4 Passive Income Ideas to Try This Year

Jenn Leach

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If you have interest in making passive income, I'm going to share 4 ideas to increase your income!

And, yes, these ideas can help you make you money in your sleep. Let’s dive in!

What is Passive Income?

Passive income is the about earning money with little to no maintenance work required long term. There is work involved but usually, only in the beginning, as you are laying the foundation for this passive income stream.

For example, you can create an information products store that makes you passive income. In the beginning, it might take you 20 hours to create 50 information products to sell online. Then, you can add them to your private online storefront or marketplace store like Etsy, sit back and watch them sell.

People are crazy about passive income for this exact reason.

There are tons of passive income ideas to explore.

I'm going to go over 4 ideas, sharing each one and going over requirements, how to get started, and best practices to help you make the most money possible.

Let's get started.

4 Passive Income Ideas to Check Out

To get started, you will need the following:

  • Time
  • Computer
  • Internet access

These are assets that I think most people have. And if you happen to not have all three, you can still make it work with what you do have. It takes a good mindset and persistence, then anything is possible.

1. Digital Products

Digital products are the perfect example of passive income. The example above is one way you can earn passive income, through digital products.

Digital products are products available digitally. These can be accessed from computer or mobile devices like cell phone or tablet.

You create your product, connect it to your shopping cart or online store, then sell!

Here are some examples of digital products that you can create:

  • Digital courses
  • Printables
  • Digital planners
  • Ebooks
  • Eguides
  • Digital calendars
  • Digital checklists
  • And, more!

How to create digital products?

You can create many digital products using simple word processing software like Microsoft Word or Google Docs. For the graphics, try using tools like Canva or PicMonkey.

There are even templates you can use for your own, with commercial licenses, for ebooks, digital planners, etc.

Going with a template can make the process a lot easier, saving your time and effort.

How do I make money passively with digital products?

I started creating digital products nearly a decade ago. Today, I do very little maintenance, still making money, from courses, ebooks and other information products I created many years ago.

You can sell your products on these platforms:

2. Sell Stock Photos

Selling stock photos is an excellent idea you can try, to make passive income.

Are you a photographer (amatuer or professional)?

This is a neat way to monetize your passion for photography, earning income from selling stock photos. Companies like Shutterstock have paid out millions of dollars to people selling their stock photos to them.

Other companies you can sell stock photos to include:

How to Get Started?

The process is pretty easy.

First, set up your account. Then, add photos and start selling!

This is 100% passive. Once you upload your photos, you don’t need to do anything else. It's the perfect opportunity to make money in your sleep.

No fancy photo equipment needed. With the technology that exists in smartphones, you can take a stunning photo using only your cell phone.

Give this a try to start making passive income!

3. Rent Out Your Space on AirBNB

AirBNB passive income works if you own or rent your home.

First, fix up your space to make it rentable. Then, list on AirBNB and welcome your first guests.

You don't even have to clean your home in between renters, if you hire a cleaning crew, which is what many AirBNB hosts do.

Join AirBNB for free, rent your space, make money.

They fully support renters that rent their space, too, it's no longer just reserved for homeowners!

What’s Required to Get Started?

There are no up front fees to get started with AirBNB.

You should have your space ready for guests and clean.

Think about the experience you have when you visit a hotel and try to replicate that for guests.

This might include:

  • Stocking the fridge with bottled water
  • Filling the pantry with small snacks
  • Making sure there are plenty of towels, linens and toilet paper available

How Does Rental Arbitrage Work?

Rental arbitrage is where you, the renter, rent out your space. For example, if you live in an apartment that you rent, you can welcome guests any time, with AirBNB.

You might live with your partner on the weekends and have your space empty during that time, making it perfect for weekend short-term renters.

Just make sure you get the approval of your landlord, before doing this.

How Much Can You Make?

Weekend rentals can fetch you up to or above $200/night, earning you a cool $2,400 per month before fees.

Renting out a room can make you up to or above $80/night, earning you nearly $1,000 monthly before any fees.

Check out AirBNB to learn more!

4. Rent Out Your Car

Just like you can rent out your home, you can also rent out your car and it works the same way.

Welcome guests who would use your car short-term. You can use GetAround to make money renting out your car.

Whether your car is free during the week or weekends or both, you can take advantage of this opportunity.

Do you even leave the house on weekends?

If you're like me, you're busy at home cleaning your house, cooking dinner, organizing, and indulging in at-home activities like game playing with the family, long hot baths and soaking up home time.

I hardly ever use my car on the weekends.

Why not rent it out?

Try this and make a few hundred dollars to a few thousand dollars extra every single month!

What’s Required to Make These Passive Income Ideas A Success?

It all boils down to having the right attitude, along with having the time to devote to these projects in the beginning, and a computer with internet access to set things up.

Get started today.

Let us know what you think in the comments!

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Millennial entrepreneur and writer bringing you fresh content and ideas about making money, side hustles, personal finance, budgeting, and lifestyle. Connect with me: www.millennialnextdoor.com

Houston, TX
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