Passive income is the income you earned without having to do too much work. If you do not like your 9 to 5 job then you have this other option. This field of passive income involves lots of different categories for you to choose from. The best part is that you can choose multiple sources of income. Here are some of the Best Passive income Ideas for you.
Previously I wrote an article about active and passive income which received a lot of recognition. I am back again with 30 different passive income ideas for you to adopt this era of passive income.
1. Rent out a Room (AIRBNB):
If you live in a place with spare rooms or you have a spare house, rent it. There are a lot of people out there looking for a place to stay and sleep. You can use AIRBNB which is an online marketplace that connects people who want to rent out their homes with people who are looking for accommodations in that locale. It currently covers more than 81,000 cities and 191 countries worldwide. You can even rent out your place for travelers to avoid seeing people all year. Think of it as a guesthouse people will use if they come from other cities or countries. This can be a Good Passive Income Idea for you.
Click here to list out the renting-
2. Affiliate Marketing:
This is one of my favorite Passive Income Idea of 2020, When it comes to making money online, affiliate marketing is a skill-based approach that could be learned by anyone. It is one of those segments of the online world, that doesn’t require any degree or formal education. Affiliate marketing is one of the oldest forms of digital marketing wherein you refer someone to any online product and when that person buys the product based on your recommendation, you receive a commission.
Every big company like Amazon, Apple, Google have an affiliate program, which is free to join by any individual across the globe. You can create a niche website, write product reviews on websites or blogs, or even create an email list to send messages to your subscribers in order to sell products and services. Affiliate Marketing in 2020 in the Most Popular and Best Passive Income Ideas in 2020.
3. Dividend-Paying Stocks:
A stock dividend is a dividend payment to shareholders that is made in shares rather than as cash.
The stock dividend has the advantage of rewarding shareholders without reducing the company’s cash balance, although it can dilute earnings per share. Now you have to be very careful about what kind of stocks you invest in to get you a large outcome investment. The most fun fact here to note is that they are not taxable until the shares granted are sold by the owner.
4. Peer-to-peer Lending:
P2P or peer-to-peer lending is another way of earning passive income. In this peers lend money to other peers without the intermediation of a bank or a traditional financial institution.
Now some people would say why not loan the money from the bank? Well, peer-to-peer lending comes in handy when a person does not get approved for the traditional way of loaning the money from the bank. The interest rate is as high as 10-20% which is bringing you nothing but profit.
5. Sell an Online Course:
If you have great and sufficient knowledge about any subject, in particular, you can create a course on it. It could be teaching a coding language or cooking or painting or any skill as long as you have the skill and enough knowledge to teach others.
There are various platforms where you can sell your course if you do not wish to create your website. Platforms like Udemy let you sell the course via creating videos on the particular content. You just have to create the videos once and it goes on for a lifetime. More people buying your course means excellent ratings. However, if you are in a field where the trend changes with time then you may have to update your content according to the latest version. Online Education is on its Peak in this Pandemic Situation. This is a growing and growing Industry day by day, If you are fond of teaching then this can be proved one of the best passive income ideas in 2020.
Click below to get started on Udemy-
Go To Udemy
6. Sell an E-Book:
If you like writing and cannot afford the cost of publishing the book then the best way to complete your wish is to go for an e-book. This may cost you but that is nothing compared to publishing a hard copy.
There are various sites like Amazon kindle Publisher where you can publish the book for free. The best part is that on every copy of the book that is sold, you get a commission. Digital Products worth more than Physical Products. This is the reason why selling Ebooks are more favorable passive income ideas in India.
7. Start a YouTube Channel:
YouTubers earn a lot by creating videos. This may seem easy but it takes a lot of hard work and time to get the shoot the perfect video.
If you have any talent you would like to showcase to the world, go ahead and create an account, it is free. A few days ago I saw a channel in which they did nothing but upsize the existing things. That channel had more than 14 million subscribers. People like to see crazy content. At first, you do not have to worry about anything. When your channel gets a little bit popular, you can add Google AdSense to the videos, which will overlay automatic ads to gain commission for every ad people watches before watching your video.
8. Drop-shipping Store:
Drop-shipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product using the drop-shipping model, it purchases the item from a third party and has it shipped directly to the customer.
As a result, the seller doesn’t have to handle the product directly. The biggest difference between drop-shipping and the standard retail model is that the selling merchant doesn’t stock or own inventory. Instead, the seller purchases inventory as needed from a third party—usually a wholesaler or manufacturer—to fulfill orders. You can start by creating an account on the popular drop-shipping website Shopify.
9. Buy a Profitable Website or Application:
People earn a lot from websites and applications if they are popular already. You can obviously create a website or an application about a particular content and then receive income when it gets popular but the easy way is to skip the waiting part and buy an existing and profitable website.
Something that is popular. This website Groundsofsuccess.com has net worth of more than 80000$. A very good website to buy and sell an online business is FLIPPA. They have over 2,000,000 people waiting to buy your website. If you plan to sell your own website you can find pretty good deals here.
Go to Flippa
10. Crypto-Currency Mining:
Cryptocurrency mining, or cryptomining, or Bitcoin Mining is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger.
Now one bitcoin values somewhere near 9000$ which is really huge I believe. For this, you need to learn everything about cryptocurrency but consider that as a one-time investment.
11. Hold Stocks Long Term:
Investors often want to invest in the long term so that their money grows with time.
But identifying which stock will deliver good results, which underlying company will have a sustainable business model has always been an issue.
If a stock has less value today, it may have higher value tomorrow. If you are into the stock market, I would advise to hold on to some of your stocks for a long-term investment. Sell them when they have the highest value so you can earn maximum profit.
12. Create an Application:
Instagram is an application we all use. Do you know how much is it worth? According to a Bloomberg Intelligence report, Instagram was worth $100 billion by 2018.
It had more than 500 million active daily users. If you also have the skills you want to put inside an application, go ahead and do it. It could be a language teaching application or a game or any other thing you like. Nowadays we have software through which you do not have to go through the complex coding of creating an app. Android Studio is one such software. All you have to do is work on the content and the rest can be done by the coder or the Android Studio.
13. Rent your Car:
If you are busy with your work and have a car lying around, you can rent it out. You have to do nothing just wait for the money to come to you.
You can use a website called Zoomcar which is really popular these days. Just at the tap of an app, you can rent out for a few hours to a few days, on a weekday or a weekend. You’re in full control of your car. Never pay for accident repairs with bumper to bumper insurance and balance being covered by Zoomcar. Zoomcar verifies all its customers, so you don’t have to worry about it. Check out the link below to list out your car-
GO TO ZOOMCAR
14. Start a Laundromat:
I have seen like 5 laundromats in my locality. And I can swear to you that none of them earn any less.
Everyone would like it if someone or something does their work for them it is pretty tiring to wash your clothes, people go and give it out in Laundromats. If you wish to open one, I would advise you to choose an area that has little or no Laundromat. This way you can boost your sales to a great extent. Of course, you do need to invest in a pair or two of washing machines. But this investment will be the one-time investment you make that will keep you sorted for a few years.
15. Vending Machines:
Vending machines are smart passive income sources. All you have to do is replenish the stock once in a while. I know a few people who are into this business. The interesting part is that there is no limit to the number of machines you put up. You can put as much money as you want as long as you have the money to buy one. It could be a food stall, soda water, or even a toy vending machine. On average people make 20-30$ a day from one vending machine in a day. So even if you have two machines installed, you earn 40-50$ a day which gets you 1200$-1300$ a month which is not that bad.
16. Start an ATM Business:
When a consumer needs access to cash, most are willing to pay a few dollars in service fees at the nearest ATM. Automatic teller machines strategically placed in public locations around town is a profitable way for entrepreneurs to earn a comfortable passive income. Buying your own ATM is very profitable, and between 15 and 30 transactions a month yield a high return. It is a great secondary source of income that could equal between anywhere between $20,000 and $30,000 extra per year.
17. Put ads on Your Car:
Car owners can indeed get paid to put ads on their cars. But some solicitations to join such advertising companies are scams.
Unfortunately, this is a field where fraudsters are more than legitimate people. The income earned from these legitimate companies may not be that much but you can use it as a source of your pocket money. The more you drive the more people see the ad and the more you get paid for the advertisement.
18. Invest in Crowd Fund Real Estate:
This falls more in the category of a semi-passive income since an investment in real estate is always a little bit on the active venture side. Still, once you have a property that is established and fully rented, it’s mostly a matter of managing the property and keeping it performing well which can be done by professional property managers. According to Brandon Turner, an active real estate investor and co-host on the popular Bigger Pockets Podcast. The key to success with rental properties is buying smart. Not every property is going to provide a good return or prove to be passive.
19. Invest in Roboadvisor:
According to Investopedia, Robo-advisors are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. A typical Robo-advisor collects information from clients about their financial situation and future goals through an online survey and then uses the data to offer advice and automatically invest client assets.
Initially, this will cost you a lot of money but people also pay a lot for this kind of assistance.
20. Run a Subscription Service:
Netflix, Amazon Prime, Spotify, etc, each one of these apps earn from the subscription they have to avail of the benefits.
Some do offer the free services which are not that good as compared to the paid ones while some work only after you complete the subscription. This can prove to be a great way of earning money as there is no limit to the number of users. All you have to do is to make sure that the price you put for the subscription is worth the money the customer will spend. Also, keep a track of your competitors and how much they charge per subscription.
21. Invest in Royalty Income:
Royalty income is income received from allowing someone to use your property. Royalty payments for the use of patents, copyrighted works, natural resources, or franchises are most common. For example, the singers get the royalty income if their video is brought or used in a commercial. You can even get royalty income by investing in mineral operations like oil.
22. Rent out items You Have:
You have a spare room or a bicycle you don’t use anymore. You can rent it out to the people who need it. It could be someone in your locality or you could put up a flyer or even a message on a social media platform for people to see. This way you get to keep the item as well as make money from it.
23. Sell Your Own Products on Red Bubble:
Redbubble is a global online marketplace for print-on-demand products based on user-submitted artwork.
Not only this you can sell your own products likes shirt, phone cases or any other thing which is in a good condition on this application. All you have to is to put up a price and you get the payment as soon as someone buys your product. You can even start your own selling business online through this app.
24. Sell Products on Amazon FBA.
Amazon FBA has become one of the most popular ways to earn income online. In fact, there are over 2 million people selling on Amazon worldwide. Whether it is something you don’t use anymore or you purchased a whole bunch of items, you can sell it all here. Just note that the items should be in good condition and that the price should be reasonable enough for the customer to buy.
25. High Yield Saving Accounts:
A high-yield savings account is a type of savings account that typically pays 20 to 25 times the national average of a standard savings account. This helps your money to grow faster than the other standard options. The traditional method of opening the savings account in the same bank as that of the current account to avoid transfer issues is long gone. There are many banks which pay you high yield interest on your saving account like HSBC etc.
26. Start a Carwash Service:
Believe it or not, carwash does earn you enough money to last a month. You can open a shop for the same or you can organize an event wherein you can call helpers to wash the car for you. Even if you wash 10-20 cars a day, you get enough money to get you through the whole month.
27. Become a Silent Business Partner:
Silent partners are investors. A silent partner is an individual who provides funding to business as his only contribution. Partnerships and LLCs can have silent partners. The income you receive is the amount of investment you pay. For example, if a silent partner invests $100,000 in a company that needs $1,000,000 to operate, then he is considered a 10 percent partner in the company and might receive 10 percent of the company’s annual net profits.
28. Hire a Virtual Assistant:
In a business hire a virtual assistant to save the cost of a real one. Virtual assistants are more talented than the real ones. All you have to do is to give the command and they follow.
29. Sell Print on Demand T-Shirts:
Print-on-demand services offer an alternative way to bypass the time, investment, and risk associated with managing inventory, letting you go from creating to selling custom products at a fraction of the cost. In this, you work with a supplier to customize white-label products with your own designs to sell them on a per-order basis under your own brand.
30. Sell Your Photos Online:
Do you have a passion for photography? Ever wondered where do the websites, magazines get their pictures from? They get it from the photographers who click the pictures for them and sell them at a price. There are various apps and websites like Shutterstock where you can sell your pictures. The only trick is to keep uploading good and high-quality content.
Also Read: How to Overcome the Fear of Public Speaking
You can do anything as long as you put your mind to it. I hope these methods will help you earn some passive income so that in the future, money is the last thing you worry about. If You have found your favorite idea for generating Passive Income in 2020, do share with your loved ones.
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