First let me tell you the important thing about passive income. Passive income always requires an initial investment of some sort. You can’t make something out of absolutely nothing so, you need to invest either effort or time or money. If you want to produce passive income in the future, work hard for nothing will come easy. And in this article there are 9 different passive income ideas, not everything will apply to you, but that’s okay it is a big article. Choose what excites you!
1. Create a YouTube channel. Making videos does require work just like any other passive income strategy. This strategy initially requires work but after you make videos on YouTube they’ll continue to live on the platform for years to come and every time someone watches one of your videos YouTube will pay you for the ad revenue that is generated on your past videos that are displayed on your channel. By using this strategy one could earn almost five thousand dollars a month.
2. Investing in dividend paying stocks. Some stocks pay dividends early as in every month while others pay once in four months annually. If you buy one of these stocks then you can earn the money without having to wait for the stock to increase in value. Typically dividend paying stocks pay between two to five percent of the cost of the stock per month so for example if you buy a stock for $100 the dividend would most often be somewhere between 2 – 5 dollars per month.
3. Selling E-books online. Definitely this require more initial work than other options but once you do the work it is going to be completely flourishing. First you’ve to take the time and the effort to write a book itself but once you have the book written you can easily self publish the book with a service such as Kindle direct publishing where you can start earning royalties from that book. I know people who have spend typically a month writing a book and then after publishing it on Kindle, simply earn between 50 to 100 dollars every single month to this day.
4. Selling stock photos. Selling stock photos is not going to earn you very much unless you have a lot of photos out there on stock photo websites. However, this option might only work for a category of people who would consider this as a great option. This category of people happen to be photographers who capture thousands of pictures on a daily basis. These photographers could select some of those pictures and upload them to stock photo websites so that you can earn a little bit of very easy passive income every month.
5. Selling digital courses online. This is something many people do these days and find it to be very profitable. Put your maximum effort and make a good strong video in what you’re good at. Have a good research and be 100% correct with the contents you’re going to share in the video before you start. Speak great and make the video bit funny and don’t go very theoretical, students may get bored. Have some good fun elements in the video and make sure the sound and graphics do not hinder with the speaker’s explanation. When you’re done you can share the video on online platforms like udemy and etc..
6. Affiliate marketing. This is something anybody can do, basically affiliate marketing is when you sign up to be a sales rep for a company in order to sell their products for them. There are many different online companies including amazon.com that have affiliate programs where you can easily sign up. Once you sign up for an affiliate program you’ll get a unique link for each product that the company sells that you can then share with your audience or even your friends and family. When someone clicks on your link and proceeds to buy the product then you will earn a small commission. These commissions range anywhere between about four percent all the way up to fifty percent or even higher.
7. Selling digital files online. You can sell template designs or outlines on your own website or on a public platform like Etsy, Themeforest, etc. These digital files can be sold for anywhere between $1 and $100 depending on what they are about. If you sell them on your own website you typically can sell them for a higher price whereas if you sell them on a public platform like Etsy then the marketing will be a bit easier because the customers will be able to search for your products and find them. The quality is more important to get paid. The real problem is that there are already thousands of templates online and in order to sell your template, it should definitely be out of the box, in simple words unique.
8. Cash back credit cards. It is a really easy one that could make you earn some money for something that you already do, like spending money on your basic necessities or anything else that you buy. There are mini cash back credit cards out there to pay you anywhere between one to five percent of the amounts that you spend on the cards that means that every time you spend money you’ll earn a small amount back. Now, of course, this strategy can never make you rich because you have to spend far more than you earn back but if you’re going to spend the money anyway then you might as well earn a little bit of it back in a passive way.
9. E-commerce site. These days Shopify has made it very easy to set up your own shop online where you can sell any sort of product. Now, in first place, this might not sound like a passive income strategy because you might think well I have to get the product and I have to ship it to my customers and that’s gonna keep being a headache, but there are many people who have e-commerce websites where they sell products that are produced by a different company and are delivered by a fulfillment company. The e-commerce website then orders the product from the production company and the fulfillment company delivers it back to the customer. The owner of the e-commerce website never has to put any effort to undergo any of these processes. This type of business has the potential to be highly lucrative. However, it is fairly competitive and similarly, most people who make a significant amount of money with e-commerce websites do so after developing a number of different e-commerce websites and by eventually having one of them take off and become profitable.