You need to have multiple income streams to reach your financial goals faster. In fact, diverse income sources are the new security for your financial future. However, that doesn’t mean you need to work restlessly to secure your life financially. There are amazing passive income ideas that make you money. No matter if you want to achieve your financial freedom or want to pay your bills immediately, setting up various income streams is the best start. And the best part is you can start building different income sources right away.
Here are 10 best passive income ideas to help you start boosting residual income. So, below discussed ideas are the best ways to gain high returns. Some require an investment of money while others require an investment of time, of course, you can reduce the burden if you properly plan.
Invest in Real Estate
Making money through real estate takes a prior investment of money. You can make a lucrative amount of money over time with real estate. In fact, the only thing that you can trust for only profits is earth. If you have money that is sitting idle under your mattresses then, investing them in real estate is the best option to march towards becoming a millionaire.
Relax if you don’t have a good amount of money, you can still invest in land with crowdfunding opportunities. Companies like Fundrise help you to build smarter investment by cutting down all kinds of middlemen costs.
Though this does not gain you steady passive income, you can make a bulk and decent income in the long run.
Open Online Savings Account
Opening an online savings account that offers a higher rate is the other best option. Okay, that may not seem a lucrative option. Yet, if you feel you can’t risk your money, then this may be the right option for you. As most of the online savings accounts such as Citibank, Ally Bank, Capital One, and more offer higher interest rates than brick and mortar banks, so its a great deal.
Build a Blog or Website
Starting your own eCommerce website or blog is a perfect way to make passive income sitting home. But you need to have creative skills, and passion to start a blog. This requires research to pick a profitable niche, plan your strategy, find the right topics, and surpass the competitors with your writing to drive traffic. It takes at least 3 months for your blog to monetize by running ads on it. However, if you put in your time and little effort you can a good amount of money.
Sell your Photos
If you love clicking pictures when you see nice scenery, then you can get paid doing what you love. Websites such as Shutterstock, Stock Images, etc offer you space to promote your pictures to make money. All you have to do is register on the website, create your portfolio, upload pictures, and get paid when someone purchases them. You can get a nice income through some sites that also have big brands to buy your photos.
So, if you decide to start a blog or website or you are the one who loves to face the camera then you can make money as a YouTuber. Start a YouTube channel picking a niche in which you can do well and you can slowly start making money through affiliate marketing and later through ads. However, you need 1000 subscribers and 4000 watch hours in the past 12 months.
Read How to make money from YouTube in detail here.
The other way to make a steady passive income is affiliate marketing. If you have channels to promote affiliate products, then you can make a decent income. Not to mention you also need to have a good following if you are promoting on social media channels or huge organic traffic if promoting on blog or website. There are many affiliate marketing companies that can help you connect with brands and make money.
Sell your eBook
Got some creative skills that can hold readers on your page till the end. Then, consider writing ebooks as one of your passive income making ideas. Get into non-fiction that sells well. You can publish them on Amazon Kindle Publishing and gain points. This way you can see a boost to your bank balance whenever someone purchases your ebook.
Rent Out Your Space
The other way around to make handsome money without having to do anything is renting out your space. Consider renting out unused space in your home or backyard in exchange for money on Airbnb. This way you can just make dollars with just a single spare room. However, factors such as your location whether it is nearer to famous tourist attractions or universities or hospitals and the appearance and comfort it provides also matters.
Invest in Stocks
All the above ideas except investing in real estate are non-risky. Whereas investing in stocks demands some guts and knowledge about the stock market. You can simply jump into it without testing the waters. So, diversify your stock investments put your money into different stocks based on their risk level. So that if something worst happens you don’t lose all your money. You can take advice from experts or your financial advisor and take steps before you seriously invest your money in stocks.
Okay, this also may seem risky. But you can earn chunks of money with peer-to-peer lending as you directly sponsor your money to someone in need as a loan. The other party may be an individual or a business, so there are good chances to invest money and gain higher returns as this P2P naturally involves higher interest rates. There are a few websites that connect lenders with debtors, however, they don’t completely take responsibility for your money. They just act as a communication platform between the two parties. So, if you are going through this option make sure you read terms and conditions, policy, and amount agreement letter well before you transfer money to the debtor.
Wondering what if you don’t have a minimum time or money to invest in the above ideas to start earning passive income. You can actually earn money through what you are doing already. Yes, activities such as shopping, watching videos, playing online games can gain you money. You can earn unbelievable cashback and discounts from apps such as Rakuten, Ibotta on your fashion, travel, or grocery shopping.
Also, you can take paid surveys and earn points from websites such as Swagbucks, Survey Junkie, InboxDollars, etc. You can later redeem the points for cash via Paypal or Amazon Giftcards to use them normally.
Thus there are unlimited ways to make your bank balance grow without putting in so much effort. You need to carefully plan your time and money making strategies to build a fully secured financial future for you and your family. It is also important to follow your passion while you choose one or a combination of a bunch of ideas. So, take time and discover where your interest lies in after you finish walking through the above ideas.