I’m going to be sharing with you 21 different ways that you can earnpassive income before we get into them. I just want to tell you a couple important things about passive income.
The first is that 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. Second thing that I want you to know about passive income is that different passive income strategies require different amounts of effort or different amounts of time, different amounts of money to get started.
And they also have very different profit potentials. Some of them can earn you just a little bit of money each month, and others could earn you hundreds of thousands of dollars.
So that’s what I’m going to be focusing on in this video. Is these differences between these 21 different passive income ideas? One last thing before we get into these strategies.
I’m not a financial adviser. And so before investing in any of these opportunities, I would highly recommend consulting with a qualified professional.
The first passive income strategy is investing your money in a high yield savings account.
Now, this isn’t a strategy that has a very big profit potential. Typically, these high yield savings accounts only pay about 2.5 percent per year or so. However, if you do have a large amount of money just sitting around, it would be better to put it into a high yield savings account so that it could be earning you some passive income each and every month.
Passive income strategy number two is rental properties. You can buy real estate and you can rent it out for a profit each month.
Now, this strategy can be a lot of work if you are managing the properties yourself. But it can be a passive income strategy. If you outsource the management of these properties to a property management company, that does the work for you.
Obviously, this is a strategy that requires a fair amount of money invested. However, I’ll let you know that I bought my first rental investment property with just about ten thousand dollars saved in my bank that I’d earned from my job.
So you can get started with a moderate financial investment, by the way. Before I continue on with all the rest of these strategies, I just want to let you know that if any one of these strategies doesn’t appeal to you or wouldn’t work for you, that’s OK, because there’s a lot of variety with these strategies.
And I’m sure that if you keep on watching, you’ll find one that will match your ability to invest time or money or effort. Passive income. Idea number three is to make videos here on YouTube.
Now, of course, making the videos does require work, just like any other passive income 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. The fourth passive income strategy that you could try is investing in dividend paying stocks.
Some stocks pay dividends each month or each quarter. And if you buy one of these stocks, then you can earn a money without having to wait for the stock to increase in value.
Typically, dividend paying stocks pay between two and five percent of the cost of the stock per month.
So, for example, if you bought a stock for one hundred dollars, the dividend would most often be somewhere between two and five dollars per month. Idea number five is peer to peer lending.
Now, this is an opportunity that didn’t exist just a few years ago. But these days, there are several different companies online that allow you to lend money to other people in an easy and secure way and then earn the interest that those who are lending to are paying passive income strategy.
Number six definitely requires a bit more initial work than some of these other options. But once you do the work, it is going to be completely hands off.
And that is selling e-books online. Now, of course, in order to sell an e-book online, you first have to take the time and the effort to write the book itself.
But once you have the book written, you can easily self publish the book with a service such as Kindle Direct Publishing, and then you can start earning royalties from that book that you have written and published every single month about three years ago.
I spent a month writing a book and then I published it on Kindle and I earn between 50 and 100 dollars every single month. To this day. The seventh passive income strategy is investing in a startup.
Now, by this, I don’t mean buying stocks for an existing company, but investing in a company that’s just getting off the ground.
Entrepreneurs who have great business ideas often don’t have the capital to make their ideas reality, so they often take on investors who later get to reap the rewards of the growth of the company.
Of course, this strategy is certainly a lot riskier than many of the other strategies that I mention.
As I mentioned at the beginning of this video, I’m not a financial adviser myself. So do consult a qualified professional.
But I do want you to know that with this and any other strategies, it’s important that you do diversify your investments and you make sure that you have a significant amount of your investment portfolio invested in very secure, stable investments and a smaller portion invested in a higher risk, more volatile options.
OK. Let’s move on and talk about passive income. Idea number eight, which is to sell stock photos.
Now, I will let you know, first off, that selling stock photos is not going to earn you very much passive income each month unless you have a lot of photos out there on stock photo Web sites.
However, there’s a certain type of person who this is a great option for, and that’s photographers who are already taking a lot of pictures.
Once those pictures are taken and that work is done, there’s no reason to not take some of those pictures and upload them stock photo Web sites so that you can earn a little bit.
A very easy, passive income every month. Passive income idea number nine is to sell digital courses online. This is something that I do myself these days, and I find it to be very profitable.
However, more than some of the ideas on this list, the profit potential for this one can vary quite extremely. Some people sell digital courses for very low prices and they don’t market them and they don’t earn any money from them.
And other people invested a lot of time and money into the marketing of their products, and they sell them for very high prices and they earn millions of dollars a year from them.
So if you’re interested in strategy, I would just say do your research and keep on working on improving your systems because you can earn a lot more money than if you put in a minimal effort for this option. Idea number 10 is to license music.
What I’ll say about this is very similar to what I said about selling stock photos.
If you’re already a musician and you’re already making music. It’s something you want to do for fun or you do professionally. You might as well put some of your tracks online and license them to earn a little bit of bonus passive income.
But if you’re not already a musician and you don’t want to spend your time doing that, then I wouldn’t recommend this as your best passive income option.
And idea number eleven is kind of along those lines also. And that is creating an app.
Creating an app can potentially earn a lot of passive income if your app takes off. But if you don’t already have the skills to code an app yourself, and that isn’t something that is benefiting other aspects of your life or career, then most likely it’s not going to be a skill that you should learn in order to possibly earn passive income from this strategy.
But if you already have these skill and enjoy creating apps, then you might as well put them to work because the potential for profit here is quite high.
It’s a numbers game, though. If you want to increase your odds of having an app take off and earn passive income from this method, then you’ll want to create quite a number of apps.
Because the more apps you make, the higher your chances of one of them taking off are, unlike some of the strategies that I’ve mentioned. Passive income strategy. Number 12 doesn’t require any advanced skills or expertise and its affiliate marketing.
This is something that absolutely anyone can do. Basically, affiliate marketing is when you sign up to be a sales rep for a company and to sell their products for them.
There are many different companies online, including Amazon.com, that have affiliate programs that you can easily sign up for.
Once you sign up for an affiliate program, you’ll get a unique link or unique links for each product that the company sells that you can then share with your audience or even your friends and family.
If 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 50 percent or even higher. Passive income.
Idea number 13 is to sell digital files online. You can sell templates, designs or outlines on your own Web site or on a public platform like Etsy.
These digital files can be sold for anywhere between one dollar and one hundred dollars, depending on what they are.
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.
My 14th suggestion for how you might be able to earn passive income is with cashback credit cards.
Now, this isn’t the right strategy for everyone, but it is a really easy one that can earn you some money for something that you already do, spending money on your basic necessities or anything else that you buy.
There are many cashback credit cards out there to pay you anywhere between one to five percent of the amount 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. Passive income idea number fifteen is to buy and rent out a vacation rental.
So this is different than your typical rental property because your typical rental property, you rent out to a single tenant for a long period of time.
However, with vacation rentals, you’re generally renting them out to a different person every single week.
One of the most common examples of the case in rentals would be air BMB. You might choose to invest in a property specifically to rent out in this way, or you might simply rent out a room or a property that you already own. Put that space to work and start easily earning passive income.
Idea number 16 is to start or buy a car wash. A car wash is a very simple type of business that you don’t personally have to be present at.
In order for it to earn a profit every month you can have an automated car wash or even hire employees to run your car wash for you because it doesn’t require any sort of advanced operation.
Anyone can do it. So if you invest the money upfront into purchasing a property and building a car wash or into buying an existing car wash, then you can start earning passive income from that simple business every month.
The next way that you can earn passive income is with something called a niche Web site. A niche Web site is a Web site that is about a specific topic.
So think pretty much any Web site that you would find if you were Googling some random query how to do such and such or a recipe for a certain type of food.
Any random query that you’re going to visit a random Web site, not a Web site that you typically visit.
You find these random little blogs or these niche Web sites. You get the information that you need and then you typically just leave. But here’s the thing. Those Web sites are making money.
They don’t just exist to help you out so that they can share some information. Those Web sites make money.
They make money with ads that are installed on their site. Whenever someone visits their Web site and happens to click on one of those ads, then the person who owns the Web site earns a little bit of money.
These Web sites take a little bit of time to set up, but they are quite simple to set up. And anyone can do this.
Once the Web site is set up, you can continue to add the most up to date information to it. If it is a topic that needs the most current information, however, there are many topics that don’t change and they don’t need to be constantly updated.
And if your Web site is about one of those topics, then once you’ve set up the Web site, you can forget it and it will pay you a little bit every single month.
The 18th way you can make passive income is with vending machines. Obviously, the vending machines require an initial investment.
You have to buy the machine and then you have to do the initial work of finding a place for your vending machine to be located. But once that’s done, you can do a tiny bit of maintenance every month and collect a paycheck.
My 19th idea is another very simple business idea, and that is to start or buy a laundromat. Many people rely on laundromats as a very necessary part of their lives.
And if you start a laundromat, then you will start having regular customers who will be paying you time after time.
Just like with the car wash. It’s a very simple business that you can easily hire some employees to run for you or you can even set up an automated laundromat.
That requires very little maintenance. Once you’ve made the initial investment of time and money to set up your laundromat, you’ll be earning passive income for a long time to come. Passive income idea number 20 is an e commerce site. These days.
A Shopify has made it very easy to set up your own shop online where you can sell any sort of product.
Now, first, 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 going to keep being a headache.
But there are many people who have e commerce Web sites where they sell products that are produced by a different company and are delivered by a fulfillment company.
The e-commerce Web site then orders the product from the production company and the fulfillment company delivers it back to the customer. The owner of the e-commerce Web site never has to touch any piece of the process.
This type of business has the potential to be highly lucrative. However, it is fairly competitive and similarly to developing apps.
Most people who make a significant amount of money with e-commerce Web sites do so after developing a number of different e-commerce Web sites and having one of them take off and become profitable.
My final suggestion for how you can earn passive income is another idea for a simple business that will require a fairly sizable financial investment but will be very simple to run after it is initially set up.
And that is starting a. Storage facility. You can either buy a storage facility that art exists or you can buy some land and build a storage facility on it.
Once you have your storage facility up and running, then customers will start to show up and we’ll start paying you month after month to store their possessions in one of your storage units.
Most of the time, once people start storing stuff, they keep storing it for a long time to come.
All right. So there you have it. Twenty one different ways that you can earn a passive income.
As I mentioned at the beginning of this video, some of them are easier. Some of them are harder. Some of them have a very high potential for profit, whereas others are only going to earn you a few dollars a month.
Some of them require a lot of advanced skills and others of them anyone can do.
So my question for you is, after hearing about all these different opportunities, which one do you think is the very best opportunity for earning passive income?
Not necessarily the one that you’re going to do yourself, because maybe you don’t have the skills right now or maybe you don’t have the money that would be required for the financial investment.
But I just want to know, which one do you think is the best opportunity today?
Leave a comment down below to share your opinion on which of these ideas is the very best opportunity.
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