Passive income tips & tricks – The top 20 ideas
Passive income tips & tricks – The top 20 ideas | Most people nowadays experience active income, i.e. income obtained by a direct investment of work and time. Maybe you are one of them? Perhaps you would love to gain some extra, passive income because the usual amount of money you get is not enough to cover all your needs… Well, then you’re absolutely not the only one. An employee of a company earns income assets. He or she receives an income in exchange for approximately 40 hours of work weekly. In other words, if an individual does not work, it simply won’t generate any income.
Passive income is generated without having to work on it actively. Normally you make an initial work to start generating passive income in long term, without having to be continually working to obtain it.
The idea is not to work with an outline of many hours of work for a certain salary but work less in a more intelligent way, in order to generate passive income work for several years.. Sounds good right? That’s exactly the reason this article about ‘passive income tips & tricks’ is really interesting if you’re looking for a way to make nice extra’s.
In the following example of assets that generate passive income, you will see that some of them are completely passive. They only require the initial work and then see how revenues come in. Others are considered as passive income because they do not directly participate in generating the income. Wouldn’t we all want to generate income while sleeping, spending quality time with you loved ones, or traveling the world? Well if you are someone who does, these ways to generate passive income below might be an eye-opener for you!
Passive income tips & tricks – The top 20 ideas
- Have a rental property
To start off, the procedure of this method is quite simple – You make an initial investment to buy and get a fixed income every month by renting property. The downside of this system is that you should make a significant initial investment unless you get a loan to buy it. Meaning.. You will not get benefits until you finish paying the mortgage.
- Collect royalties or royalties for an invention or artistic creation
If you are creative or talented enough to publish your own book, you can get attractive offers for your book to serve as a script for movies or series. Whether it’s a small or big project, you will generate income through its sales.
- Write an eBook
Write an eBook on any topic you are passionate about and sell it on platforms like Amazon. You get a commission every time someone buys your eBook. Don’t exactly know how? We strongly recommend you to check out Stefan Pylarinos his Kindle Money Mastery program. It’s a goldmine really! Just click on his name for more information.
- Your own business or company
In case you have a restaurant or any business, you can hire a manager to oversee its operation. This way you will be monetizing of the business without having to work on it. It is only considered as passive income if the business continues to run without you having to supervise or manage it. Otherwise, your business or company is more like another job where the only difference is that you will be in charge of even more people.
- Online photography
If you like photography, you can upload your photos to online platforms like iStockPhoto, where you could charge a small amount each time someone buys your photo. For a reasonable amount, each month you need to have thousands of photos on sale and you’re being sued by users of these platforms.
- Online course
If you are mastering a specific topic and have significant knowledge in that area (being fit, making money with a blog, cooking) you create a complete a course and upload it to affiliation platforms like Clickbank.com, where hundreds or thousands of affiliates are responsible for selling your product. For example of an online course you could check out Stefan’s Kindle Money Mastery Course or my friend Dawson Trevor’s Profitsgram course for making money through Instagram.
- Advertising online
Create a blog and get it to receive enough web traffic to earn passive income with advertising platforms such as Google AdSense. The negative side is that you have to dedicate a lot to your Google AdSense blog as it needs to receive thousands of daily visits.
- Online store
By creating an online store and selling your products, you can get revenue 24 hours a day. It is a passive income as you don’t need to be active working at the store constantly. However, you should be monitoring the orders, shipping the products and making sure everything is okay with your website.
- Representative direct sales
By representing direct sales, you must have a good customer base. You’ll receive a commission each time one of them gets to make a purchase.
- Affiliate Programs
Create a blog focused on a specific niche market, position yourself in that niche and charge commissions every time a person comes into your blog and purchase a product. For digital products we recommend Clickbank.com, for physical products Amazon.com is the market leader after all.
- Payment community
Quondos type create a community where for monthly subscription customers have access to privileged content. The content or service that you offer must be quality for your customers to renew their subscription each month.
- Sell WordPress templates or plugins
If you are a programmer, you can develop a template for WordPress blogs or create a plugin and get revenue every time someone buys it.
- Sell podcasts
This option is focused on selling information or courses but in this case in audio format.
- Sales Manager
Get a sales team. You get additional commissions to your monthly salary thanks to the work of your team. Revenues do not come from your direct involvement in the work, but it’s not exclusively passive income, as you must work daily to monitor, support and motivate your sales team.
- Be an insurance salesman
Insurance salesmen get an annual fee for each of their customers when reviewing the policy. For a considerable income, you need to work initially for several years in order to get a good customer base.
- A video channel on YouTube
After creating a YouTube channel that will interest your audience, you can use it to generate passive income sooner or later. Start monetizing using AdSense on your channel every time a user clicks on an ad.
- Multi-level network
Companies like Herbalife let you promote their products while creating your own network of workers. You get commissions for sales work and they get members of your network.
- Create an app
We do not have to mention how popular the smartphones and apps are today. Think creatively and build an app that will interest the audience in brief. After launching and promoting it, you get a commission after every download.
- Rich domains
Imagine having domains such as eBay, Amazon and Facebook before the companies were created and the money you would make by just selling them after all. You can buy simple domains and sell them for a significant amount of cash in the future!
- Cash-back rewards
There are so many credit cards that offer cash-back rewards after spending a certain amount of money. If you use inclusively your cash-back credit card for your purchases, you can get additional €100 after spending €500.
Also check out this video by Roberto Blake for another 10 different ways to create passive income online.