There are many ways to earn passive income for those willing to look. These range from property and stock investments to getting creative. If you have the time, patience, and drive to succeed, then you will.
The important thing is to realize that passive income is all about slow and steady winning the race. You’ll make a big splash if you’re lucky, but the key is always sustained growth. Play your cards right, and you’ll tap into passive income that can keep going for the rest of your life.
For 12 sure ways to earn passive income, read our article below.
1. Rental Income
There are a lot of ways to make extra money these days. One of the most lucrative is rental income. If you own a property you can rent out or have some space in your basement, you can make some passive income this way. All you need is willpower and the ability to follow local rules and regulations.
For example, in many jurisdictions, tenants need access to a separate entrance. It would be best if you also had all the basic amenities a person might need. This includes a bathroom and kitchen, for example.
Of course, you also need a tenancy agreement and follow any laws related to that. If you can get it running, however, the extra income can add up.
You should also seek financial advice before investing in anything. That said, stocks and dividends are good for passive income. If you’re smart, you aren’t guaranteed anything, but you should see slow and steady growth over time.
Don’t do something like throwing your life savings into stocks. Especially don’t do this with high-risk ones. Instead, create a diversified portfolio and only invest what you can afford to lose.
Take out money from time to time and reinvest or put it in savings, just in case. With some luck, before you know it, you’ll be making a healthy sum back from your investments and living the dream.
3. Affiliate Marketing
Affiliate marketing sounds hard to understand, but it is actually easy. It involves partnering with a larger company, such as Amazon, and helping them sell products. You don’t act as a salesperson but instead, host links and ads on your sites and convince people to buy those items.
A great example will be if you have a review website. If you manage to get an affiliate partnership with a company in your field, you could get paid for recommending their products to people. You get a commission for each person you send that company’s way and if they buy something.
The money might start small, but it can grow pretty quickly.
4. Social Media Sponsorships
Social media sponsorships are different from affiliate marketing. You aren’t paid for the number of people you send or convince. Instead, you’re paid flat rates to sponsor and advertise.
Do you know those famous sports athletes in the commercials for Nike Shoes or Gatorade? Those are athletic sponsorships or endorsements. A Social media sponsorship is similar, but with influencers.
If you have a bit of a following on Twitter, Instagram, or TikTok, you could make a killing with this. Saying you like a product or reading an ad will bring in the dough.
5. Get a High-Interest Savings Account
An excellent way to save money is with a high-interest savings account. We know it doesn’t sound exciting, but it’s pretty safe and guaranteed to work. Depending on how much money is in there, the returns won’t set the world alight, but it’s a start.
If you can nail a good rate at the bank way above average, you could indeed turn out a hefty little sum. It’s also always nice to have a source of passive income that doesn’t need any extra work or risk on your part. You only deposit the money and watch it grow.
6. YouTuber or Streamer
Streaming and content creation on platforms like YouTube is always underappreciated. Some of the most popular make millions of dollars this way. Now it is worth putting a little asterisk in this section.
YouTube and Streaming can be something you do for fun, but it can also become a full-time job. It depends on what you want to do. If you play video games for fun already, why not stream it on Twitch?
Any money you get from donations, subscriptions, or ad revenue is basically passive income for something you’d be doing anyway. The same rules apply if you vlog on YouTube for fun or as a hobby. You can also always choose to go from passive income in the background to something more intense.
7. Create an E-Book
Of all the ways to earn passive income, this one is slept on a lot. It doesn’t take much to write an e-book: 30 to 60 pages are good enough. You could get it on the Amazon kindle store without much hassle and watch the money come in.
If you get lucky, you also might attract the attention of a publisher. A couple more e-books and your income might get joined by royalties. The initial work might seem daunting, but you only have to do it once for each book.
Find a good distributor, and you’ll always have a good flow of extra income coming your way.
8. Design an App
This one requires a bit of technical skill that not everyone has. For those who have the skills or are willing to learn, why not design an app? There’s a lot of potential for revenue from this approach.
There are two main ways to make income from apps. The first is through direct purchase prices. This means setting a price for your app or having optional in-app transactions.
This approach can yield good revenue but is hard to pull off and might not always be sustainable. The better approach is ad revenue. By asking users to watch and interact with ads on your app, you can make the app free while still making a killing.
All you need is a good idea. Even if you don’t have the computer skill yourself, you might find a partner who does. Together you’ll be unstoppable.
Crypto’s been in the news a lot recently. It’s a global phenomenon and has been for quite some time. Like with stocks, there are risks involved, but the payoff could be massive.
Investing in cryptocurrencies like Bitcoin can turn out to be lucrative. The market fluctuates, but in general, blockchain technology only seems to be going up. Don’t bet the farm on crypto as your retirement plan.
Figure out how much you can afford to lose and put it into crypto. Make it part of your larger diversified portfolio along with stocks. Keep a casual eye on the market and buy when it’s low while selling when it’s high.
Have fun with it, be responsible, and enjoy a pretty good passive income source.
10. Get Artsy
One great way to earn extra income is to get artsy. Digital art sells a lot these days. People are also always asking for commissions.
You can sell some of your art on Etsy or go to art commission websites to offer your services. Many artists do it whether they get paid or not, so why not turn it into a bit of a hustle? You can even sell rights to your art for royalties or commissions.
If you happen to be handy with a camera, then consider photography. It’s a great way to make extra money without that much extra work. Photography is, of course, a skill that takes a long time to master.
You can sell your photos or license them out for royalties. The same photo could sell many times and make you some nice money in the process. There’s almost no downside in trying, especially if you’re already into photography.
12. Host a Bitcoin ATM
The last one on the list is one you’ve probably never considered. Why not host a bitcoin ATM? Cryptocurrencies are everywhere, and they’re here to stay.
Investing in some of the tech and services behind it would be a safe move. The great thing is that hosting a bitcoin ATM doesn’t even cost you anything. Companies pay you for the privilege of putting a Bitcoin ATM in your store or place of business.
Having a Bitcoin ATM is also sure to drive more traffic toward you. This will only increase how much passive income you’ll make from having a Bitcoin ATM. Out of every other option on this list, this one might be one of the easiest and most profitable.
The Best Ways to Earn Passive Income
Of all the ways to earn passive income, the one you choose will vary. This list has provided 12 great options; the rest is up to you. Often a good mix of approaches is the best way, and not putting everything in one basket is smart.
If you find yourself wanting more content like this, be sure to explore our other articles. We have plenty more for you to read and check out.