online. Explore the market, find out what styles are high in demand and simply supply that demand.
- Essay writing. Sites like MyEssays allow you to write essays for students and be paid for it.
- Twitch. Simply playing online games and recording entertaining videos of you doing so can earn you money. This may be done through sites such as YouTube and Twitch depending on your preference.
- Earn for mundane tasks you already do. Yes, that’s right – you can earn money for simply searching online and playing games. Sites like Swagbucks and InboxDollars will pay you for doing almost anything online so take advantage of these opportunities!
- Uber. Anybody can sign up to be an Uber driver and can fit their lifts in with their schedule. Being an Uber driver is super easy and is something you could do whenever you have some time to spare. Uber works just like taxi companies – people book a lift and pay to be taken somewhere. You will be the person taking them and will be paid a decent amount of money from Uber.
- Selling products online. You can sell your own products on the internet through a blog, website or social media platform. This could be anything from handmade goods, t-shirt designs – you name it!
- Website flipping. Buying websites for low prices and adding value is an easy way to earn online. Once you’ve improved the site by perhaps adding a newer design and maybe a few ads here and the, you can sell your site for more than it was initially worth making a nice profit for very little work.
- Rent out your space through Airbnb. Airbnb allows you to rent out an unused space such as a holiday home or a spare room to those looking for a place to stay the night. There are no requirements, just a decent place to sleep and a Airbnb account.
- Freelancing. Although typically not a passive way of earning, finding a contract through UpWork or Fiverr may get you paid commissions for your work in future.See Also: 25 Best Side Hustles for College Students in 2019
- Media Insiders. Media Insiders is simply a downloadable app that measures how you use your devices and pays you for this information. It is free to download and sign up and can earn you up to $14 a month for doing literally nothing.
- Bitwalking. Bitwalking is a downloadable Android app that will pay you in Bitwalking dollars for simply walking. These dollars can be used to redeem rewards such as gift cards and discount codes.
- Buy expensive equipment to rent out. Purchasing expensive items that people will not be willing to pay full price for if they only intend to use them here and there can be a great way to earn. Renting out these products to said people can earn you a decent amount of cash for doing next to nothing.
- Website creation. Creating websites for businesses is a simple way to start earning. Although this method isn’t entirely passive, many businesses will be willing to pay you commissions for money generated by the site you created, thus drawing in money long after you’ve put in the hours.
- Purchasing a business. Simply buying an already-existing business that earns a passive income is a great way to earn online without actually having to do any setting up. Essentially you’re buying access to a money-growing tree, paying for somebody else’s hard work and reaping the rewards for a long time after.
- Sell your ideas. Ever had a great idea for something that’s never been invented before? Sell it. You could sell your ingenious creation plans by drafting up some diagrams and spreadsheets and demanding commission for every brainchild of yours that sells.
- Reward programs. Spending some time researching the best reward programs for the things you already purchase frequently (flights, groceries from your favourite supermarket, hotel rooms etc.) can earn you a decent amount of money per year for simply doing the things you already are doing.
- Buying in bulk and selling separately. Buying products in bulk for a reduced price from other countries and selling them separately through outlets such as Ebay will earn you passive income without you needing to actually create any products.
- Designs. Designs for just about anything will sell – whether it be mugs, t-shirts, posters, newsletters – whatever it is, you can sell it. Digital products are also now sellable through Etsy and require very little time/money to create but will generate money for as long as they live.
- Job board. Simply creating a site onto which employers can post jobs for a fee will be sure to bring in customers and earn you a fair amount. Try to focus on a specific niche here rather than going for a crazily wide audience that you won’t be able to account for at the beginning.
- Donations. Rather than selling your products for a fixed price, giving them away for free and leaving the option open for customers to make a donation can also earn a considerable amount. By leaving the door open, not only will customers see you as being far more generous, adding value to your product, but you may also have some people donating far more for a product than it is actually worth.
- Create a podcast. Offering free podcasts and charging for access to premium content can earn you a nice sum of passive income. Giving top-quality information in your niche-specific podcast will not only draw people in but will persuade people to find out more by purchasing your premium content.
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- Savings account. Opening a savings account that pays high interest is an age-old method of earning a little extra cash every year for doing nothing. Simply depositing money into your account will increase its value over time without you having to work at all.
- Sales representatives. Being an online sales representative can also earn you a considerable amount of commission. People will be willing to pay you for successfully advertising their products.
- Renting your car. If you have a car that’s rarely used you could be wasting an opportunity to earn money. Sites such as Turo allow you to rent out your car to anybody in need of a vehicle for a price.
- Allowing people to park on your drive. Allowing people to park on your driveway in an area where parking can be difficult is a service you can charge for. So long as your prices are less than parking meters will charge, people are far more likely to come to you than anywhere else.
- Instructions. Creating step-by-step instruction manuals for everyday problems can also earn you cash.
- Lending things to friends. Lending expensive products to friends for a fee can earn you money by simply not letting things you already own gather dust – easy!
- Selling notes. Selling off old notebooks to students studying your previous courses is an easy way to make money. So long as they’re useful and easy to read, selling your notes is far better than throwing them away after your finals.
- 3D printer models. Creating 3D printing models and selling them through a site such as ShapeWays is a sure way to earn you passive income for little work.