These are 7 great passive income ideas to make money while you sleep and grow your wealth. Most wealthy people have more than one stream of income. You don’t become a millionaire by just relying on your one salary. The best way to grow your wealth is by having several different passive income streams.
1. Investing In Stocks/Bonds
Investing is my number one tip to anyone who wants to make a passive income. Having money invested long-term in stocks will literally make you money while you are sleeping. I have several posts about investing for beginners here:
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2. Affiliate Marketing
If you have an audience on your social media or blog, you can get paid to promote specific items for companies. For example, if you share a link to a shirt from Amazon and people click on the link and buy it, you will make a commission off of their purchase. You can join Amazon’s affiliate program here. I believe you have to make $100 worth of sales commission within your first year of affiliate marketing with Amazon to stay in the group, so try out an easier-to-get affiliate program first!
3. Start A Blog
Blogging is a marathon – not a sprint. This is not a fast way to make a passive income, but if you stick with it and are determined to make a profit, you will eventually have some passive income from blogging. You will eventually get profit from the ads displayed on your channel (Google Adsense). Google Adsense is the beginner blogger’s ad-revenue source because it doesn’t require you to have a ton of page views for you to display ads on your website. Blogging is also an excellent platform to begin affiliate marketing!
4. YouTube Channel
Start a YouTube channel! You don’t even have to show your face in order to have a profitable YouTube channel. A lot of the profitable YouTube channels have “Meditation” and “Relaxing Music” type of contact where are you can just upload stock images and voiceover approved music or your own voice. The more page views you get, the more ad money you’ll make, and the more income you will have from your YouTube channel.
5. Invest In Real Estate
Investing in real estate doesn’t have to be as scary as it sounds. Ideally, you could buy a duplex and live in one side of it while having a renter rent out the other side (and have them pay both of your rent so that you can live there for free). Purchasing a small home and renting it out to people is also an option if you can afford the down payment of the house and liability insurance. If you have less money to work with, you can start by investing in small pieces of real estate like vending machines or renting out one of the rooms in your house.
6. Write A Book (or E-Book)
Writing a book is a great idea for avid riders who want a little bit of extra income. The process takes a long time and you have to get it published unless you self publish, but it’s an option to consider if you’re passionate about writing. Writing and selling e-books is also a great way to make passive income!
7. Sell Products On Etsy
Etsy is a marketplace website where you can sell homemade items as an individual or as a small business.
There are so many tutorials on YouTube you can watch that will show you how to create free printables/templates to sell on Etsy. Use Canva (a design website) to design custom t-shirts and trinkets. You can earn quite a lot of money from selling on Etsy, so find something you’re interested in selling, and get to it! Some ideas of things to sell on Etsy are candles, t-shirts, jewelry, stickers, planners, and notebooks.
These were 7 of my best passive income ideas for you to try. It’s always important to remember that the most successful people don’t rely on just one source of income. I hope you found one of these passive income ideas applicable to your life, and create as many income sources for yourself as you can!
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