Making a passive income is not a new phenomenon, but it has become more and more popular and accessible thanks to the internet. Making a passive income is different to working and earning an income from employment, since it is defined as an income that you make regardless of what you are doing. It’s a dream for many – imagine knowing that you are earning money while you’re relaxing watching TV or taking a vacation? If you want to boost your income without having to work extra hours every week, here are some passive income ideas that you might want to consider.
The concept of passive income has become much more popular thanks to the internet. And there are several options to consider if you want to use a website to make a passive income. While websites will require some initial work to set up and some maintenance work along the way to keep your income stream consistent, for the most part, they can be set up and left to bring money in. There are several different options to consider including affiliate marketing websites, online courses, eCommerce websites and dropshipping and much more. However, bear in mind that some types of websites are not truly passive in terms of the income that you’ll make, since you will need to do more work compared to other options such as updating product lists, writing reviews and more.
Write a Book
If you have a way with words, writing a book can be a great way to set up a stream of passive income for yourself. There are so many options today whether you want to write a novel, an autobiography or an educational or self-help book. If you have something to offer that people will pay to read, this can be a great way to make a passive income, allowing you to earn money each time somebody buys your book. And thanks to self-publishing options on sites like Amazon where you can upload an eBook and start selling within minutes, the costs are even lower and you don’t have to wait for a publisher to take your book idea on.
While investing in real estate might have a larger upfront cost compared to other methods of making a passive income, it has been one of the most popular methods of bringing in a regular income for a very long time. Rental property is one of the best ways to make a large passive income since you will be earning rent payments from your tenants on a monthly basis. However, there are also more costs to consider when earning a passive income using this method such as a mortgage, maintenance, tenant screening, and advertising costs. A property management company can take over this work for you for a percentage of the rent that you earn.
Create an App
Today you can get an app for pretty much everything, but that hasn’t stopped new ideas from flowing in. If you have a great idea for an app that you think people will pay to use, this can be a good way to earn a passive income. If you have the skills, you might want to consider developing your own app, or you can pay a professional app developer or development company to do it for you. To maximize your passive income earning potential, it’s worth considering developing an app that runs on a subscription basis, with users making a monthly payment in order to be able to continue using the features that the app offers.
There are plenty more ways to make passive income, but these few should inspire you to get researching.