Do you need more money, but you simply cannot find enough time to take up more work? Then the passive income might be the right way for you. True, the profit is not always stellar, but it can greatly help you save time while still making some extra cash.
What you need is a smart idea to set it up, and it is not easy to get one. Thankfully, a lot of other people have been working on it diligently which provided us with enough information to offer some advice to those who are willing to listen.
“He who makes $25,000 annually through passive income is more enviable than he who earns $100,000 annually through a salary.” — Mokokoma Mokhonoana
But, first of all, What Is the Passive Income?
Upon seeing the word “passive,” many people will jump to conclusion that no hard work is required. That would be wrong because you always need to work hard to make your money. Still, work that provides the passive income means that you will keep making the money way after you are done with working for it.
For example, if you were to start selling a book (and with eBook technology, it is easier than ever as there is no need to chase publishers), you would first have to put in a lot of work to write it. However, but once the sales start, income would keep rolling in as long as someone is buying the book.
Now, without further ado, let’s get into some of the ideas that would be great to start your passive income
Create a lead capture website
This is one of the ideas that are very profitable. People are raking in thousands of dollars each month by doing it, but it takes a lot of skill and knowledge to achieve this. However, if you already have the knowledge needed, what are you waiting for? Set your website up, get the data, and on-sell it to those who are willing to pay.
Create a phone app
While it is a bit of a gamble, people have been making a lot of money this way and it definitely starts to feel very profitable. If you already have some money on you, you don’t even have to be the one to make it as you can pay someone else to do the actual work for you, but you are the one to get the profit. Now, don’t get carried away with this; if you want to make any profit you will have to go small. Creating a big app can cost about 100.000 dollars.
This one is fairly obvious. For a fact, a large percentage of the people reading this article probably have to think about paying their landlord every month. Well, consider becoming one instead. If you do your research well, bide your time, and buy at the right price, you will be capable of making a lot of money this way. It is by no means a perfect life, as it takes a LOT of work (or money) to get there. However, once you have enough properties to rent out, you are golden.
Fairly simple; you can make money from ads running during your videos. The best part of it is that it requires no specific skill or knowledge. A very small amount of research to figure out how to make a channel and you are good to go. People have been making a lot of money by creating videos on any possible subject, be it a vlog, cooking, drawing, or even fixing things. If you keep in mind how many people use YouTube for hours every day, it makes sense that it is not really difficult to profit from it.
Buy a business
aIf you are going through this article and it feels like you cannot do any of these things, you can simply buy an already established online business. They can be bought for several thousand dollars and, if you know how to advance them, will generate money for you in the future.
Design and sell t-shirts, mugs or other miscellaneous items
This is one of the best ideas on this list. You do not actually have to create the items you are selling as there are websites that do all of that work for you. Of course, your profits will be a lot lower, but so will the amount of work you need to put in. You can create a funny mug, submit your design and they will sell that cup while giving you a percentage.