Passive Income Ideas
Generating Online Passive Income
A common misconception when someone finds themselves in need of additional income is the idea they must find a second (or third!) part-time job, spending more hours outside of the home, away from the things that truly matter. When you don’t have the time or energy to exchange additional hours of your life for more money, the obvious solution is to begin generating passive income. Using the internet, there are so many options to make money with little effort on your part that it can be overwhelming to know where to begin. Luckily, we have done the legwork for you and have streamlined the research results for some passive income ideas!
The gold standard of passive income earning, collecting interest on stable investments like securities and COD’s does indeed require zero effort on your part, but the returns are less than stellar. Lending Club is an online platform where you, as an investor, can provide a loan to someone seeking cash- with an opportunity to earn about 10 times the amount of interest on your money as a conventional investment would produce. Unlike an investment backed by a bank, these loans are subject to losses, but there are certainly ways you can decrease the potential. Advisors from the site’s service department suggest beginning your investing with a $2500 deposit. As per the club’s rules, you can invest in a single loan beginning at $25, so with your initial investment, you would be able to buy into 100 separate loans- minimizing the risk to your entire investment if a loan were to go bad.
Earn Money on Your Everyday Tasks
There are things you probably do every week, maybe even every day, that you can be rewarded for in cash. Searching the internet, watching television, playing games and shopping online all have the potential to earn you small deposits each time you do them! InboxDollars is a site that provides feedback to popular consumer brands by collecting information from member’s online activities. You simply sign up for free and each time you perform a qualifying activity through the site (such as taking a survey, watching a video, or shopping) you earn cash. Swagbucks has a similar model, where it’s members earn points for completing tasks online which they are then able to redeem for gift cards to major retailers.
If you have the capability of producing a few quality photographs (of almost any subject matter!) you can use a stock photography platform to sell your images. Sites like Shutterstock and Adobe Stock Photos will pay you either a flat fee or a percentage of the sale for each photo, with no limitations on how many times an image can be purchased or restrictions on how many stock photo sites you can host your images with. The site deals with the process of selling images and collecting money from customers, as well as forwarding your cut, so once your photos are loaded on the site the whole process becomes totally passive.
Publish an eBook
Possibly my favorite of the passive income ideas! eBooks are a huge market in the age of tablets and smartphones. There are literally thousands upon thousands of eBooks on any and every subject matter you can imagine. More importantly, there are just as many readers! This avenue of creating income can be more work upfront, but once the book is published and available for download it can produce revenue pretty much indefinitely. There are multiple platforms to market an eBook including Amazon/Kindle Publishing, Google Books, or placing purchase links on websites with relevant content. It can be intimidating as a beginner to learn the in’s and outs of successful eBook publishing; from outsourcing the creation of the content and cover design to optimizing your listings for search engine relevancy. This is where first investing in an online course like Kindle Publishing – Self Publishing Revolution can be beneficial, pointing you in the right direction and saving you from wasting time and money on beginner’s mistakes.
Although it is a form of online retail, a drop shipper doesn’t physically handle their product. Instead, they are responsible for managing an internet-based storefront where they fulfill customer’s purchase orders through a third-party retailer who ships it directly to the customer. By streamlining the process and working with reliable third party fulfillment contacts you can essentially allow the business to run on auto-pilot with a small weekly amount of effort invested on your part.
Users can upload videos of practically anything on YouTube. Comedy, tutorial and visual reviews of products are popular categories of YouTube videos, but you can collect a passive income on any video you can upload. Create your video, upload it to the site, and use the Google AdSense service to automatically attach advertisements to your video. Every time a viewer clicks an ad associated with your video you’ll earn an amount of money. Having a knowledge of promoting your online presence and determining desirable content will help your videos reach a wider audience, increasing the potential for clicks.
Who doesn’t own a smartphone anymore? Apps are almost a way of life for most people. Tasks, budget tracking, entertainment, and information are popular usage applications, but the possibilities are endless. Designing a simple but useful app at a price point that makes it highly marketable can lead to long term passive income. Occasional usage upgrades to the app as well as updates that will optimize the search results in your favor will have your program generating its own income for as long as the content remains relevant to users.
Final Thoughts on Passive Income Ideas
Earning a passive income is an important subset of wealth building and achieving financial freedom to allow you to live the life you envision. Creating a portfolio of passive income generating projects will put money in your pocket without taking substantial time out of your life. Once you get started the process is essentially automatic, and you’ll finally be on your way to making money in your sleep. Or at the gym. Or on vacation.