Passive income is the holy grail of financial independence. It’s the money you earn without having to work for it.
The idea of passive income is, by definition, appealing: Make money without doing anything. But the reality of earning passive income is often harder than it sounds.
Many people fail to make much in the way of passive income, and those that do earn a decent chunk of change often have years or even decades’ worth of necessary investments already behind them.
Maybe you can make enough with passive income to pay your bills every month and finally become financially independent. Or maybe you’re considering methods to bring in some side cash on top of your full-time job, so you can start saving up for that vacation home you’ve always wanted.
Whatever your goal, the truth is that this side hustle can be one of those rare win-win: You’ll make some extra money while also diversifying your existing portfolio. Are you ready to get started? Here are eight easy ways to start earning more with passive income right away:
What is bookkeeping?
Bookkeeping is a service that involves maintaining and reporting financial records.
Bookkeepers are trusted professionals who keep track of money spent, received, and earned by companies and individuals.
The services they provide help businesses make crucial decisions about their finances, as well as stay in compliance with government regulations.
Why should I start my own bookkeeping business?
There are many reasons why you should start your own bookkeeping business:
- You can earn more than $40 per hour (or even more) for your work!
- There’s no need for expensive office space because most of your work will be done online or over the phone — which means less overhead costs overall!
- You’ll have complete control over how you spend your time each day; this means that if something else comes up unexpectedly like a sick family member or a friend asking for help moving apartments then there won’t be any delays in getting things done at the office because there isn’t one!
Creating an online course is one of the best passive income ideas because it requires very little time, effort, or money upfront to get started.
You can create an entire e-learning product in less than a week using tools like Canva (for design), WordPress (for your website), and Teachable (for hosting).
Once you’ve created this course, you’ll want to promote it through social media marketing and paid advertising on Facebook or Google Adwords as well as by sending out emails to subscribers who have signed up for other courses that you offer. Then watch the money roll in!
If you’re a fast reader, consider recording audiobooks. You don’t need to be a professional voice artist — many narrators are just everyday people who enjoy reading and have a good speaking voice.
If you can read quickly, record at home, and have an interesting way of speaking (not flat and monotone), then this could be the perfect gig for you.
You can start by listening to some audiobooks so that you can learn how other narrators do it.
Check out Audible or some other site where people sell their audiobook recordings for advice on how much money narrators make per hour of work or other information about the industry.
The most common form of real estate investing is buying a single-family home, but there are other options. For instance, you could invest in a duplex and rent out both sides.
If you have the money and inclination, consider buying more than one property: three or four apartments can be converted into an apartment building that offers tenants a secure place to live while earning you some passive income.
A good rule of thumb is to purchase properties that require less maintenance than your own home — that eliminates condos from consideration because they’re high-maintenance. In terms of location, look for areas with low unemployment rates or high population growth (such as college towns).
At this point in time it’s impossible to predict where real estate prices will go in the future so just do your research about available neighborhoods before making any decisions!
If you’re a blogger, author, or podcaster who has established yourself as an expert in your field — and you have the ability to build a sizable audience on social media — you may be able to make money through influencer marketing. Influencers are people who are known and respected in their fields and have large followings online.
They can make money by promoting products or services, selling their own products or services, or doing sponsored posts (where they promote specific brands).
To become an influencer, start by building up your credibility so that brands will want to work with you.
Reach out directly to companies whose products or services align with what you offer; if there’s no connection currently between your brand and theirs, consider adding one!
You could offer free content for them (like writing guest posts on their websites) in exchange for promotion of those pieces on other platforms like Facebook pages and Twitter feeds.
Mobile apps are a popular choice for passive income. If you have a good idea, it’s easy to get started — all you need is a basic understanding of code and some money for initial development costs.
Once your app is developed, the hard part is over — you just need to market it and find users!
If you want to make an app that earns money directly from advertising, consider using a platform like AdMob or MobFox.
These companies will help you create ads within your app and get them placed on various platforms, including Google Play and Apple’s App Store.
They also provide analytics so that you can monitor how successful your advertising campaign has been so far (and which types of ads are performing best).
If your goal is more long-term growth than immediate profit, consider making an app that offers something valuable in exchange for user data (like Angry Birds or Facebook Messenger) instead of relying on advertisements alone.
In this case, it’s important not only to choose the right business model but also to find ways to incentivize people into downloading or purchasing whatever service or product they’re offering through their app — especially since many people won’t be willing to pay anything at all!
Blogging is one of the easiest ways to make money online.
You don’t need any technical skills or even a website to start a blog — just an email address and some time.
Here are some tips for getting started with blogging:
- Write about what you enjoy so it doesn’t feel like work. If you’re writing about things that truly interest you, it will be much easier to write regularly and consistently.
- Plan out your posts ahead of time so that they come naturally when it comes time to publish them on your blog. Don’t just sit down in front of the computer and start typing; instead, think about what kind of articles would be most helpful for your readership (for example, “How-to” articles are very popular). Then write down each step detailed enough that someone could follow along without difficulty — but not so detailed that it sounds like an instruction manual!
- Don’t forget SEO! Search engine optimization (SEO) is crucial if you want people who aren’t already familiar with your site’s content in order to drive traffic there — so make sure each article has keywords relevant
If you have a spare room or a vacation home, then consider renting it out for events.
People are always looking for places to hold receptions and other events. It’s a great way to make money from unused space in your home.
If you don’t have any extra space in your home or don’t want the hassle of hosting events, then consider renting out your time as an event planner instead!
If you have something to say and a way to say it, consider selling eBooks.
If you’re an expert in your field and can create an eBook that helps people solve problems or learn new skills, then this will be one of the best ways to make money passively.
Amazon is a great place to start because they have a large audience of buyers who are looking for information products like eBooks.
But if you don’t want to use Amazon as your primary platform, there are other platforms where you can sell your product such as Udemy or Gumroad (which allows creators set their own prices).
Affiliate marketing is a great way to make money online. Basically, you recommend products that you have experience with and other people buy those products through your link.
It’s very similar to the affiliate programs that Amazon and eBay offer, only without the $10+ commissions most of the time.
The best part about affiliate marketing is that it doesn’t require any startup costs or inventory!
You simply create an account on one of these sites (like ShareASale or ClickBank) set up a page with links to whatever product/service you want to promote and start driving traffic there!
There are also some nice advantages for business owners: if someone buys something through one of your links then not only do they get their product but so do you — a pretty sweet deal!