Why would you want to make passive income? Passive income is income that needs little to no effort to maintain.
In other words, you work a lot today, and you don’t work at all tomorrow!
The only problem is that you make no money today, but you bank tomorrow.
It takes time and patience to start seeing money coming in with passive income. That’s why most people just get jobs. They get instant money.
Here is a list of things you can spend your time on that will make you 0 dollars at first, but potentially hundreds of thousands, or even millions, in the future!
1. Real Estate: Buy a home and sell it for a higher price or rent it out.
If you don’t have the money for that, simply invest in real estate through Fundrise!
2. Rent out a room: If you have an extra room anywhere, rent it out! There’s always people looking for a place to live in, especially in big cities.
3. Drop-ship: No need to have inventory, just have your supplier ship stuff out to your clients!
Drop-shipping is commonly done by building a site and selling products.
When a customer ordered, you give your supplier the information and they ship it out for you.
4. Dividends: You get this income when dividends are paid to you, the shareholder of a stock, when a company increase in value.
You get paid about each quarter, so it’s almost ultimately passive.
5. Online Courses: Become an authority online by giving out free information about a subject you’re knowledgeable about.
Once you get a fan base, sell them an online course. These could be sold for very expensive prices.
6. E-books: Become an authority online by blogging or posting about a particular subject.
Once you get a fan base, sell them an e-book. 1,000 loyal followers buying a $10 e-book will get you $10,000, and more if sales continue!
7. YouTube Videos: Upload YouTube videos and earn money from ads each time someone watches.
This is active at first, but you’ll make money from old videos if they continue to get views.
8. Vending Machines: Set up a vending machine at a location. Once it starts making good money, get someone who can restock and maintain it.
9. License Photos: On Shutterstock, you can submit pictures and once they’re approved, you get paid a royalty every time a client downloads.
10. Mobile app: Create a mobile app, or have someone do it for you, and get paid in the form of ads, downloads, and purchases within the app.
11. Affiliate Marketing: Link a product to your blog, YouTube, Instagram, Facebook, etc..
Every time someone clicks on the product and buys it, you get paid a royalty.
12. Peer-to-peer lending: There’s quite a couple of sites where you can loan money out without an official financial institution serving as a intermediary.
13. Sell your own product: Selling your own product can be hard, but rewarding if it’s good. Take a good product and market hard.
A lot clothes are similar, but the branding makes the difference between a million dollar retailer and a failing retailer.
14. Invest: Learn how to buy stocks and sell them. You also need to be highly knowledgeable about each investment you’re making in order to make money.
15. Blog: Having a blog that brings value and helps people will get you money from ads, selling personal products to a loyal visitor base, and affiliate marketing.
16. Social Media Influencer: Get a following online. This can lead you to thousands of dollars off marketing, shoutouts, and free products!
17. Buy a site that already makes money: Flippa allows you to buy websites that are already up and running.
Buy one that makes good revenue and you’ll be making your own without much startup work.
18. Equity Portfolio
19. Car Rental: Buy an extra car and rent it out locally. You can get up to $45 per day used.
20. Outsource: This is the most important strategy when it comes to making passive income off a business.
Delegate work to others, give more power to workers, and you’ll be able to relax why’ll they do everything. Basically automate work.