Passive Income Ideas You Can Use to Build Real Wealth
So many people research to make passive income and yet, a lot of them cannot find the answers they seek. The streams of passive income require a great deal of nurturing initially and upfront investment. After a while, they can maintain themselves and you will have consistent revenue. Here are a few ideas.
Dividend stocks: A lot of research is required on your side and a significant amount of capital. Peer to peer lending: This involves lending money to people who do not qualify for other loans. Rental properties: investment in rental properties can be done in so many ways and it is a great way to have a steady monthly income. Money market funds and high yield savings accounts: this is best if you want your money to work for you, but you do not want to think about it too much.
CD ladders: this involves buying certificates of deposits (CDs) in specific increments from banks. Annuities: pay for an insurance product (annuity) then get monthly payments for life. Automatically invest in stock market: through a robo-advisor people who are not sure about the process of picking stocks can passively invest in the stock market. Invest in a real estate investment trust (REIT): REITs are investment vehicles which hold your property within them.
Refinance your mortgage: if you refinance your mortgage, you can free up significant income. Reduce or pay off debt: reducing your debt or paying it off completely helps you build your income. Invest in a business: being a silent partner in your business of choice can generate passive income for you.
Ideas That Need Initial Time Investment
Sell an eBook online: self-publishing is huge today and easy.
Create a course on Udemy or Teachable: if you are an expert in any field, you can create a video course and let other Udemy/Teachable users buy it. Sell stock photos: submit your best photography work on stock photo sites and earn commission whenever someone buys your photo.
Licensing music: this works like stock photos. Create an app: hire a programmer and let them turn your idea into an app. Affiliate marketing: this is ideal if you have a website or blog. Network marketing: investigate Avon, Young Living Oils, etc. Design T-shirts: you can start with Amazon Merch or Café Press. Sell digital files on Etsy: this is perfect for talented designers.
Semi-Passive Small Business Ideas
Airbnb: list up apartments, houses, etc. and earn some money.
Start a car wash business.
Rent out your car (just like listing your place for rent).
Vending machines: you can have them all over town.
Storage rentals: these are very low maintenance.
Own a laundromat.
Easy Passive Income Ideas
Cashback reward cards: make sure your credit card offers these. Cashback sites: when shopping online, use a cashback site. Get paid to use an app: look for apps that pay you to install and use them. Save money on your electric bill (you can use the Truebill app).