10 Passive Income Ideas to Make More Money

How easy is it to make money while you sleep? Tricky question, isn’t it?

Although you may call it easy money, the truth is that passive income is never easy. It results from serious hard work: running paid ads, building a sales funnel and audience, creating and delivering excellent products.

However, since you are desirous to start a passive income, you’re ready to make all the commitment that comes with creating a passive income stream.

Make More Money

People want to make more money while working less because the regular 9 – 5 jobs have failed. It has never been a sure way to make extra cash.

And you don’t need to quit your job; you can add a passive income stream to your current job or business. After all, the goal is to make more money.

This is the article that I wish I had when I started my financial independence journey a few years ago. Suppose you are searching for ways to become financially independent. Let me, first of all, congratulate you.

What I am about to share with you will help you generate a steady income while you work less.

What is passive income?

When we talk about passive income, some persons believe there is no such thing as passive income. For me, I would define passive income as money that is not influenced by time. It is making money while you sleep.

One other thing about passive income is that it can take a reasonable amount of time to set the ball rolling. When it comes to passive income, there is no such thing as getting rich quick. There is no way around it. If you are looking for a way to get rich quick, you might not find one. They don’t exist.

The primary thing you should keep in mind is that money is given in exchange for value. You make money when you provide value. And since we’re talking about passive money, the only way to make money passively is to provide cash so that the income generator is not affected by time.

10 Passive income ideas that will make you wealthy

Sell your own Digital products

A digital product is a piece of asset that people cannot touch. They can only be downloaded or streamed. Your digital product could come in various formats such as plug-ins, templates, PDFs, educational development, design kits, wireframes and membership sites.

Selling digital products come with few risk. There’s no limit to the amount of profit you can make. The bulk of the work is seen in the creation phase. Sometimes you may only create a product once and go on to sell and resell millions of users. 

Start dropshipping

If you can think of a business you can that doesn’t require much startup capital and lets you work globally. Dropshipping is proper for you.

The beautiful thing about drop shipping is that you can set it up yourself with just an online store.

If you are thinking of going into this business, here are a few tips to get you started:

  • Choose a drop shipping business niche
  • Perform a comprehensive market research
  • Get a supplier
  • Build your e-commerce store
  • Promote your dropshipping store
  • Carve out your business structure
  • Always improve your offering

There are three key players in the dropshipping business:

  • A merchant
  • The customer
  • And the supplier 

So here is how these three players work together:

  • First, your customer places an order at the retail price rating on your e-commerce store
  • You receive the order, then reach out to your supplier and place an order at the wholesale price.
  • Finally, your supplier ships the item down to the customer

To make money from Dropshipping, your dropshipping store has to be profitable. You can also make money by drop shipping with companies like Amazon. It takes barely 24 hours to get your Amazon store ready.

Affiliate marketing

Affiliate marketing is not just a trusted way to make more money passively, and it is also practically one of the most straightforward no-fail income-generating systems you can think to have today. Affiliate marketing is highly lucrative because a lot of website owners or bloggers increase their revenue when they promote third party products 

Almost every successful brand out there has an affiliate program. There are some big names in the affiliate market such as eBay, Amazon, Awin, Shopify, Expertnaire and others. These companies have a wide range of products on their sites to fetch a high commission for selling items. Affiliate marketing is one of the fastest-growing industries, and it is indeed a great source of making passive money.

Most times, you need little or zero capital to join an affiliate marketing program. But the downside of affiliate marketing is that you won’t earn a dime if you cannot attract buyers. However, to succeed in affiliate marketing, you will want to make sure you pick the right product that people are desperately in need of., conduct quality research about your customers, then you will also learn how to write a good copy, and lastly, how to build traffic. Once all these are put in place, you can be sure to smile to the bank continually.

Did you know almost everyone indulges in some form of affiliate marketing daily? Affiliate marketing is about recommending helpful products to people you know need them and can afford them. 

So, for instance, if there is a health challenge you have been battling for some time now, then all of a sudden you stumble on a product that helped you overcome that health challenge, chances are that you will most likely recommend that product to a friend who also passes through the same health challenge.

Invest in Real Estate

Real estate investing is arguably one of the most expensive passive income options. It has been one of the surest ways to build wealth on a long term basis. If you are thinking of going into the real estate industry, you will need a reasonable amount of money for your initial capital and patience because Real estate investing takes much time before your capital will begin to generate profit.  

But before you make that decision yet, it is essential you decide the kind of real estate investor you wish to become.

There are numerous real estate investment options you can choose from. It all depends on your financial goal and the amount of commitment you are willing to make.

Start your blog

Did you know a blogger can make up to $500 – $2,000 per month?

If you need something that will bring you cool cash from the comfort of your bedroom? Then it would be best if you tried blogging. It is a perfect passive income generator for people who have writing as a hobby

There are thousands of interesting to blog about. If you cannot start a blog, you may consider buying an existing blog. 

Are you wondering how you will make money through blogging? You can accept offers to display ads, affiliate marketing or sales of a digital product.

Blogging is huge. For your blog to get noticed, you will have to pay attention to SEO and traffic to your website.

If you have decided to start a blog, you can follow these simple steps:

  • Choose a blogging platform.
  • Pick a perfect domain name for your blog (example: www.xyzblog.com ) 
  • Get a web hosting platform (e.g. Bluehost)
  • Select a profitable niche
  • Create and publish content regularly

Create an eBook

Like a digital course, creating an eBook is another means to make money selling your expertise. 

With platforms like Canva, Microsoft Word, Beacon and Kindle, you can create amazing eBooks with beautiful designs from start to finish. These sites have pre-installed themes and templates that will help you organize your eBook.

The dicey part of creating an eBook is in setting the price. Your price shouldn’t be too high or low, but make sure it meets your customers’ expectations. Don’t make your eBook cluster your eBook with extended irrelevant information. You could keep between 3,000 to 10,000 words depending on your word count.

Renting out your space

Despite starting in 2008, not everyone is familiar with this passive income idea. But It is rapidly becoming lucrative in most parts of the world. 

Airbnb is about renting out your space, whether used or unused, for the short term. Because of how safe and trusted it is, thousands of travellers worldwide create a free Airbnb account to list out their space. Some others want to book accommodations. 

Airbnb is one passive income idea that lets you make colossal revenue right from the comfort of your house while connecting to people from all over the globe.

If you are thinking of joining the Airbnb platform, you won’t be required to spend a dime when signing up for Airbnb and listing your place. The only downside to this is that some occupants of your space may deface an item in your room. 

Create an App

Think of platforms like Facebook and other apps that have high usage volume, every minute, millions of dollars are generated from various activities carried out on those apps. Also, please take a look at your android or IOS device. I believe you probably have a couple of apps that have helped you. 

If you genuinely want to make money while sleeping, you may want to consider creating your app. Even if you are not conversant with tech, you can still make money from building an app, and you could hire a UI/UX designer and a programmer to help you finish it up.

Your app could be for educational, entertainment, financial or any other purposes. The main idea is to create something that helps mobile perform some activity quickly and without stress. Think of apps like Angry Bird that generated over €200 in 2020. It is fun and free to download. Yours can be the same.

Once your app meets popular demands and has been made public, people from all over the world will begin to download it, and you can generate income from it even while you sleep.

You might get lucky, and your app gains some popularity, or you receive reviews from users. You can then think of adding some extra features that will increase download and maintain relevancy.

But the discouraging side to this is that you will need to make heavy financial commitments.

Create a course

I believe we all are skilled and gifted in a particular profession. You can turn that into an income stream if you have mastered the skill by creating a digital course. 

Making passive income through digital courses isn’t popular yet, but it is gradually becoming a fantastic option and an excellent thing. It is seemingly easy to create a course. Think of something you know at your fingertips. 

Instead of sharing your expertise away for free, you can transform it into a passive income. You can leverage platforms like YouTube, Facebook and Instagram to teach people what they don’t know.

Investing in stocks markets

Investing in the stock market is one easy way to make more money passively. By investing in stocks, you are offering up your money to an investment company to buy stocks or shares to get some revenue after a short term or even an extended period, as the case may be.

The power of compound interest works very well in the stock market. As the value of your stock increases and you reinvest what you gain as dividends, your investment will continue to grow.

One strategy for earning passive income in the stock market is through the buy-and-hold method. If you are going into the stock market and want to build lasting wealth, don’t mistake thinking short-term.

Conclusion 

Passive income will continue to be appealing because of how seamless it is to make money. Generally, you invest your money in a product that will generate an income.

While choosing a passive income stream, also note that passive income is taxable. However, don’t let the tax scare you from following your passion

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