Passive income is the money you earn even when you are not really working; it is the money that literally grows as you sleep. If you are looking for the best ways to make passive income, then, like many before you, you may be looking for quick solutions. However, there are no easy ways of making money passively, and the ones that are proven are not devoid of pitfalls. All the techniques given below mainly consist of making wise investments and also having some initial capital. Many of these ways to make passive income online also require you to spend some time and efforts in creating a blog or website or at least in finding reliable affiliate programs to help you on the way.
Here are some of the proven passive income streams you can start taking advantage of today.
1. Real estate
Real estate continues to be one of the most lucrative sources of making money passively. This method is not devoid of investment- you need to account for cash-flow-taxes, maintenance, mortgages etc and these are only some things you need to consider. It is also a slightly difficult method of starting your passive income program as things depend on market conditions and you might need at least $300,000 to $ 400,000 USD as an initial capital to help you get started.
An eBook is a great idea for earning passive income online. It is very easy to write a 50-100 page eBook which you could sell on your own website or blog or even on Amazon Kindle and other e-platforms. You can easily earn $500-$1000 per month depending on how well the book sells. You could also become a digital publisher- partner up with someone who writes the book and you go 50-50.
3. Blog with affiliate links
For this method of making money passively, you need to have a website or a blog in the first place. Affiliate program is one of the best ways to create passive income online. These programs are of different types- 2-tier, recurring commission or lifetime cookies. You can go to Site Sell or Clickbank affiliate membership programs, study their online educational videos to see how the programs work and start making up to $1000 in commissions, per month, per website. The more the websites you own, the greater will be your passive income.
4. Sell advertising space on your website
You need to have a website for this one too. You can sell Text links, banner ads, advertise through newsletters, do a sponsored review for a product or service or even do video ads. You will need to choose your fee structure for this: pay per click, annual campaigns and pay per lead are some payment structures to follow to start earning passive income.
5. Sell online courses
For this method of making passive income, you will need to do a lot of initial ground work to create the course material. Only then can you can start selling the courses to make passive income.
6. Create an eCommerce store
You might need to hire a virtual assistant who can handle the logistics of the store. This is a serious idea that can help you generate a smart stream of passive monthly income.
7. Connect buyers and sellers through lead generation system
Again, this may not be a passive source of income because some amount of daily work will be needed here. You could, for example, start a wedding portal, capture lead of brides and grooms looking for wedding vendors and suppliers and connect them with the right wedding professionals in their area. Such a service will ideally be free for the brides and you will make money by charging the wedding professionals.
8. Create applications for iPhone
You can either do so yourself or hire someone to create an app for iPhone or Android. Then say hello to smart passive income!
9. Vending machines and Laundromats
These are quite a bit of headache actually- first of all, your choice of the where you place the machines will be very important. The initial investment is also heavy and you will need to replenish the items, maintain them and so on.
10. Investment portfolio
A well maintained investment portfolio is one of the best ways to make passive income. You will need to determine the best assets for your needs, decide whether to take a conservative or aggressive approach and reassess and rebalance the portfolios from time to time. Remember: diversification is the key here and you must have holdings across a wide array of holding classes. Consult an investment expert to help you out.
11. Google Adsense
Some people have made huge amounts of passive income using this method. However, it is not your typical get-rich-overnight method of making money. You need to have a website, use WordPress to write like crazy and then get traffic to your website. On an average you can get anything between 15 cents to $15 per click-depending on how much the advertisers are paying Google. You also need 15-20 pages on your site before you can apply to Google for Adsense.
12. Buy wholesale products from overseas and sell them on eBay
This idea is not passive, but if you assign someone to do it- it can be a lucrative business.
Try some of these easy ways to make passive income and see your earnings grow!