Looking for passive income ideas to grow your wealth? These income ideas can help you reach that goal, improving your financial picture, helping you sleep more soundly at night putting the threat of being unprepared for potential money problems on the horizon.
In this article, read about:
- What passive income is
- How to grow your wealth with these 7 passive income ideas
What is Passive Income?
Passive income is the ability to make money with little to no maintenance work required.
There is work involved, don’t get me wrong, but only in the foundation-building phase.
First, build a foundation, then maintain.
For example, consider if you sold digital products in an Etsy store.
You spend 40 hours creating a dozen e-printables to sell online then, you load them to your Etsy store and as they sell all month long, you don’t need to do anything.
Sales hit your bank account and you can make money even while you sleep!
This is one example of how you can earn passive income.
There are tons of ways to make passive income overnight.
I’m going to share 7 of them with you and tell you what’s required, how to get started and pro tips to make the most possible.
7 Passive Income Ideas to Make You Rich
1. Digital Products
I shared one example already, the Etsy printables!
Digital products are products that are available digitally. You create your product, connect it to a shopping cart and make money passively!
Here are some examples of digital products that you can create:
- Digital courses
- Digital planners
- Digital calendars
- Digital checklists
- And, more!
How to create digital products?
There are even templates for ebooks, digital planners, etc. that make the process even easier. Head to Creative Market and look at these templates for ebooks and other digital goods, to help you cut time by creating your product rapidly.
This is a shortcut that the pros do!
How do I make money passively with digital products?
I started creating digital products almost 10 years ago. Today, I do very little maintenance to them and I still get payments all throughout the year.
One platform that I make money from is Udemy. I created courses for Udemy a while back and still make passive income from it today!
2. Sell Stock Photos
Are you an amateur or professional photographer?
Make money selling stock photos! Stock photo companies are in need of gorgeous photography from photographers just like you.
In fact Shutterstock has paid out millions to people selling their photos on their site!
How to Get Started?
The process is simple. 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. 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 just your cell phone.
Give this a try to start making passive income!
3. Rent Out Your Space on AirBNB
This works if you own or rent your place. Make money doing nothing, renting out your home to short-term renters.
Join AirBNB for free, rent your space, make money.
What’s Required to Get Started?
There are no up front fees to get started with AirBNB but, you will need your space to be clean and ready for guests.
Do you have linens like towels, toiletries, etc? Is your home hotel room ready?
Think about when you visit a hotel room. It’s clean, tidy and organized. There are towels, a coffee bar, etc. Recreate that feeling in your own home, even if you’re just renting out a room.
How Does Rental Arbitrage Work?
If you rent, you can do the same thing with AirBNB.
The only difference is you’ll want to get permission from your landlord in advance.
How Much Can You Make?
Renting out your home weekends only at $200/night can make you an extra $2,400/month before fees!
Renting out a room weekends only at $80/night can make you an extra $960/month before fees!
That’s real money and it’s totally passive.
Hop onto AirBNB to learn more!
4. Rent Out Your Car
You can use GetAround to make money renting out your car.
If you’re a homebody like me, this makes perfect sense on the weekends.
I love to snuggle in on the weekends. I will clean the entire house, then take a hot bath and relax for the rest of the weekend watching movies, cooking at home, listening to music, playing with the kids and pets. It’s a good time.
I hardly ever use my car on the weekends.
So, why not rent it out?
Try this and make a few hundred dollars to a few thousand dollars extra every single month!
5. Build a Niche Website
This is easier than you might think.
First, build a website. You can do this for under $50 yourself, in about an hour.
Get web hosting next. Connect WordPress. Apply a website theme and add content.
For the content, this will be articles around a particular niche, like:
- Tuba playing
- Piano lessons
- Vegan cooking
- Anything you want, really!
Write 30 blog posts about your niche and monetize them with affiliate links.
Join an affiliate network like Shareasale or Amazon Associates, refer products and place your affiliate links in your blog posts.
When visitors click the links and buy, you earn a commission!
You will want to do SEO research on the topics you write about to ensure you can rank your posts on Google to get traffic. Once this is done, you literally don’t have to do anything. Traffic will start coming in. People will click your affiliate links, buy, and you will earn commission.
6. Create a Course
Courses are digital products! You can teach an audience online about a topic you are passionate about.
And, you can make a lot of money!
Course creators have been known to make $400,000 or more in a single course launch, like pros Melyssa Griffin and Mariah Coz!
Use the platform Teachable for your course.
And, do little to no maintenance while you make money in your sleep.
7. Invest Your Spare Change
Use Acorns and invest your spare change. Make money off this investment. It’s super easy. Join Acorns for free to get started.
What’s Required to Make These Passive Income Ideas Work?
The will, determination, and follow through to succeed.
You will need a computer or cell phone with internet access. And above all, you need to actually do it.
You might be researching and reading posts on Pinterest and Google, checking out Reddit and other places trying to find passive income ideas.
You take in all this great information and knowledge but you don’t take action, so you don’t make money.
Take what you learn and execute it! Put it into play so you can really start making passive income!
Get started today.
Let us know what you think in the comments!