As the word “passive” means without any active participation, Passive income also sounds something like this. Passive income means the money which you can earn with little or minimal effort. According to retired hedge fund manager and financial coach Todd Tresidder . ” ”passive income has ‘get-rich-quick’ appeal but it still involves work in the end. You just have to give the upfront work.”
Income plays a vital role in making a good lifestyle with high comfort level. So in this regard many passive income opportunities are available but first you have to invest your time to make up passive income upfront. Once passive income streams will be developed then you can rely on the income for many years.
Now as we all are well aware of COVID 19 pandemic that restricts many people to their homes. So people are more attracted towards passive income sources. Now you can categorizes many passive income sources like building and monetizing a blog, writing an ebook etc. Eventually these type of sources earn you money while you are sleeping.
Here is the list of some passive income ideas:
1. Passive Income through Stock Investment:
You become the owner of a company when you invest in stocks of a company. The best time to buy the stocks is when the market rate is low. Some companies pay every quarter to its stockholders so it is an excellent way of earning passive income by doing nothing. Before investment you have complete information about the good repetition of the company. In order to receive good amount of money you will have to invest a significant amount of money. If you are continuously investing your money in stocks you can make a good living over time.
2. Creating and Monetizing a Blog:
The passive income through blogging is not like a time killing job. Let’s suppose you are a travel blogger so that you can a wordpress blog and share your travelling experiences with your readers. Then you can set the pictures of your travelling experience as an ad on the sidebar of your website or with Google Adsense. So whenever any of your reader, click through you will get a small fee from Google. You can also set some affiliate programs by promoting some products and earn certain amount of commission.
3. Renting a car:
Rent out your secondary car or a personal one that is not in use is a best source of passive income. You can use popular apps to rent out your car. The apps like “Getaround “allows a car owner to connect with the people who need a car on rent. You can also offer some discount in the beginning to setup your good passive income over a period of time.
4. Writing and selling your ebook:
Selling books is a good way to generate a reasonable passive income. To sell a ebook for the very first time, you need to write and edit it. And then upload it to a publishing program. But your book needs a specific time to make its place in the market. You will need to do a lot of upfront marketing to convert it into passive income. When your book is accessible on popular sites such as Amazon you could get money every month by doing nothing.
5. Create and sell online courses:
If you have a lot of knowledge of a particular subject or some other skills you can use them as a source of passive income for a long time. This means you can create online course of your knowledge or skill on a particular website and can sell it. One of the wonderful features of this passive income idea is that you have to do significant amount of work just at the starting when you are creating your course. And after that whenever someone will take your course you will be paid for that. Once the course is fully established it will give you a passive revenue stream for years. This development changes traditional tutoring into a way of passive income.
6. Invest in a business:
One of the sources of passive income is to invest in a business. Investing in a business is a game of luck which has pros and cons. You can also loan to a business and in return will get solid revenue from it.
7. Passive income from cash back websites:
Passive income from cash back website is a very easy method. You just need to do more focus on your shopping. You can easily earn money while you are spending your money on buying things but not a large amount of money. All you need is to do sign up on cash back website like Swagbucks while shopping. Such websites will give you cash back with a specific percentage according to your purchase money. You also need to do a qualifying purchase. When you plug-in to a specific cash back website some points are added to your account on purchasing. Such websites can help teens to earn their pocket money.
8. Passive income through creating an App:
If you have a smart phone or a tablet and a good internet connection you can create an app by yourself if you have knowledge about programming. But on the other hand if you don’t have any knowledge you can hire a programmer that works for you. You have to pay for it once but can get passive income from your app for years.
From all this it is concluded that you can earn passive income in a lot of ways to make your living better. In starting it may be a time taking activity but once you established it with a lot of upfront work you can receive income for years by doing nothing (or doing little effort). During COVID 19 pandemic more people show interest towards passive income. So you can follow some simple steps or a right field to earn your passive income easily.