Nowadays, it is no longer enough to rely on one’s regular earnings from their main job because of the increasing prices of goods and services due to inflation. While some turn to second jobs to supplement their income, others turn to passive income or income streams where they do not actively make money.
Passive income does not mean you only set up the revenue stream and let it do the job independently. You still need to do some work to maintain this income stream and even invest some funds to get it to work as intended. Failure to stay committed to the scheme can derail the effectiveness of your chosen passive income stream. You must also be familiar with these passive income sources’ risks to plan accordingly to succeed in them.
If you are considering passive income to support your finances, there are many avenues that you can explore to start earning funds from a passive income source. To get you started, here are 33 great passive income ideas that we recommend you try out this year:
I will try to expand on the below topics on a different post (so you’ll get in-depth details) and link them back there so do bookmark this page!
- Write an e-book
- Invest in rental properties
- Sell retail products for a bargain
- Sell your photos online
- Join in a peer-to-peer lending
- Create a mobile app
- Be a part of a REIT or a real estate investment trust
- Have sponsored posts on your social media
- Invest in a high-yield certificate of deposit or a savings account in an online bank
- Advertise with your car
- Create a YouTube channel or a blog
- Sell your designs online
- Buy a local business
- Start a retirement account
- Rent your parking space
- Invest in storage space
- Rent your car or bike
- Pet sit in your home
- Airbnb or rent out a room
- House sit for someone
- Domain name buy and sell
- Buy a billboard
- Create an online course
- Sell digital products
- Sell your music
- Sell blank books
- Make greeting cards
- Self-publish a book
- Sign up for drop shipping
- Make a podcast
- Invest in either Index Funds or Dividend-Paying Stocks
- Launch an ATM Business
- Check possible royalties investment
It is hard to pick the best one out of these options because their success depends on various factors, such as the amount of money and time you plan to invest and its overall potential. If you plan to try one or two of these passive income ideas we recommended, do your research and see which one truly interests you. You will also need to be committed to investing time and effort to maintain your chosen passive income stream and reduce the risks it may face.
It may take a while for these incomes to bear fruit when you start, but with a little bit of patience and hard work, you can see a vast difference in your budget. You may even find your passive income may even open new opportunities for you to consider for your career and grow the income stream further. Good luck!
4 Comments Add yours
These are all great ideas, Kally! Thanks for the nudge.
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Great ideas. I would say that the hardest part for some of these ideas (e-books, sell photos, etc) is finding an audience. Still working on that part. BTW – your links aren’t working. They say “page not found.” Hope you are doing well!
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So many great recommendations ! I must get serious about what I choose from the list.