More money in your bank account every month?
How do you make more money when you have a full time job and a family that keeps you busy?
This is income that you make continually after doing the work once. To be successful you need to invest time, money, and effort into the initial endeavor. Once you have the business up and running sit back and watch the money roll in over time. There are lots of ways to make income by investing the money you already have in your savings. And money compounds over time if you continue to reinvest.
There are lots of options on this list. Not every option is the best one for you. Choose the ones that are the best fit for you. You have skills and talents that are unique. Leverage those skills into a business that provides value to others. Earning any type of income active or passive is about creating value for yourself and others. Look for ways to create value for other people and you will be rewarded.
What are your unique skills? Are you great at writing, public speaking, photography? Whether you have figured it out yet or not, you have value to offer other people. Once you realize this, then you can being to monetize your skills and earn extra money.
Find your niche. Join a community. Take a risk.
Passive income ideas
- Stock dividends – stock dividends are one of the most reliable ways to create monthly or quarterly income. This method is not without risks so choose your investments carefully and diversify. Robinhood and Betterment are apps you can use to invest in the stock markets with low fees.
- Online videos – find a niche and build a loyal audience. Authenticity is the key. YouTube and Vimeo are popular platforms.
- Online book publishing – Amazon is the best place for online publishing. Self punish your creation.
- Blog – create your own blog about a topic you love and build your audience. Then monetize with advertising. Blogger and WordPress and great sites to start. Create must read articles or content to drive traffic to your site. Find websites that will pay you for your articles.
- Online store – Shopify is becoming increasingly popular for people wanting to start their own store online.
- Affiliate marketing – promote and recommend products you love and you get rewarded. Amazon affiliates. It may not seem like a lot, but it all counts.
- Sell photos – You have a phone with a camera right? Take stock photos and license them online. Shutterstock, Getty images, iStock.
- Credit Card cash back – Your going to spend money. Get paid to shop. Use a cash back credit card to make money from spending money. Discover and American Express are known for having cash back credit cards.
- Rent a room – Real Estate is one of the best passive income investments you can make. If you have extra space in your home, find a roommate. They can help pay your bills or your mortgage. Make money without doing anything.
- Rent your car – let people use your vehicle for money.
- Rent advertising space on your vehicle – make your vehicle and outdoor advertisement. Find companies that will pay you to wrap your car in their advertisement.
- Purchasing Rental Property – the next step from renting out space in your house is buying and renting an investment property. House, condo or apartment. Short term or long term. Airbnb is one of the best platforms for short term rentals.
- Investing in real estate through companies – there are several companies that allow you to invest in large scale commercial or residential real estate properties without invest massive sums. Check out sites like Fundrise. There are also tons of REIT stocks listed on the stock market that pay healthy dividends.
- Cash referrals to business – find businesses that will pay you a finders fee for business referrals.
- Build an app – Everyone has a smartphone these days. Build an iPhone or Android app that meets a user’s and watch the money come in.
- Create an online course – You have knowledge that someone else could use. People are always trying to learn and sharpen new skills. Create an online course for Udem or Lynda and charge people to take your course. Make the videos once and earn indefinitely.
- Create your own travel guide – Creating a guide is similar to writing an ebook. Its all about the content. Create great content that people will find useful and then promote your product. Sell it on Etsy or Amazon
- Cash back from receipts – Use an app like Receipt hog to track your purchases and get paid to do it.
These are all great ideas, but nothing happens without effort. Choose your passive income method and stick with it to make it successful. My real estate investment took years to get off the ground. My blog took a year before anyone even started reading it.
Most valuable asset is your education. Constantly educate yourself about the path that you have choose and how to make it the most successful.
Whatever idea you choose, be persistent. Nothing happens over night. Take an idea and make it great. Do a better job than anyone else. And do it over and over. And then promote it. People are not going to come knock down your door. You are going to have to go to them. You fishing for them. There are plenty of fish in the sea.
And experiment. Once something works, break it in order to make it better. Growth happens when something is broken down and built stronger.
Share your ideas in the comments section. I read every comment. And I will post my next list soon with even more passive income ideas.
Email me any thoughts or comments: firstname.lastname@example.org