Earning passive income is a great way to boost your income. Some of the best ways to earn passive income include; affiliate marketing, rental income, and flipping products. Passive income usually requires an initial investment of time or money, after which you can sit back and enjoy as the income streams in.
Whether you’re saving for retirement or want to walk away from your 9-to-5, passive income might be the answer. Even though it sounds like a buzzword you might hear from a financial guru, the truth is, that earning passive income is possible.
All it takes is a plan.
If you’ve been looking for ways to make money on the side that doesn’t require working another full-time job, you’re in luck.
Below are some of the best passive income ideas to earn money with little to no money.
What is Passive Income?
Passive income is money you earn from sources outside your regular job. The most traditional passive income type is from rental properties or a business where we receive dividends but don’t work there.
In today’s quest for financial freedom, many people think that passive income is a way to get rich overnight. And while some people do get lucky selling products online or investing in cryptocurrency, it’s not the norm.
To continually earn passive income, you need to put in the work.
Let’s look at it.
1) Create POD Products
POD or print-on-demand is not only popular. It’s a multi-million dollar industry. In 2021, the POD industry continued to flourish. If you work in a specific field, you can create apparel or accessories tailored for that niche.
You can sign up on Printful or Printify, create your designs and once sales start coming in, they’ll package and send your orders. The best platforms to sell on are Etsy, Shopify, and Instagram.
2) Affiliate Marketing
Affiliate marketing is one of the best passive income jobs from home. It is another way to earn cash without working for it.
Well, kind of.
Here’s how it works if you’re not familiar with affiliate marketing. You find a brand that you want to work with. Then, you create affiliate links with quality content that you post on Instagram, Facebook, and Pinterest.
When someone clicks that link and makes a purchase, you receive a commission. There are various ways to go about this, so do your research beforehand.
3) Sell On Etsy
What started as a place where creatives sold hand-made goods is now a billion-dollar industry.
Etsy is now one of the best websites to earn passive income. In 2020, Etsy generated over 1 billion dollars in revenue. While you can still sell hand-made goods on Etsy, the platform has evolved and now allows its users to sell print-on-demand clothing and accessories, jewelry, home goods, and more.
4) Monetize Your Blog
If you started a blog years ago only to give up too soon, there’s never been a better time to give it another try. Contrary to what some people say, blogging is not dead and gone. Some top influencers online still blog to this day.
But when it comes to blogging, you need to find your niche. Travel, cooking, and financial freedom will always be in demand. So, in addition to crafting quality content, you also need to run ads on your blog and work with affiliates. Most importantly, you need to learn SEO and use it to monetize your blog.
5) Write E-Books
Did you know that you can earn hundreds, if not thousands of dollars a year simply by publishing an e-book? According to Statistica, e-books generated over $14,367 million in 2020 alone.
All you need is a niche and the desire to succeed. Choose a subject you’re either interested in or know like the back of your hand. You can self-publish your e-book on Amazon, Barnes & Noble, and other sites.
6) Rental Income
If you don’t have money to invest, there’s another way to make passive income with rentals: rent out your own home. If your home is large enough, or if you travel frequently, you can register your home on Airbnb and rent it while you’re away.
7) Flip Products
Flipping products is precisely what it sounds like. You find trending products on clearance or ones that are priced to sell. You then buy them in bulk and resell them on Amazon or eBay.
8) Make a Course
Creating a course, whether video or audio, then relaxing as money streams in from the sale of your product is a popular way of earning passive income. Sites like Skillshare, Udemy, and Coursera can be helpful in the distribution and sale of your courses.
Alternatively, you can use the “freemium model,” where you attract a following with free content and then charge for more information to people who want to learn more.
9) Online Photography Sales
Selling photography online may not seem like an obvious way to earn passive income, but it can help you grow your revenue, particularly if you sell the same photos several times. It is one of the best ways to earn passive income online. Having collaborations with companies like Alamy, Getty Images, or Shutterstock might help you sell your photos.
But first, you have to be approved by the platform, after which you license your photos for use by any person who downloads them. The platform then pays you for every time your image is used.
You’ll need photos that appeal to a specific audience or depict a particular scene and research into where the demand is. Models, landscapes, imaginative scenarios, and other types of photography are all possibilities.
Bottom Line
When it comes to creating passive income streams, there is no one-size-fits-all solution. Your best bet will always be what aligns with your interests, current job, and financial goals.
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