19 Passive Income Ideas for Extra Income! For the diligent ones, who are willing to work hard to add to their streams of income, this post is for you.
There are several passive ways you can develop and increase your finances, but it takes hard and consistent work. One thing you might not have realized about passive income is that it is not limited to just putting money in stocks and bonds.
There are several other means and ways to add to your income if you are willing to do the work that it requires.
Before I go on listing some of the passive income ideas that can fetch you some extra cash, let me first explain what passive income idea is and what it is not.
What Is Passive Income?
Passive income is the money that is gotten after doing the hard work upfront. It is not gotten directly during work. You don’t get it by directly trading your money or time.
To put more simply, you do the work first, give it some time, and then the money starts coming in on its own without any additional work required from your side.
Notice that the income only comes after substantial work, effort, and money have been put in place to cause results to show forth. An instance of passive income is investments and bounds, as stated earlier.
Another instance is the case of writing an E-book. In the first case above, you would put in money and then wait for a considerably long time before the interests start to come.
In the other case, after writing the book, you would have to put it in an online store, and several months after, it would still rake in money because of the sales.
Now, let us go on to discuss some of those ideas.
19 Passive Income Ideas For Extra Income and Cash Flow
1. Create A YouTube Channel
Creating a YouTube channel would rake in money for you. The more the subscription you get from people, the more your chances of making more money.
And the rate at which people are watching videos on YouTube these days is getting high. This is simply because several people get trained by watching tutorials online.
You can sell the ideas that you have learned and the skill that you have on your YouTube channel.
Otherwise, you can decide even to give inspirational or motivational talks to encourage people. You only have to ensure that you put on your channel things that are of serious substance. That way, people that watch can always come back to view it.
If you are good with this, you can even get invited to come and speak to large audiences, and that will give you fame and make you some money too. Make sure to budget money to advertise your youtube channel for faster growth!
2. Get a Property That You Can Rent Out
You can get a property that you would rent out or lease out to other people who need accommodation. You will always find people who need accommodation; that way, you will always find money without having to work for several hours.
Airbnb keeps getting all the more famous in recent times, and many make a full-time income off it.
Accommodation, being a basic human need, cannot but bring in money for you. And unlike factory work, it brings in income passively.
3. You Can Buy an Online Business That Is Already In Existence
Usually, it is easy to adopt than it is to give birth. When you want to start a business from scratch, it may take a lot of time and money and energy. Having to buy one may be less stressful.
Since the former owners have done the majority of the work and with the right strategies in place, you only have to sit back, relax, and enjoy the rewards.
4. Sell Your Ideas
If you are the kind of person that comes up with business ideas or ideas generally on issues bothering around the needs of people. You can sell it! Sounds easy, right?
Maybe you are the type that is afraid of starting businesses, or you currently lack the capital to start, sell the ideas that you have to companies or individuals, or even blogs.
And if you can make negotiations and deals well, you could make a deal that would continually bring in passive income for you all your life.
5. Invest In a Business As A Silent Partner
In investing in businesses, there are several risks involved. But, even life itself is a risk, and not taking a risk is in itself a risk. You have to do your findings and research and then find the business with a lot of potentials.
This may take some time and effort, however, remember the part where I say some hard work is needed?
6. Write and Sell Ebooks
Ebooks are a great way to get passive income. You may not be a gifted writer, but that is not an excuse, pin down the ideas you need to get out there and get editors to help you with it.
And off it goes into the ‘market.’ Amazon Kindle program can be a great avenue to make extra income from your ebooks. It takes considerable effort to create high-quality digital products, but when you’re done, you will make 100% passive income out of it.
If you decide to make an ebook or course, Sandow is a great platform to host it. They will not only host your course but also take charge of the entire payment process.
7. Sell Pictures
If you’re one that loves to take pictures, don’t waste your talent by not doing anything about it. Don’t permit those pictures to sit down on your drive. Get them out! Sell them!
Several people use images from online stock-image sites daily, and they buy them. You can sell them on sites like Shutter Stock or iStockPhoto to make some passive income.
8. Start Online Course(s)
Simply from online courses, several persons make thousands of dollars every month. You do not necessarily be the one to do all of the teachings; you can get people to teach while you provide oversight.
Once you’re done creating the course, you can go to sleep while the course continues to make money for you. You can choose to make the content video, plain text, worksheet, printables, or even a small ebook.
Note that the classes can be text-based; they do not have to be video classes. But you should also know that video is what captures the world’s attention, especially in the world that we are today.
9. Start a Blog
This a proven means of generating passive income. The income may not likely start coming in as soon as you start the blog. In most cases, it comes in long after you have put in a lot of work and effort.
That’s among the best things about starting a blog. For a minimal start-up investment, which includes $10 for a domain and less than $5 a month for hosting, you can grow a business online.
For fast loading, SEO-Optimized themes, I recommend Mythemshop – If you are looking for a sustainable side hustle, one that keeps on giving, then, blogging is among the best ways to make money.
You can start your blog with my special, negotiated price of $3.95/mo (domain included) versus the regular price of $7.99/mo. That price can’t be beaten.
For the cost of a coffee fix, you can have your blog and start monetizing it. Who doesn’t like that idea?
With a solid and clear understanding of Search Engine Optimization and Social Media Marketing, you can generate traffic to your blog so much so that it begins to draw in adverts and, consequently, money.
10. Produce Audiobooks
Audiobooks are an excellent means of generating passive income. I know quite a several people who have been in the audiobook business, and they are doing very well, making their own money.
Should you have any specialized skill or advanced knowledge on any subject that you wish to teach or share, audiobooks are a great way of dispersing such knowledge.
If you go about it the right way and produce quality substance for the people that would buy your book, you would see your income rise higher and higher.
11. Get Involved In Some Marketing
Internet marketing is a means to produce multiple passive incomes. This is more helpful when you have lots of followers on social media. You can easily advertise products for people and get your money.
12. Develop an App For A Smartphone
You may not necessarily develop the app yourself. You can get someone to help you build one if you feel you have the right idea.
13. Get Money by Generating Jingles
If you feel you have the voice, you can do some jingles and license them out.
14. Set up ATMs
You can set up ATMs in certain areas where you live or where you notice that they are scarce. While this method is not wholly passive, it is still an excellent means of generating income.
15. Build a Sales Funnel
Building a sales funnel conceptualizes taking prospective customers from browsers to buyers. You should, however, know that it is not an easy task. It takes a lot of time and effort to build one.
16. Give What You Have and Ask For Donations
You can give your content, your plug-ins, software, and so on out for free and then ask for donations. If these things truly solve people’s problems, then they would give back.
17. Build and Sell Websites
You can put up time and effort to develop a website and then sell it. This is another excellent passive income ideas.
18. Get a Middleman
You can hire someone to do the job for you. He/she does the chunk of the work.
19. Become a Lender
You can start lending money to people via lending companies like LendingClub, Prosper, and Harmony. With Lending Club, you can get up to and even more than 10% interest rates yearly.
This is amazingly higher than what you will earn on more conventional interest-based bank investments (typically 1%).
Creating passive income from other alternatives is a dream for many folks, but I can guarantee you that having a passive income in your cash flow is fantastic, and it gives you some financial freedom.
Of all the passive income ideas shared in this post, find one that suits you well and go for it now. Don’t wait until you have gigantic passive income ideas (it is supposed to be passive anyway) before you make a move.
Think big, start small, plan well, and execute hard.