Are you brainstorming the best passive income ideas to start an automated business or make extra money on the side? Well, guess what? You’re in the right spot.
In today’s post, I will uncover the most lucrative opportunities and how to make 100k a year in passive income in 2023.
For those who are unfamiliar with the term “passive income,” let me explain what it actually means and then list out multiple sources of passive income.
What is Passive Income?
The most important question of the hour is, “What is passive income?”
Passive income is ‘money earned without actively working for it’. In short, it’s ‘money earned by working smart’. If you’re successful, smart, and move on the right track, the income/revenue continues to increase indefinitely after the initial effort.
Passive income is also known as residual income, recurring income, and most popularly sleep income. Don’t confuse this with getting paid to sleep, as that’s called salary or incentive, not passive income. Passive income is the income that you earn without needing to do any work.
Many consider passive income a hoax because our minds are fine-tuned to working hard day in and day out since childhood. But we fail to recognize that by working smartly, we can greatly diminish the efforts required to achieve our goals and also generate income in this process.
It’s similar to building a house and enjoying the comfort and luxuries for the rest of your life.
I. Active Income Vs Passive Income: What’s the Difference?
As mentioned before, passive income is a constant source of income that you receive for work that you have done once. It is the mode of income that continues to flow even when you are asleep or, as mentioned above, the income you receive from a project that provides you with a steady stream of income after working on it once.
On the other hand, active income requires active effort to generate revenue. It is crucial to pay close attention to every single detail, as the work is not sporadic, but requires continuous contribution. For example, routine 9-5 jobs.
Interesting Read: Skills Needed to Achieve a Six-Figure Active Income.
II. Why You Need a Passive Income Idea?
When it comes to discussing the importance of passive income, the possibilities are extensive. It is a relatively new concept that more and more people are finding useful. But why should you adopt it?
Passive income requires a lot of hard work and precision, which is why it is essential to be cautious about the type of route you choose. It is crucial to analyze and assess all the possible streams and find the one that seems best for you. With that being said, if you are considering opting for a passive income stream, keep a few prospects in mind.
Let’s take a look at some of the pros and cons of this monetization model below, shall we?
III. How and What are the Different Ways to Make Passive Income?
Today’s internet world provides multiple avenues to achieve grandeur by investing valuable resources like time, money, or both. I have always been in search of a system that could help me work smart while also spending time with my family. Passive Income can be categorized as either totally passive or semi-passive.
By semi-passive, I mean income streams that require an initial investment of time and work but can bring a consistent stream of income as time goes on.
My quest for a consistent source of residual income led me to a long list of both passive and semi-passive income streams. Hence, I decided to categorize them based on the level of investment.
Semi Passive Income Ideas with Little to No Investment
Most of these methods are “set it and forget it” strategies, while others may require some effort to build in the beginning. You only need to invest a small portion of your savings to create a sustainable stream of passive income that can support you for the rest of your life. However, this list will also teach you how to create passive income with no money.
All the passive income ideas published in this post have been tried and tested, proven to be 100% achievable even for beginners with a strong entrepreneurial spirit.
Don’t forget to take a note of these passive income examples to attain financial stability. Keep in mind that not all ideas will necessarily fit your skills and abilities. What works for you will depend on your interests and plan of action.
So, what are you waiting for, folks? Let’s get started!
1. Graphics Designing
Graphic designing is a creative way to earn money by designing and selling products that your customers will love (and buy!).
You can sell printed products like business cards, banners, flyers, brochures, and more. Additionally, there is a constant demand for digital products such as blog planners, fonts, patterns, mockup sets, clip arts, media kits, logos, icons, and vectors in the online world.
While Graphic Leftovers is a website where graphic designers can even sell unwanted files, such as logos, icons, illustrations, and more, ThemeForest is a popular marketplace for designers who have web design templates to sell.
Creative Market is another amazing online marketplace with millions of visitors where you can sell your creative works for good margins.
If your goal is to sell digital products, I suggest partnering with an e-commerce platform like Etsy or Sendowl that prioritizes conversion rates and ease of use.
2. Selling Crafts
Have you ever tried your hand at making DIY gifts, custom stickers, cards, jewelry, wall arts, home decor, pillows, bags, and clocks? Whether you are just starting out selling things or are already an expert, this passive income idea may be of interest to you!
This form of money-making has been very lucrative for ages and continues to be popular today. If you have a great product and a solid marketing plan, you can start selling your creations online.
Crafters can now showcase their goods to customers all over the world without leaving home, which is not only convenient but also helps keep overhead costs low.
There are many marketplaces where you can sell your craftwork, but Etsy is particularly profitable for handmade crafts.
Check out:
- 50 Most Profitable Crafts You Can Start Selling Online
- 30 Best Things to Sell On Etsy to Make Extra Money
3. Designing & Selling T-Shirts Online
One of the best ways to make passive income is by designing t-shirts and other products.
If you have ideas for the types of designs you want to sell, you can be up and running in as little as a few hours. Consider your t-shirt as a blank canvas where you can paint your ideas. The ideas don’t need to be complicated; they can be simple yet catchy and creative.
Keeping in mind the immense competition you got be facing in this field, you’ll need to break through.
Moreover, designing and launching a new t-shirt brand is a relatively inexpensive and quick way to start an online business. It has been a popular business choice for decades and continues to be so.
You can do this even if you don’t have any prior designing skills. With the abundance of apps and integrations in the Shopify App store, you can connect your store to a t-shirt printer/drop shipper in minutes and have a fully functional store ready to print and ship to your customers.
All you need to do is find a site like Red Bubble where you can upload your creative design ideas and then proceed to create t-shirts, laptop covers, coffee mugs, and other similar products. This is actually a very good way of earning passive income from the comfort of your own home. It is most suitable for people who are artistic by nature or possess designing skills.
Once you are done creating your products, shoppers will visit the site and check out the products that you have created. The moment a shopper buys your product, the site will pay you a portion of the total profit earned. All you need to do is create the product, while the rest of the work like shipping and production will be taken care of by the site.
There is no need for you to be bothered with that or spend a single penny after the production of the product. So, if you think that you can handle such a lucrative way of earning passive income, then you are most welcome to join Redbubble or any other similar site.
4. Writing & Publishing eBooks
Wait, don’t skip this! This isn’t a tough task anymore. Nowadays, anyone can do this with the aid of an AI!
If you’re an expert in a particular field, then you need not even wait or take that route.
This passive income stream can easily take you from rags to riches. Remember how J.K. Rowling, a former school teacher, turned her passion for writing into profits with her record-breaking Harry Potter series. If you are passionate about writing, put your skills into action immediately. Your aim should be to provide value to your readers.
Platforms like Amazon allow you to self-publish your e-books, so not much investment is involved. Target your field of expertise or interest and dive in to produce a valuable e-book for your readers. Prepare an attractive cover page that directly implies the main content of your e-book.
5. DropShipping
While there are lots of ways to passive income, dropshipping is one of the most lucrative online business models.
Dropshipping is a form of e-commerce business where the retailer does not keep goods in stock but instead transfers customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer.
You can start a dropship business with minimal investment, without inventory or handling shipments. All you need to do is build a simple website and do some advertising!
You can start making sales right away without having to build a large audience.
Here’s how dropshipping works:
- Customer purchases a product on your website. (Let’s say $400)
- You place an order with the supplier for that product. (for $130)
- The supplier ships the product straight to your customer.
- You keep the difference as profit. ($270)
This is the simple method that many successful dropshippers follow, which can bring in thousands of dollars month-on-month.
Want to learn the secrets of dropshipping and generate passive income?
6. Developing Mobile Apps
Who doesn’t own an Android or an iPhone these days? Whatever be the mobile, the smooth functioning of the device requires the installation of several apps (an acronym for applications).
If you have an amazing idea for a mobile app, then wait no more!
You don’t have to pay to build an app yourself, but you’ll need to pay a small fee to Apple and/or Google to distribute it on their app stores. If you can’t build it by yourself, you can hire someone else to develop the app for you.
They are many ways to earn money with an app, the most popular way is to sell the app on the app store and start earning residual income.
If you charge for your app or have in-app purchases, Apple/Google will take a cut. If you give an app away for free you can include adverts, or have in-app purchases for content, features, virtual currency, etc.
In either case, you need to make something lots of people want to use to earn a significant amount of revenue from these sources.
Also Read: 22 Apps To Make Real Money In 2022
7. Selling a Course On Udemy
Udemy is an online teaching or learning platform with thousands of courses and millions of courses. Udemy is a highly profitable option if you’re highly knowledgeable in any particular field. What people do is place their courses on Udemy and expose them in front of millions seeking to learn that particular course.
All you have to do is create a video or SlideShare of your course (along with brief info of what you’re going to offer in the course) and start selling it.
This Complete Guide to Selling Courses on Udemy will help you find the perfect course topic for you and how to discriminate whether it will be successful or not. Besides that, it will help you understand the process of creating professional-looking videos that students will love and understand the key principles to promoting your course to ensure high sales no matter what niche you’re in and finally know how to write a perfect landing page and a promo video that is engaging and high converting.
You can create multiple courses and continue making money tutoring on Udemy. The more courses you offer, the more money. The money you make depends on the value you provide to your audience. So, try to attend to the problem-solving issues of your readers to make good passive income from your courses.
With the advent of teachable and other content marketing platforms, you can extend your reach & triple your income. Master the exact steps of turning your existing courses into a 6-figure, full-time online business.
8. Affiliate Marketing
The power of affiliate marketing is you can make a full-time passive income even while doing your day job. By now, you might have already heard of this term, but what does this mean? Affiliate marketing is getting paid for selling someone else’s product. The commissions range from anywhere between 10% to 90% depending upon the discretion of the product owner.
For example, here at Hearmefolks, I make a good income (most of which is passive) promoting web-hosting services, Amazon products, templates, ebooks, and lots of other products related to my niche. I owe my affiliate success to this detailed step-by-step course offered by a top-class renowned blogger Michelle!
How does this work?
In order to become an affiliate marketer, you first need to search (in the footer section) if the website/service you’re willing to participate in offers an affiliate program. If it does, you need to apply for their program. They then provide you with a special tracking link, which you can promote on all mediums. The moment when somebody makes a sale through your link, you’re paid your commission.
Affiliate marketing can be confusing and tricky for a beginner. But, believe me, it’s definitely doable with proper training & guidance.
Michelle from Making Sense of Cents makes over $50K solely from affiliate income which is just insane and she shares her strategies in her course. So much so that, she’s now listed as the top bloggers making a 6-figure income.
Her course, ‘Making Sense of Affiliate Marketing’ takes you step-by-step through the entire affiliate marketing process.
If you’re planning to get into affiliate marketing, I would definitely recommend you to get it right now! Not to forget the above course is a golden goose for Michelle and her affiliates.
Here are a few most renowned affiliate marketing programs, you can explore right now!
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The most renowned passive income source is the Amazon affiliate program, which starts with just 4% commission but has high yields. You can easily create your own online store with Your Choice of Products available on Amazon or build a niche-based site from scratch.
- Another proven system of passive income is ‘Clickbank Affiliate Marketing’ where you can promote ClickBank products even without a website, just by promoting on Facebook and other popular social media networks. Interested in ClickBank Success Affiliate Marketing Without A Website. Get Started right now!
9. Creating YouTube Videos
YouTube is the 3rd most viewed website in the world. Over 65,000 new videos are being uploaded every day, and the site receives more than 100 million video views per day. This shows the power of the Tube Moghul and how it became a part of the everyday life of even a common man.
Above all, the most attractive feature that makes YouTube the king of all Video hosting platforms is its revenue-sharing program. It implies that publishers like you and me can start making money on YouTube by uploading videos.
To start making money, you first need to set up a YouTube channel, create awesome videos, upload them to YouTube. With a good vlogging camera and a few tips to shoot videos, you can quickly rock on YouTube and start making money.
10. Monetizing a Blog
I believe you might have overheard this…
Without any blogging is the #1 (most profitable) way to make passive income working from home. That’s the reason the blogosphere is inundated with millions of blogs with everyone trying to make money with a blog. There are numerous bloggers that make a 6-figure income just by blogging. The secret behind their success is to convert the traffic into actual dollars and cents.
You might be really wondering:
Can we really make money from a blog? Do we need to have the expertise to make enough money blogging?
The answers to those questions are yes and no respectively.
People who are absolutely new, now make a full-time income blogging.
How about some proof?
Brian Clark from Copyblogger, Neil Patel from Kissmetrics, Michelle from Making Sense of Cents, Harsh Agarwal from Shoutmeloud, and many more make a 6-figure income just by blogging. Their blogs are now worth multi-million dollars.
I started off by making pennies but within a short span of 6 months, it turned into a consistent source of passive income. I’m saying this not to brag about myself, but to inform you that it’s definitely possible to make money from a blog.
If you’re into blogging and failing to make any money off it, it’s not because you think that making money from a blog is a hoax, it’s because you’re not implementing the right strategies into it.
There is ‘N’ number of ways to make money from a blog, you just need to focus on the right niche for your blog and get going.
Here I’ve listed 8 Ways of Monetizing a Blog, implement the ones that best suit your niche.
Let me point out an important observation, most of the passive income ideas I’ve covered in this post can be listed under one roof that is blogging. If you’re into blogging and intend to accelerate your blog growth, then you’re automatically into creating a branded website/blog, affiliate marketing, publishing ebooks, selling your own products/courses, creating videos, and many more. So just by starting a blog, you cover all means of making money online which makes blogging the #1 way to make passive income.
The best part of blogging is its minimal investment. If you choose to make blogging your source of passive income, I recommend you to get started with Siteground. Sign up with this link, to get a 60% discount on hosting (along with a free domain name).
Here’s a tutorial to help you replicate my blog: Step-by-Step Guide to Build a Lucrative Blog!
11. Start a business and let someone else do the work
Owning a small business of your own is always a good way of earning an income. When it comes to generating a passive income, a business can prove to be really fruitful. However, the key to run a business is to get the right people doing it for you. It doesn’t matter whether you open a new business of your own or buy off an existing one, your business idea can be a viable source of income for you.
The best thing to do is come up with a small business idea. If you are unable to figure out what is right for you then you can also search the internet in order to find out some of the best creative small business ideas. There are several sites on the net which can fetch you some good ideas that you can proceed ahead with. Some business ideas require very little money upfront.
In fact, there are businesses that can be established for under $100 only. So what are you waiting for? This is the best way you can increase your passive income.
12. License Your Photos
Taking pictures has become a huge trend in today’s time.
But have you ever thought of making money with it? Or have you ever wondered how it’s done?
Well, if not then we are here to help you with the process.
If you have the skills to take good pictures, you can easily earn some passive income by licensing your photos. All you need is some good photography skills, a good camera, and a webspace to market your photos, and you’re all set to earn more.
From selling pictures of your feet to pictures of yourself, you can sell your images to make money. Every time someone downloads your photo, the site will pay you a royalty amount.
However, if your pictures aren’t that great, it won’t do you any good. Though you might think, this option is suitable for only professional photographers with exceptional photography skills, anyone with a camera can also use this option.
Also Read: 21 Places to Sell Photos of Yourself
13. Rent your car for ad space
How would you feel to earn money just by driving your car and not having to lift up passengers? Sounds pretty interesting right? Well, you can do that by allowing companies to paste their ads on your car windows.
You may have seen many buses and public vehicles carrying ads. Well, all these vehicle owners have actually allowed various companies to stick their ads on their cars. You can do the same and earn some good passive income from it. You can actually earn a few hundred dollars by just doing nothing on your own.
All you need to do is contact an ad company and let them know that your car is available for pasting posters. The rest will be taken care of by the company and thus, you will get paid for just driving your car all around the city. Isn’t this actually a good way of earning money? If you agree with us then you should definitely give this idea a thought.
14. Buy a Laundromat
Here is yet another great idea to boost your passive income. This business idea can help you earn loads of money. There are many cities that have established Laundromats that are available for sale.
Here’s how it works:
1. At first, you need to buy the already existing business.
2. After which you need to make sure that you have someone responsible to take care of the day-to-day operations.
3. Later, you can absorb the profit that is made.
Thus, you can see how easy it is if you put in just a little effort from your end. One of the main reasons for you to buy an existing Laundromat is because the costs of a start-up are pretty high. Therefore, it is always better to go for an existing one so that you do not have to waste more money after it.
Moreover, you can earn the same amount as you would have in case if, you would have started a Laundromat of your own. Therefore, there is no loss for you but only gain in this matter.
Commercial dryers and washers don’t come off cheap. Therefore, it makes more sense to acquire an already existing Laundromat than to start right from scratch. Now that you know how the whole thing works it should be easier for you to take the step.
15. Rent Your Stuff
You will come across thousands of people out there who are looking to rent varieties of items. There are also several websites where you can advertise your stuff to rent it to people. Websites like Craigslist allow people to upload their stuff so that they can rent it to others and earn an income from it. This is actually a simple yet very good way of earning a passive income.
Here are a few items that you can rent:
- Extension Ladders
- Tables and chairs
- Party Tents
- Log splitters
- Chainsaws
You can also come up with various other items that you think are worth renting. All you need to do is make sure that you have a proper renting agreement with the other party. Both parties are required to sign the agreement. Also, you need to collect the rent see beforehand and get a secondary proof of address along with a current photo ID of the renter. This will help you to protect the property that you are renting out. If you want to have complete peace of mind then you can also ask for a security deposit before renting out the item.
Read On: 25 Things you can rent out for money
16. Rent Out a room In Your House
Have a spare room in your house? If yes, I’d definitely vote for this idea to earn recurring passive income.
In order to get better responses, what you can do is advertise that you have a room available in your house to rent. You can post your ad on various websites that exist out there on the internet. The most reputable one, of course, is Airbnb!
All you need to do is make sure that the room is done good condition. Other than that you can hire a maidservant in order to get your room clean once your guest leaves. This will eliminate the need to put in any effort from your end and thus, make it truly a passive source of income.
17. Cashback and Rewards
Did you know that you could on a good amount of passive income by signing up with a special rewards shopping site? You can come across several sites on the internet which are known to pay you every time when you shop at certain online retailers.
All you need to do is download the eBates Browser extension and every time when you visit an E-Commerce site online that is eligible for cashback you will receive a notification.
Shop through EBates at your favorite stores. Earn cash back on your purchases. Get your Big Fat Check or Paypal payment. Sign up for eBates and start earning cashback every time you shop.
There are plenty of such cashback websites available on the net. All you need to do is look for the right one so that you can have a viable source of passive income for yourself. Thus, it can be said that this is indeed a very good and creative way of earning a passive income right from the comfort of your house.
18. Install & Get Paid Up $50 Per Device
Can you believe that you can actually get paid for just having an app on your phone?
If not then you should know that this is actually possible. The app that we are talking about here – Neilsen Computer and Mobile Panel actually tracks each and everything that you do on your device and sells your data to big companies. It is true that in a way it is invading your privacy but then at the same time you are actually getting paid for it.
If you are someone who doesn’t really mind getting tracked then this could be the perfect way of earning a passive income for yourself. The more devices you sign up for, the more money you make! Click here to Install Neilsen App to start making Passive Income.
The app continues to run in the background and you can win rewards when you enter it.
All you have to do is download the app on your phone and then continue to get paid for it. There are actually a lot of money-paying apps available out there for both Android and IOS users for passive income.
Read: Ideas to Get Paid $50 or More
Passive Income Ideas that Require Upfront Money Investment
In the above section, I covered the ’10 most profitable semi-passive income ideas’ that could be up and running with little to no investment. Here, you’ll find some crazily profitable ways to be debt-free and build wealth just by investing money upfront.
Here are some cool startup business ideas for women, that might interest you!.
I would openly pronounce that, if you’re looking to multiply your earnings without actively working for it, this post is for YOU!
Hope I’m not giving night terrors by suggesting you invest money!
But, ‘Why you Should invest money?’
Time is your most precious asset! I would say, the best Investment of Money is to Spend Money to buy Time & Reuse the later to make Steady Passive Income.
You can make money with minimal investment but that requires you to put in a lot of effort & invest loads of time. What if you can’t afford that much time? In such a state, the best way to build wealth is only by investing money.
There are several categories of investments, and many of those categories have thousands of choices within them. So finding the right ones for you isn’t a trivial matter.
The single greatest factor, by far, in growing your long-term wealth is the rate of return you get on your investment. This is when the below list comes in handy and helps you take the proper leap to attain financial stability and live your dream life.
Let’s begin…
19. Buying & Selling Crypto Currencies
You would be surprised if this isn’t on my list!
This is the only possibility that could turn you into a millionaire overnight!
Cryptocurrency investing is the best way to fund your retirement, sometimes making 1000 times your money back on ONE coin!
The cryptocurrency market has gone mainstream and it’s rapidly growing and is now worth a $200 billion global market.
Bitcoin has proven to be a very large investing opportunity. If you still looking for a potential investment in Bitcoin, it won’t be hard.
Coinbase is the world’s largest bitcoin broker and available in the United States, UK, Canada, Singapore, and most of Europe. You can use an exchange finder to find a place to buy bitcoins in your country.
Note: While the top cryptocurrencies like Bitcoin are notoriously volatile, you can still invest in other crypto coins or altcoins.
It’s important to understand how these cryptocurrencies work before investing any money. Use tools like Cryptowatch to analyze charts and understand price history.
Most of the crypto coins are still new and it can take months to understand the true impact they can have on the world.
2018 is the year for Cryptocurrency trading.
Would you like to learn the quickest and easiest way to get into Cryptocurrency Investing? If so, you may love this Udemy Course!
This course will teach you everything you need to know about “Buying and Selling Bitcoin and Altcoins on the Cryptocurrency Exchange!“
20. Dividends Stocks
Dividend investing is a smart strategy that produces a relatively reliable stream of income for investors. Unlike the stock market which is generally volatile, the scope of dividend stocks is pretty reliable. By investing in dividend stocks, you’ll be able to receive regular income as a shareholder. All you have to do is find great companies to invest in.
However, successful dividend investing requires thorough knowledge and a lot of research. Finding such stocks with a high dividend yield can create a consistent source of residual income that has been proven to outperform the market if applied over the long term. There are many online brokerage firms that help you identify companies to invest in and make big money.
Interested in Investing In Stocks…
- Have a complete understanding and confidence when investing in the Stock Market.
- Apply best practices and techniques to make better stock choices.
21. Mutual Funds
Investing in Mutual funds is a popular passive form of investment across the globe. Unlike stocks (which are an active form of investment) where you invest in a specific company, in mutual funds, you invest in a collective group of stocks, bonds, and securities. As a mutual funds investor, you are liable to acquire even more revenue, if your collective group of stocks performs well. Hence, this process is considered more lucrative than the stock market.
Stocks that do well can make up for the shortcomings of the stocks that have not performed so well, and this is an advantage of a mutual fund investment. The overall risk factor for the mutual fund investor is lower than that for the stock investor.
Most beginner investors start with mutual funds. Mutual fund investors should allow a longer time frame, in terms of years, to observe slow and steady growth. Investors interested in actively trading mutual funds should invest in ETFs (exchange-traded funds), which were designed for that purpose.
22. Exchange Traded Funds
Mutual funds are still the cornerstone investment of many retirement plans, but ETFs have been gaining in popularity in the past few years. ETFs are not the same thing as mutual funds. Unlike mutual funds, however, ETF shares are traded on a national stock exchange. Generally, ETFs combine features of mutual funds and stocks. Like stocks, ETFs can be bought or sold on an exchange at any time during the trading day. But similar to a mutual fund, an ETF holds a basket of assets, like tech stocks, or, more broadly, the U.S. stock market.
Which is a better choice for your investment portfolio?
As per Investopedia:
If you are a long-term, buy-and-hold investor with little interest in trading, you are probably fine with highly-rated, no-load mutual funds held by a reputable fund manager since the ability to trade often and quickly is not a characteristic that is important to you.
If you prefer to buy and sell more frequently, ETFs offer greater trade ability, lower costs, diversification, and transparency and therefore may work better for your objectives.
Get these 4 Tips for Choosing the Right ETFs for You
23. Peer to Peer Lending
As per Wikipedia, Peer-to-peer lending (P2P lending) also known as Crowd-lending, is the practice of lending money to individuals or businesses through online services that match lenders directly with borrowers.
In simple, peer-peer lending is a practice when an individual or business gets loans from another entity, not a bank.
If interested you can lend a small portion of the total money based on the request of the borrower. The interest rates are decided based on the credit score of the borrower. As a peer-to-peer lender, you can earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower. So it’s a win-win situation for both the borrower and the lender.
The 2 most popular sites for Peer-to-peer lending are Lending club & Prosper.
24. Forex Trading
The foreign exchange market is the place where the trading and exchange of foreign currencies takes place. It is the largest and most liquid market that is susceptible to both risks & rewards depending on how well you do the trading and implement the strategies.
You can obtain funds for your trading account with as little as $100 investment at many retail brokers and begin trading the same day in some cases. The high volatility, ease of access and 24-hr market, low investment make forex trading a potential source of income.
If you want to make good income trading the Fx market, it’s highly essential that you understand and implement the core strategies.
You can learn everything you need to know to start trading on the forex market right now!
In this course, you can take immediate advantage of currency movements, Charts, Bulls & Bears, Short Selling, and much more to make profits.
25. CD Ladder/Fixed Deposits
Certificates of deposit, or CDs, typically have the highest interest rates among government-insured savings products. That makes them ideal for people who want to earn a passive income without taking much risk.
The price for getting higher interest rates is that you agree to lock in your money for a set time period, sometimes up to five years. The longer a CD’s term — and the larger your deposit — the higher your rates. If you wish to break the bond and release the money within the maturity period, you’re prone to withdrawal penalties.
26. Cash-back Credit Cards
The advent of the credit card system has made money management quick and simple. The rewards offered by these credit card companies have been compelling the customers into maintaining multiple credit cards over the decades.
Most top credit cards let you earn anywhere from 1-5% back on your money, and that’s with almost no effort on your part!
If you’re like me and don’t spend a lot, you can still get points by paying off your regular home bills, groceries, gas, insurance, and all of their other expenses. To get the most out of these cash cards, try to use your cashback card for all of your everyday expenses.
27. Buy an Existing Online Business
Another great way of making a passive income is by buying an existing online business. This can actually be a lucrative way of generating an income for yourself. The good thing about an online business is that you can operate it from anywhere you want.
In order to start an online business right from scratch can take a lot of time and effort. Therefore, buying an existing one is always considered to be more sensible. However, you need to make sure that the online business you are going to buy is a successful and well-established one. You can also find websites on the internet where you may come across various online business listings that are available for sale.
The best thing to do is to check for an online business listing that matches your passion or hobby. In order to earn income from this business idea, you will have to hire someone who can handle the day-to-day operations. For this, you need to get someone who is both responsible and reliable and most importantly you will be able to trust him with your online business.
28. Buy a Vending Machine Business
This is yet another great way of making a good amount of passive income. A vending machine business can actually generate a lot of money for you provided you are able to install the vending machines in the right places.
In that case, you can check with mortar businesses and smaller brick. For better results, you should contact someone who has more than 100 workers in their building on a daily basis. However, you also need to check if they need a vending machine or not. There is also an alternate way of making your vending machine business a hit. You can ask the workers what are items they would like to have in the vending machine.
Based on their answer you can stock up your vending machine. This will help you to sell more items from your vending machine. You can also hire someone to stock up the vending machine in order to save more time for yourself. However, it is advised that you manage this on your own so that you don’t have to count money on your helper.
How to Make $100k a Year in Passive Income? [Final Thoughts]
Which of these Passive Income Investments do you think are worthwhile? And, how to pick the best passive income idea?
Many people prefer to invest in most of the above passive income streams, but it is clearly a choice of the individual.
In fact, I would say choosing the right idea is 80% of the battle. When it comes to discussing the ways you can opt to choose the best of the passive income streams for yourself, it all comes down to the skills and strategies that you want to implement. Passive income might seem like an easy task to achieve but it is not. In order to keep the revenue coming in, you need to invest or do something that provides value to the consumer and makes them come back for more. Here’s, how to pick the best passive income stream for you…
💡 Do market research
With the growth of online media, the competition around has skyrocketed as well. There is no doubt at all that more and more people are finding it easier to blindly trust and follow anything that is trending. Don’t be that fool. In order to find the perfect model of passive income for yourself, start by analyzing the market first.
When you have a fair idea of what is working in the market and what is not, it does become a lot easier for you to find ways to implement your footprint in that specific niche. If required, be thorough with the options of passive income that you can delve into. Once you know the niches, it becomes easier for you to look through the various ways that people are opting to make money from the same, even when they are asleep.
Be thorough with your research process because this is the one that will help you understand what will work and what won’t. If you push out work that won’t generate any revenue now, you can’t necessarily expect it to generate revenue passively as well.
➡ Know your skills
While you might get a handful of options when it comes down to the number of passive income streams, choosing one for yourself can be a hectic task. It is important to focus on yourself then and then proceed with the selection process. It goes without saying that the content that you are pushing out should be something that you are proud of. If you are not even proud of what you are doing, chances are that you want it 100% and that’s where you might be lacking.
➡ Analyze
Understand what you are good at that is capable enough to generate revenue in passive modes. If you are good with shares and finances, opt for something that has to do with investments in this regard. If you are good with writing skills, write a book or even run a blog that would attract the attention of the readers.
It is very important to step out of your comfort zone but at the same time, hone the skills that you are good at. This does help in ensuring that you reach your target and publish or do something that will not just generate clicks but also enhance your credibility.
Hope this ultimate list of passive income ideas clearly guides you in taking a proper decision and helps you kick-start your online business.
So, which of these passive income ideas, do you think are highly profitable? Have you tried any and what’s your take on them?
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Howdy Folks, thanks for stopping by my blog.
I’m Swati, a proud mom, dedicated side hustler, full-time blogger, and a recognized millennial work-at-home expert. My expertise has been featured on esteemed platforms such as Forbes, CEO Blog Nation, Referral Rock, Vital Dollar, Databox blog, and many more. I have embarked on this incredible journey to share my firsthand experiences in the world of online income generation and to assist all of you in earning money from the comfort of your homes.
Join me in my mission to revolutionize the way we make money and achieve financial freedom. Trust me, it’s not as challenging as it may seem!
Together, let’s explore the boundless opportunities and pave our paths towards a prosperous future.
Grace
Tuesday 9th of June 2020
Hi, Many thanks for sharing such informative post. Truly this article will help me to grow, move forward and encourage, and hopefully passive income myself.
Grace from TechRecur
Anup
Friday 5th of June 2020
Great article. I also have a website where I generate a passive income, here I found some different approaches to starting a new income stream. Thanks for the info.
Newton
Thursday 30th of April 2020
Thanks for sharing. It’s quite a detailed guide and worth reading to the end. Thanks
Butternut
Sunday 5th of April 2020
I don't agree with a crafts business being passive at all. I owned two and its quite possibly the most effort and time put into any business. Nothing passive about it. You put many hours into each product and earn mostly not much of a high yield and if you truly do crafts you also are very limited to the amount of things you can do in a way. Yes you can make passive income off the blog of a craft business but it itself is not a passive business. Passive income does require a time investment yes, but not into each and every product like a craft business does. A craft business almost never requires less time than it did when you started. Unless you import your crafts but those don't succeed anyways.
Rui
Friday 27th of March 2020
Greate content.
I actually started on the path of building my freedom through passive income ( the number 10 on the list).
By creating a blog about financial freedom and how to build a blog by learning from my mistakes.
Actually I've been blogging. for 6 months without any results to hang on to it. It's been hard but I won't give up!!
Anyway, thank you for the article.