17 Streams of Passive Income: Could it be possible that one day you just get up without the worry of getting late to your job? Yes it is!
You just move around your house, dance while you make breakfast, and eat to your full. But where will you get the money to eat from? Well, who said that only a static and monotonous 9 to 5 job is destined to help you earn?
Expand your vision out of the suffocating cabin and think about some passive ways to make money. We are here to introduce you to some great ideas of generating passive income while you spend time with your family, take your much needed sleep, or enjoy your favorite hobby.
If you are still stuck in your job and think that only a salary boost will help you grow riches as much as 50k a year, you are highly mistaken my friend.
Don’t blame it on your luck and become a part of the money earning game as there is a lot you can do without doing anything. You can take surveys, save on bills, or just get a rewards credit card to get all the benefits and promo offers you need.
What many people ignore is the fact that you need some sort of income to generate passive income from it. Obviously, you think about sources of passive income when you are tired of doing a job.
However, only if you have made some sort of asset out of it. Not every stream of income will demand an investment, but if you are planning something big, you must know how to make smart investments.
17 ideas for Passive Streams of Income in 2020
With these ideas to generate passive income, your earnings and financial stability is guaranteed to excelerate tremendously sooner than you ever expected.
Let us see the most amazing ideas for creating streams of passive income.
1. Create an Online Course
Selling online courses has become a great revenue generating way that can help you as a beginner or passive income earner.
Udemy is an amazing platform to continue with your passion as a course producer. This website allows users and consumers to watch and buy the courses being sold here. You can easily create your account and create your own video course relevant to the demand.
The more your course subject is in demand, the higher are its chances of being sold at high rates up to $1000.
Thinkific.com is another user-friendly website that is well-known for assisting as guiding the course producer on every step to create a worthwhile course.
This helps you sell your course at a higher rate because of the in-depth detailing and attractiveness that this site allows you to add to your courses. Making 100 dollars a week was never too easy before.
2. Sell an ebook Online
Are you up to some creative work? Well, people will divert you by telling you that creating an ebook is a waste of your time and effort. However, the cost of the ebook you create depends on its customer value.
A goodly published ebook can get sold at $100 that means you can easily earn 3k dollars a month. Although it will take patience and effort, in the end, the ball will be in your court.
All you have to do is write a book, edit it properly, and self-publish it to list on a secure and reliable platform.
3. Use Airbnb to Rent
Why leave a space empty when you can earn with it? An extra room in your house, an empty apartment or a vacant upper-storey in your house won’t be of any good until you have people to live in it and pay you for it.
Well, if you have such a heavenly resource at your side, then this can be the easiest way to earn passively without doing anything.
You will just have to list your space on Airbnb and the rest will be handled. This website is the best to provide you with the best guests with a guarantee of any damage protection of $1million.
The simple and secure process of hosting your apartment or extra room gives you an opportunity to earn while mingling with new people and friendly guests.
4. Affiliate Marketing
This idea might sound a bit tricky for you because you have no idea about what affiliate marketing is.
To simplify this for you, it is nothing but a source of generating income by promoting someone else’s services or products. You have to get an affiliation from a specific company or business and ask them that you want them to become their affiliate.
You will create a website and upload blog posts and other articles to promote their products. The more sales are generated from the business through your site, the more it will benefit your income.
5. Create an App
All the applications in your smartphone are also created by some human mind. So, why can’t you try creating your own app. If you have an interesting idea lurking around in your mind, then don’t waste a moment and hire yourself a computer programmer.
If you are smart enough to program your app by yourself, that is a plus point to own the app completely.
Once your application is ready to function, you can sell it at whatever price you quote to Play store. Trust me, this app can prove to be the best money making app to secure your finances for you.
6. Create an Affiliate Program
Have you heard of Amazon affiliate earnings? Creating your own affiliate program is another great way to earn without having to take the burden of your product promotion on your shoulders.
If you are planning to create your product inventory to sell online, you must need people to promote the products. Once all the product and online store setup is done, hire affiliates to do your product promotions.
You will see how fast your business will grow through this amazing trick. When your sales will begin to grow, paying your affiliates will be no pain for you.
7. Invest in Dividend Stocks and other Businesses
If you are looking for ways to invest $500 wisely to earn more money from your investments, then invest in Dividend stocks.
This method has proven to have earned people a lot for their residual income that they were easily able to quit their jobs for it. However, you have to be careful about investing in a reliable brokerage like Motif.com.
This website is an award-winning platform for providing gits users with profitable investment ideas and current insights about the stock market situation. Investing at this brokerage is guaranteed to earn you more than 200k without a degree.
Just open an investor’s account on the website and get ready to change your lifestyle with the advanced investment algorithms for Dividend stocks. Invest and wait to get a check for double the amounts that you invested.
8. Lead Generation Website
If you have never heard of lead generation websites, now is the time that you may learn how profitable it can prove for you.
Creating a lead generation website is similar to creating affiliate websites. However, the focus on a lead generation website is a bit more local. You create a website that is designed to educate the customers and users about a specific service or product and charge the service or product owners for providing the information of the customers.
For example, you create a website on home cleaners. When the locals will search through your website, you may ask them for their personal information and then contact a local cleaning company and ask them for a payment to provide the customer info.
The only hectic part of creating a lead generation website is to get them ranked on Google and other search engines.
9. Lend Money
Peer to peer lending has become the ultimate relief for the borrowers who do not otherwise qualify for the traditional bank loans.
With LendingClub Login (www.lendingclub.com), now you can choose your borrowers so that you won’t be running after them when they don’t pay your installments. You can easily set up your profile, choose the amount you are willing to lend and the interest rate you want to set.
Then wait for the borrowers profiles to match with yours. You are allowed to get up to 6% interest rate on the amount you are lending out. This is a safe and secure way to lend money because the chances of fraud are little to none.
Because of Lending Club, it is surely a great stream of passive income.
10. Build SAAS (Software As A Service)
When it comes to technical and technological ways to earn passive income, man might disagree with the fact that a software can generate continuous income.
If you see this idea with all its details, only then you will know how lucrative can it be for the software designer and owner. Average software can earn you up to 10,000 dollars every month.
If you have the slightest knowledge of computers and coding, you are only a step behind becoming a millionaire with your skills. If you can’t code, you can hire someone to materialize your abstract idea.
11. Real Estate Investments
The smartest way to invest is in property. Not just because you feel good to see a number of houses or lands on your name, but you can earn a lot through it. If you are someone with experience in handling real estate business before, this will be as easy as squeezing a lemon.
Real estate investments are not as complicated as they are thought to be. You invest, you get a property on your name, you rent it to tenants, and sit back while you get up to $10,000 every month.
FundRise offers you to enter the real world of real estate by providing you with smart and easy solutions to invest in properties that are worthy. This website is accredited with BBB that enhances its credibility to invest through it.
12. Joint Ventures are the Easiest Way
This is something that no one has ever thought of. Joint venture programs are not something that people claim or think to be profitable. However, if you do things the right way, nothing is useless.
This is the easiest streams of passive income where you won’t need to spend or invest anything to create a product or provide any service. But, you’ll still operate as a separate business entity.
Let us brief you with an example!
Think of a clothing shop and footwear outlet. You will go to both of the shop owners, and offer them a deal to increase their customers through a referral program. All these owners will have to do is promote each other by recommending to their customers.
Once the clients of both parties have successfully increased, you can claim your commission and expand this business with other parties as well.
13. Invest in Dividend ETF
You must be thinking what this ETF thing is. Exchange Traded Fund (ETF) is a bunch of stock portfolios that you can buy instantly instead of buying separate stocks for every investment.
The reason why this is a more versatile and safe way of investing money is that you are at a lower risk of loss. Unlike the mutual funds, you are free to sell and buy them at any time of the day.
Whether you are buying the Vanguard High Dividend Yield (VYM) portfolio or the Invesco Zacks Multi-Asset Income (CVY), you are never at any risk.
You have a higher chance to expand your dividend income without worrying about if any company stops paying a dividend. The reason for that is because you will have a collection of different dividends.
14. License Your Work
Licensing your work or the things you own is another great way to earn passive income. It is simple to understand.
If you love to take pictures, you can easily license your photography on stock photography and earn royalties for it. If you are an artist, you can license your paintings, crafts, and other artwork in the same manner.
Another thing that you can do is licensing someone else’s work. Now what does that mean. A performer dances on a song of a singer on TV. This way he is licensing the song along with his or her performance. If nothing works for you, you can just promote and sell someone else’s product to keep all the profit to yourself.
15. Design T-shirt
Well, well! Who said creativity won’t pay you off when you can play smart and bring out your designing skills by printing them on T-shirts.
T-shirt designing and printing industry have grown popular because of the bohemian culture with trending and cool designs. If you are good at it, earn from it.
All you have to do is design the T-shirt and Amazon Merch will handle the rest of the printing, production, promotion, and selling. If your designs grow popular, then you can earn extra royalty rewards on every sale.
16. Display Simple Ads or YouTube Ads
Displaying YouTube ads on your own website or any other platform from where you are getting enough traffic might earn you a lot than expected.
If you have an AdSense account, it will automatically upload ads. Once these ads start getting the number of clicks needed, Google or YouTube will start paying you for promoting the ads through your websites .
Just create an AdSense account, complete your profile and start uploading ads not only on your websites, but on other relevant platforms where there is high traffic. The more clicks your ad gets, the more you can earn.
17. Easy Passive Income Ideas
Here we bring you some of the easiest ideas to help you earn passive income without any effort or hard work.
Rakuten Review: Rakuten is a renowned website through which you can earn up to 405 cashbacks on over 2500 stores. Whether you love to shop for your pet and Petco or need a new Nike pair, everything you buy from your Rakuten account will earn you cashbacks.
Nielsen Digital Review: Have you ever thought of earning rewards just for surfing through the web. Install Nielsen Digital voice in your smartphone and earn for everything you do to your phone. By using Nielsen Digital regularly, you get a higher chance of getting into a $10,000 sweepstakes program.
SwagBucks Review: Make swagbucks your toolbar and start earning for everything that you do online. Get free gift cards, reward points and cash for taking surveys, searching the web, and playing games. Swagbucks give you a $10 bonus when you sign up for an account. The website claims to pay 700 gift cards daily, so imagine your chances to sit back and earn.
Rewards credit cards: Apply for a credit card with a lot of reward programs so that you can save more than you spend. You can get a lot of discounts and other perks with a reward card in your wallet. You can get:
- Travel discounts
- Purchase protection
- Fraud protection
Truebill to save on bills: Do you find finance management as a hard and hectic task? Not when you have the Truebill app installed on your phone. This app helps you to manage your subscriptions and utilization to lower your bills. This easy to use Android app will make finance management simple for you.
Everyone needs freedom of choice while making financial decisions. You cannot just love your dream life when you are determined to spend the rest of your life doing a job. Think out of the box and plan for long-term goals instead of just living hand to mouth.
Earning passive income is not an immediate progress. You will have to plan and execute the plan accurately to get the success rate you have worked for.
Don’t rush into everything stated above. Not every stream of passive income will prove to be ideal for you. That is why, choose wisely and then proceed!