What if we tell you that you can still be in bed till 9 am and get bucks credited to your account? Yes, without doing anything (or something that you have done already consciously). It sounds crazy, but the whole world seems to be swearing by the name of passive income generation. You can be on your 9 to 5 job and seek a steady income, but you can still earn more and seek plenty of freedom and financial abundance.
If you are new to the passive income ideas (we are sure not), here is a short explanation. You have a vacant property of your ancestors or a studio you had purchased in your 20s. You can rent it out or transform it into an Airbnb facility for travelers visiting your city. Note that you will be earning out of the rent without working concretely on any project or task. But note in mind that you will have to hire someone to maintain the property, but yes, this type of income surely falls under the passive income category.
If you want to seek motivation to make passive income and be on the ‘healthy finance’ track, the following are the cool passive income ideas:-
1. Rent Your Vehicle
Since we have already included the idea of renting an empty room or flat in the above example, here is the idea of renting your vehicle. It could be a used yet functional car of yours or a spare truck that you bought out of impulse (maybe to start a food truck). It is the time to encash as you rent your car to vehicle rental companies. Yes, since your car won’t be sitting idle but running, you will be more concerned about the repairs and replacements. But renting your car is far better than making it sit idle and become old and grave.
2. Start a YouTube Channel
Let us tell you that it seems to be a passive income but creating meaningful or even fun videos for the YouTube Channel isn’t completely fun. It takes time and significant effort to shoot, edit and upload videos as per the YouTube algorithm.
Building a following is great, even though it takes a few months to do that. But guaranteed income is certain with a YouTube Channel with no investment. Needless to say, you will be popular amongst your audience, particularly if you entertain them or convey a strong message through each video. Your channel will generate good passive income once you start monetisation with Google Adsense. It is very easy make $500 a month from a Youtube Channel. With constant work and dedication you will make $2000 a month after 6 months of work. Many YouTuber are making 100k a year.
3. Create an Online Course
If you have expertise in academic subjects or a creative skill, you ought to share it with those who would love to learn from you. It could be Physics or Maths, or even pottery and writing a romance novel. Building an online course is much simpler and a one-time job. You can collaborate with the eLearning platforms and earn income without the need to advertise the course by yourself. Or you can launch by yourself, but you will have to promote it on your own through social media and personal networks. $1000 investment is required at the beginning to create a course. You can hire someone to do the job for you.
4. Stock Trading
We know some love stocks while some are scared of them and never dare to invest. Let us tell you that stock trading isn’t rocket science or a trial-and-error source of income. You need to be knowledgeable, a bit intuitive, and smart to trade in stocks. Stock investing is passive, but you will have to apply your research skills and be active. However, if you love to study business growth, different IPOs and are well-versed with them, this passive income idea is for you with no money or investment involved at the beginning.
5. Start a Blog
Creating a website-cum-blog is as simple as shopping online. You do not need coding knowledge or any special apps. Just follow the instructions, and your blog will be ready in a few minutes. You can sell whatever you want, seek sponsors, advertise different products on your website, and earn affiliate income. We will suggest you attend an online web blogging course to seek better insights into this idea. But if you are confident enough, you are good to launch your blog and earn income with time. $50 dollar a day is easy with blogging after 6 months to 1 year of work.
6. Become an Affiliate Marketer
When it comes to blog or website income, the next word that pops up in our mind is that of affiliate marketing. You can become an Affiliate Marketer by tying up with platforms such as Amazon and Shopify and earn a decent income by advertising the products you like. Aligning both blogging and affiliate marketing activities is the best method to make a stable passive income. Affiliate marketing is very popular among students.
7. Sell Stock Photos
This passive income idea is for all those budding photographers who do not know what to do with their million yet amazing photos. You always don’t have to cover an event or take up a project for income generation. You can earn out of the photos that you had captured earlier by approaching stock photos sites. Getting published in magazines is fortunate, but you never know; your photo will get noticed. Now, this idea is for all those photographers who have their own equipment and have undergone a certification course in photography.
8. Sell a Digital Product
We will discuss eBooks in the next point, but before that, let us introduce you to the world of digital products. Digital products include eBooks and contain workbooks, digital journals, music, videos, PDFs, and designs. You can sell your creativity through digital form and earn income passively. You can invest time and inputs in creating a digital product. But once that is done, you can sit back and relax and let the magic happen through sales.
9. Write and Sell an eBook
eBooks are a great source of income. It also makes you a published author, a dream that you always had in your mind. Being an author creates credibility and adds a professional touch to your resumes. But note that eBooks don’t get sold without your marketing effort. Just spread the word about the new book you have written and why you have made an effort. Similarly, you will have to mention your book details as a part of your identity.
10. Rent your Garage Space
We know backyards and garages are frustrating to maintain, but if you don’t have major stuff in there, you can let others use it and pay you for the same. For instance, you can convert it into a mini-storage facility for your neighbors. Impose some restrictions about the kind of items to be stored, and charge them on a monthly basis. You can even use sites to get customers if your neighbors aren’t interested in the same.
11. Use Apps to Earn Passive Income
Have you heard about a friend who earns while playing games or watching TV? Yes, it is true and can happen, provided you approach a legitimate site. Avoid websites that ask for money from you as soon as you install their apps. You can go for an app that lets you earn when you make payments using a specific debit or credit card. Or an app that pays you when you play a particular video game.
12. Write Book Reviews
Are you an avid reader and love to tell the audience about how a certain book was? Will you recommend a book to others, and why? There are certain book reviews sites that pay you decently for writing good quality reviews for them. Please note that you cannot just remark ‘Amazing book, must-read, ‘Buy this book’ to the readers. You will have to be precise, mindful, and articulate while writing the book reviews. Hence, if you love both reading and writing, you will like this idea.
13. Rent out your Washing Machine or an Appliance
Some people have dishwashers at their homes, but they prefer washing vessels with their hands. Or they have a spare washing machine because a loved one gifted them without checking the list. If you have such an unused appliance at home, do not let it rust. Instead, rent it to a mutual friend or an acquaintance using a few websites. The income won’t be much significant, but it is better to have space blocked by the appliance at your home or garage.
14. Rent your Books (but not a library)
If you love collecting books but hate dusting them off every weekend, you can let others experience the joy of reading your books. You can rent on a per-day basis and ask for a nominal deposit. They will return the book after reading, and you can return your deposit. In this way, the books will be in circulation. It won’t be a library service, but a book rental service which is seeking popularity these days.
15. Buy a Vending Machine
Vending machines dispense candies or energy bars and do not need manual staff to operate them. It is an amazing passive income idea when you place this vending machine at a prominent place in the city. You do not have to be present all the time, though refilling will be a concern for you. But with minimal effort and one-time spending, you can earn income when you are at home.
16. Sell Used and Old Stuff
Adopt minimalism and get rid of all the stuff that has been lying around the house or in the garage and does not serve you joy. Certainly, Marie Kondo will appreciate this idea, but you will love it as you can earn money for your emergency fund savings. You don’t know that stuff gives negative energy and can stress you out. Decluttering and selling it away is the ultimate way to homely peace.
17. Take Online Surveys
You can find people in your network and listen to their stories of income generation on weekends through online surveys. Yes, some legit sites do offer you some money if you fill up a survey for them. The survey filling is basic and simple, and you can do it anytime and anywhere.
18. Rent your Existing Land
If you have unused land and do not know what to do with it, you can rent it out as a camping site. You can approach a camping organization and let them make all the effort by paying you specific charges. Or you can buy camping materials and advertise a small-scale business. Then, your land will be in use, and you don’t have to worry about it.
19. Buy Bonds
If you want a more secure way of earning passive income apart from stocks, then bonds are the best. Now, the internet has made it possible to research well before buying bonds. You can invest little, wait for a long time, and earn very well out of it. These days, you can even find apps that help you manage this business effectively.
20. Review Products
You can tie up with brands, use and review their products, and get paid. Yes, some brands have to do this as a part of their marketing strategy. However, if you love using certain niche products, you can choose as per your preferences. Don’t worry; you don’t have to sugar-coat the review always, be genuine and tie-up with authentic brands only after thorough research.
The above list of passive income ideas is helpful to increase your revenue in 2023.
Passive income can provide you with a more flexible lifestyle and more financial freedom. It can also generate recurring income and help you build long-term wealth.
Some of the most popular passive income ideas include investing in real estate, launching an online business, investing in dividend-paying stocks, creating and selling digital products, and becoming a landlord.
To generate passive income, you can use strategies such as automating your income streams, utilizing the power of compounding, diversifying your portfolio, and leveraging other people’s skills.
Creative ways to make passive income include starting a subscription box business, creating an app, investing in real estate crowdfunding or REITs, and launching a virtual assistant business.
The investments that generate the most passive income are rental properties, dividend stocks, and index funds.
To start generating passive income, research different investment strategies, create an emergency fund, manage your debt, and start investing.
The amount of time it takes to start earning passive income depends on the investment strategy you choose, how much money you have to invest, and other factors. Generally speaking, it can take anywhere from several weeks to several years.
Yes, it is possible to live off of passive income, given that you have a diversified portfolio and a solid financial plan.