What is Passive Income?
Are you looking for some easy ways to make money? Or are you planning to take a break from the usual 9 to 5 job? Or extra cash is something you are looking for? Have you ever thought of quick ways to earn money? If your answer is yes, to any of the above-raised questions, then it’s high time you learn more about passive income.
There are the mainstream of finances that can lead you to the road of success and high-quality life. Many of them are considered as the best ways to make money, usually online, and gives you an edge to have an overflow of cash staying in your comfort zone.
I can even make myself knowledgeable with all the necessary free training available on the internet. The examples in this regard are Alison.com, Edx.org, Coursera.org, and many more. I will have an excellent opportunity to equip myself with all the skills that are necessary for me to achieve growth in online jobs for the future.
Why Passive Income?
It ensures you a bright future where you do not have to think twice about not meeting your basic needs, but it also helps you have a desired lifestyle. A quality life without worrying about making easy money with no hassle. With a passive income, earning is flexible and straightforward. It is a new, smart way to make money on the side.
Best Passive Income Ideas
We have gathered 50 ideas of how you can earn passive income in 2020. From this list, you can choose any concept that suits you the best. But before you want to earn, remember what Ken Levine said: “We all make choices, but in the end, our choices make us.” So we would advise you to choose wisely.
Idea #1: Sell Products on Amazon
Almost the whole world shops on Amazon! Selling your products at this platform is one of the best ways to make money online. There are a massive number of buyers always looking around for various products there.
So if you’re looking for a quick way to make money or a way to make money from home, just go for it! Make sure you have something unique for the buyers to attract more of them and earn the right amount with the sale of each item.
Idea #2: Renting Properties
Renting properties is considered as a high yielding source of passive income and good long-term investment.
It is one of the best ways to make money but is perhaps not the easiest. It is the passive income through which you can make money on the side.
Idea #3: Real Estate Investments (REITS)
REITs or Real Estate Investment Trusts can get you massive amounts of dividends.
Although the income is not usually stable because it tends to fluctuate with the real estate markets, when there is a boom in the market, investors can take full advantage and get into the practical way of making money.
Idea #4: Bond Purchase
Among the streams of passive income earning, bonds are classic! They are not just stable and safe but are often a favorite for retirees and can even be a source of income for those looking for ways to make extra money or ways to make money on the side (while on the job).
Idea #5: Private Equity Funds
Invest in private equity funds only if you are a wealthy investor. Private equity funds are pooled funds that mostly invest in large-scale projects. If you are looking for relatively more comfortable ways to make money, private equity funds are not the best way to make money fast.
Idea #6: Publish an EBook
If you are a writer and are looking for the best way to make money online, then you can go for publishing an eBook, perhaps on Kindle. Even publishing an eBook on Amazon is more manageable, and is an excellent way to make money from home.
Idea #7: Rent your Car
If you are willing, you can use the option to rent your vehicle on a short-term basis to other individuals. It is undoubtedly a quick way to make money from home only.
Using Turo is a great way to give your car on rent and is a pretty smooth concept to help you get your vehicle rented and set up a real way to make money.
Idea #8: Rent your Parking Space
Utilizing your parking spaces is essential as they are considered to be highly valuable spaces.
Many people have their parking spaces wasted or have extra ones but do not think of earning a passive income by renting it out.
You can change the trend and go for this reliable, real way to make money from home. Simply draft a contract and rent out your parking space.
Idea #9: Work as a Transcriptionist
You can work as a transcriptionist to make quick money from home. Transcriptionist work is an easy way to make money since all you have to do is listen to an audio file and transcribe them. It is a typically easy way to make money fast. Through transcribing, some get paid for working on a per hour basis.
Idea #10: Royalty Exchange
Buying and selling of royalties are one of the best ways to make money fast. With this activity, you can easily make money online. Make use of websites such as the Royalty Exchange.
When buying royalties, it is good to ensure that you buy those that do not have a limited life span and also continue to generate sales in the future – to bring forth the real meaning of earning a passive income.
For those looking for ways to make money from home, this is another excellent idea!
Idea #11: Affiliate Marketing
It is another popular option to look for ways to make money from home. By doing affiliate marketing, you can earn passive income by earning commissions every time a visitor clicks the ad link.
The majority of affiliate programs pay you well. In about 30 to 60 days via a bank transfer or PayPal.
Idea #12: Start a Podcast
Do you have excellent speaking skills, and even want to hone them by practice? Start a podcast! This passive income idea can be a unique way to make money at home, counted as a quick way to make extra money, and so much more.
Be fun and as creative as possible with it, using your charisma to generate useful, educational, entertaining, and exciting content – suitable for everyone to watch – giving you a real way to make money from home.
Idea #13: Create an Online Course
Giving out online courses has become popular and one of the best ways to make money online. Teach something that you’re good at, something that you love and also helps to build other people too.
Idea #14: Software Selling
Create software and sell it online – It is a great way to make vast amounts of fast money. Building software is a unique skill that not everyone has, and if you possess it, the market is all yours.
But quality matters! And it should be a useful one, something that is useful to other companies or individuals.
Idea #15: Start an E-commerce Business
Since it is a digitized world now, everything is online – buying and selling have never been so convenient. For those ordering online through an e-commerce store – the hassle of logistics and shipping is dropped out.
For those having online or e-commerce businesses, it can be a quick way to make money or a way to make money fast.
Idea #16: Start a YouTube Channel
These days, it is the best way to make money online. Getting more and more subscribers on your YouTube channel can earn you a massive passive income in just a short time.
Sell your products, promote your business, and communicate with the world through live videos or ones that we can view it later. Make it huge. Make it interesting for others.
Idea #17: Stock Photos
If you have excellent photography skills, you can display all your creative and artwork – online, through channels that have the maximum reach so that a vast audience sees your work.
You can also sell your photography right to brands and businesses online who are interested in suitable for your work.
Although you will be efforts, it can be a quick way to make money on the side. If you are a passionate photographer, you can also have your exhibitions and local shows to display your work and earn fast cash or passive income.
Idea #18: Buy and Sell Domain Names for Websites
There are so many who are opening up their businesses. It is also essential for them to have a website too.
Without a domain name, the creation of the website is not possible– buying and selling domain names is one of the best ways to make fast money.
It is even good to purchase exclusive domain names that have a high market value and offer it to big organizations to earn high passive income. A little or in-depth market research on the same can help you to get to the right audience.
Idea #19: Social Media Management
Managing social media accounts has become a top source of earnings for a lot of people. It is a real passive income these days.
There is a heavy presence of social media apps, and people can’t do it without them! If you can manage social media pages, use it well, and create your passive income pool.
Idea #20: Open a Food Truck
Food is life. The food is delicious. Who doesn’t love food and can live without it? So, if you love food, there is no harm in even making it a source of revenue.
If there is a food truck or small food business or restaurant which is owned by someone else – invest there and get your monthly revenues or passive income. It can be a solo or side idea to create passive income quickly.
You can also get your food truck or space in a busy area and let someone else run it and keep getting the profits. It is an easy way to make money for sure!
Idea #21: Renting a Personal Property
Have a new house or portion, or room within the same home? Rent it out! And get your month to month and annual income that is secured and easy.
Idea #22: Selling Clothes
Many times we pull out clothing out of cupboards that we have never worn or would not like to wear them again.
Best is to sell them out. Many love to buy preloved clothes that are well maintained and are available at a discount.
All you need to do is find some social media and online groups and websites, the right forums to sell such clothing, and quickly get your passive income. Best way to make money online!
Idea #23: Freelance Graphic Designing
There are many companies on a lookout for some perfect creative freelance graphic designers. Whether you are on the job or not – this can be a way to make money on the side too.
Have a full-time job and get passive income through freelancing. What you earn through this idea can be used as savings for the future.
Idea #24: Become a Health and Fitness Expert
The top trends around the globe that anyone is opting for are – trying good food and getting fit and healthy.
Take some courses and become a certified health instructor or nutritionist.
Help people achieve their health and fitness goals and grow their No.1. A lot of people struggle with weight loss, and some just want to stay fit.
Be an influencer. Learn, teach, and then earn passive income by what you have learned!
Idea #25: Renting your Storage Space
Many prefer to buy storage space. If you have one. Rent it out and do not miss out on the opportunity of creating passive income.
Have an extra garage? Just turn it into a storage space, and since you don’t want to utilize it, rent it out to someone who needs it, so that you can have a way to make money at home or a way to make extra money.
Idea #26: Selling Retargeting Advertisements
Many digital marketers are using retargeting to increase their reach. The reason why they use it is to help consumers guide to the sales funnel or the internal advertising process.
If you are an SEO or digital marketing expert, you can use retargeting as a way to earn passive revenue – a way to make money on the side.
Idea #27: House Sitting
House sitting is an effortless way to make income. The majority are always looking out to the services of honest, interested people who would help them around chores or keeping their possessions like pets and plants secure.
In the end, they get paid well for it. So, use this option.
Idea #28: Get Paid to Watch TV
Swagbucks gives you a $20 bonus when you sign-up through it – there’s a bonus link that pops up.
Idea #29: Personal Capital and Bonus
Personal Capital is not exactly a way to earn passive income, but rather it exists to manage passive income earnings.
Personal Capital is a website and app offering investment tracking and free net worth tracking.
It is offering a free $20 Amazon gift card to those users who are new and create a new account through the $20 bonus link.
Idea #30: Start a blog
This idea may seem generic to many and may not get you to earn big bucks right away, but by reaching a large audience base, influencing it and then monetising it can help you achieve a sustainable amount of passive income.
Pro Tip: Since the market is flooded with various bloggers, choosing a niche will help you create the right target base that gets you to earn well through your blogs.
Idea #31: Create a WordPress Theme or Plugin
If you are an IT professional – This one is an excellent idea choice for you. It is a quick way to make money as you create a design theme for your WordPress document and sell it online.
Through Theme forest, you can earn up to $60 per theme purchase. Make sure you sell correctly, publish, and advertise your theme on some right platforms to get a positive return.
Do not consider this a full-time job. Instead, just consider it a way to make money on the side.
Idea #32: Audiobooks
Audiobooks are a new trend in the digital market. Your audiobook sales can get you an annual earning of up to $2000.
You can find a good narrator or voice over artist through ACX, Amazon, the Audiobook Creation Exchange, and more forums. Some of them also provide their services for free for a good barter.
Idea #33: Dividends Investment
While considering this option, always go for purchasing your dividends from popular brands and well known reputed companies so that even if there is not a very explosive share price growth but there is consistency in your passive income earnings.
Businesses and brands such as Chevron, AT&T, Target, and P&G are perfect for investing in because they have been around since forever.
Idea #34: Display Ads
Opt to run a website and then display ads there. Google AdSense is a great startup choice to earn a few dollars right away from the traffic on the site.
This passive income stream – if used correctly, is inclined to get you around $450 per month.
You must also continue to focus on generating more traffic and improve demographics. In this way, your ads will be seen and acknowledged by the maximum number of visitors on the websites.
The ads which you display can be of any type, banner, and pop-ups. You can also do the same on YouTube as it is a popular platform.
Idea #35: Credit Card Rewards
Yes, credit cards are considered an excellent source of passive income. Who could have thought they could earn money by just spending.
These rewards can vary in the form of travel, free gift cards, reward points, and cashback.
The real magic begins when you also sign-up for new card bonuses to between 20% to 40% returns.
Idea #36: Own a Vending Machine
The vending machine is an old source of earning passive income. It is a great way to make money at home.
You can easily manage it by keeping the inventory up-to-date and the machines stocked, especially if they are in several different locations.
This idea provides you with a sales force that dispenses products and collects cash automatically, even when you are not around. Something convenient, indeed!
Idea #37: Peer to Peer lending
If you want a trustworthy peer to peer lending idea, go for it through prosper.com. It is a good investment idea and an easy way to make money from home.
It’s quite a reachable source of passive income that can give you a personal loan with a justifiable interest rate, which can be paid in up to 3-5 years.
Idea #38: Certificate of Deposits (CDs)
These are interest-paying saving vehicles. They are bought for a set time duration of 1 to 5 years and helps you earn a fixed interest rate on your investment. Passive income earnings of about 2.225% can be received through Capital One – excluding inflation.
Idea #39: Savings Account Interest
Capital One and Betterment savings account offer up to 2% interest on the account balance.
Although these passive income earnings a not large-scale but sure add up as an extra amount of cash. It can be included as one of the best ways to make money fast.
Idea #40: Renting Out Rooms On Airbnb
Have a spare bedroom or space to rent out to short-term guests? Rent it out! The day the guests are showing up, just book them on Airbnb and rent them out to earn all that extra or passive income through this activity.
For instance, if you are even going on a two week or a month holiday, moving to a different location too – simply rent out space.
Idea #41: Notary
Becoming a notary can make way for you to earn a healthy stream of revenue, which usually starts with an initial investment of around $100.
Notary officials oversee specific legal documents acting as a witness and playing an essential role in providing signatures on them, confirming that the documents are authentic/ legal/ formal.
Idea #42: Customer Interviews
By taking customer interviews, you can earn up to $140 an hour, which is a great way to earn extra money or can even turn out to be the best way to make money fast.
All you need to do is to get feedback from customers in a company.
Idea #43: Become a Brand Ambassador
Many companies hire brand ambassadors to help them with the marketing of their brand or products using the sense of appeal which you have.
If you think you have the looks and power to influence customers to purchase a brand.
Take the chance and get a high paying source of passive income on a daily, weekly, or monthly basis.
Idea #44: License a Product’s Idea
If you have a unique concept, get it licensed, and generate a good income. This option, you let someone else do the work while you make money quickly.
Nate Dallas and his brother licensed a Pictionary-inspired card game to Mattel and split $3000, 000 in royalties. What a fantastic way they made money online.
Idea #45: Turning your Car into a Mobile Billboard
Using Wrapify, you can get any company or brand’s advertisement wrapped in your car. Giving them the leverage to use your car for promotional purposes. The amount you earn will depend on how far you drive.
Driving your car in popular areas can help you make over $100 weekly. So download the app to make money doing something fun and different!
Idea #46: Trim
By getting the app and signing up on Trim, you have access to a distinctive program that helps you to save money little by little.
Idea #47: Dosh
Dosh is a very cool app that will give you many benefits for every purchase you make at retailers and restaurants.
It provides a stream of cashback opportunities via discounts and low prices for products and services – an easy way to make money – creating a passive income.
Idea #48: Consulting
Get paid for directly consulting people! Just provide your consulting services for any area you have expertise in.
The consulting services will include diverse fields such as human resources to marriage consulting, academics, or any other.
Consultants can even work part-time or full-time, and many choose this as a way to make money on the side.
Idea #49: Email Marketing
Email marketing is the most commonly used form of reaching out to clients – new or existing ones.
Using technology help firms meet their marketing goals can pave the way to create your source of passive income with just a click!
Idea #50: Development of a Mobile App
Are you a techie person? If you are and then do come up with some unique ideas for the creation of new mobile apps or improvement is even possible for an existing app.
It can make people’s lives a lot better than before. You can surely develop a great source of passive income for yourself.
Every app that you will have on your phone will make money for other people. Do you remember the money Angry Birds’ made through their app?
There are so many people making thousands of dollars with the help of their mobile apps per month.
The Myth Associated with Passive Income
Yes! The passive income ways of making more money also have a myth associated with them. Many do not consider these the most ideal, legit ways of earning income and have this opinion that the ideas don’t work well.
Everything has its pros and cons. So, here, to make these aforementioned passive income ideas work (those that you choose of course) – is that – you need to evoke the thought that everything cannot come in a snap and requires a little input – at least initially, and a step.
Once you are on the road, it is much easier to continue to move forward to the journey of success rather than making assumptions and pre-assumptions – living in fear of the aftermath.