There are so many passive income opportunities and different ideas to earn money offline and online. Here are some of the best ways to earn passive income. This is not a complete list but only a few ideas to earn passive income.
Offline Passive Income Ideas
Here are some ideas of ways to earn income that are not online and most of them would take some initial financial investment.
Investing in Stocks – This is one that everyone is familiar with. When you take a certain amount of money and invest it each month, the interest you earn on that money is a form of passive income. You simply invest the money, and if all goes well, you will get a return on your investment in the form of interest payments.
Buy & Invest in Rental Property – This is another form of passive income. You buy the property, hire a property manager, and collect rent. The real estate agent finds the property, the property manager does all the labor, and you just invest and collect your rent every single month while also building equity in the property. That’s income today and income tomorrow.
Publishing Books – This is a great form of passive income. You write a book, publish it, and then collect residuals from sales for as long as the book makes sales. You really don’t even have to write the book, you can pay people to do that. A classic example is the Chicken Soup for The Soul franchise. They have sold more than 500 million copies worldwide, earning over $100 million per year.
Vending Machines – another great form of passive income. You set up the machines and fill them with whatever product you choose, you occasionally check on them to refill or fix any problems and they continue to earn money without much effort on your part.
Video Games – Like vending machines you just set up the machines and occasionally check the games to fix any problems and collect the money.
Storage unit rentals – These rentals are popping up everywhere, there has to be at least 10 facilities withing a 1 1/2 radius of my house. I don’t know if these are making a lot of money or if everyone is trying to make an easy income stream for themselves, can there be that many people storing their stuff in storage units. I am sure there are a lot though because they keep getting built around here. This would take some investment money to set it up and then hire someone to rent the units.
Laundromat – These would be great for passive income, you could even hire someone and offer laundry service, wash, dry and fold peoples laundry. In todays busy world there would be people willing to pay for this service.
Airbnb rentals – you could rent out your home or second home on Airbnb from some extra income.
Online Passive Income Opportunities
Here are a few online income ideas. Earning money online has a lower financial investment although there would be some costs, hosting, equipment or some other costs depending on what you start with. There are places you can get started for free and build up an income and move into other areas.
Affiliate Marketing – This involves promoting someone else’s products or services and when someone buys, you get a percentage of the sale. You can find opportunities within your community, on affiliate platforms like Clickbank.com, JvZoo.com, or if you like a certain product, go to their website to find out if they have a program. Wealthy Affiliate teaches you how to set up websites for affiliate marketing and gives you 2 free sites when you join to get started.
Develop a Digital Product – Any digital product that you sell over and over again, such as an app, or even content such as with private label rights content, you can earn passive income doing that. You create (or pay someone to create) the digital product, then your job is to promote it and sell it. You can even get affiliate marketers to help you.
YouTube Star – This type of income doesn’t seem very passive at first. You must produce a lot of content on a regular basis that your audience likes and will watch. You make money via advertisements, sponsorships, and affiliate marketing options as a YouTube Star. You don’t even really have to be a star to get started. What makes it passive is that you will earn money on the videos year after year, not just once.
Blogger – Most bloggers would not say their job is passive, but since you do the work once and can get paid repeatedly, it’s still considered passive income. Usually, you pick a niche in which to blog. You can do product reviews, how to posts, and more. You earn money by placing ads and affiliate product links in the posts.
Selling Stock Photos – If you can take great photos there are sites where you can sell stock photos for other people to use on their websites. There are plenty of people who are not great at photography and are looking for good photos to use on their blogs and websites.
Create a Course – There are so many online courses for everything you can imagine. There are courses for cooking, sewing, blogging, budgeting, learning a language and those are only a few of the courses I have seen online. You could make a course for something you are great at that you think [people could benefit from.
Membership Site – A membership site would be a great income source. You would probably need to keep adding things or updating depending on what you offered a membership for. There are membership sites for everything, weight loss, homeschool, blogging, motivational.
Drop Shipping – another income idea, this would not necessarily be passive income as you would need to push any orders through to the distributor but it wouldn’t be too much work once the website or posts were initially set up.
As you see, there are many ways to add to your income streams. The best course of action is to start with one thing, and then build onto it as you go. Wait until you’re earning something on one idea before moving on to the next.