10 Different Ways You Can Earn Passive Income
Have you ever had an idea that you wanted to try out, but didn’t have the time to put into it? Maybe it was an entrepreneurial idea, or maybe it was just some free time you wanted to use on something productive. Whatever the case may be, there are ways that you can earn money without actually having to work at it day-in and day-out. That’s right - earning money without working at it! Here are 10 different ways you can earn passive income without getting your hands dirty every day.
- Affiliate Marketing:
Affiliate marketing is one of the best ways to earn passive income online. As an affiliate marketer, you will be able to promote products offered by different vendors, and when users purchase these products through your website or app (or sign up for a service), you will receive a share of that sale as an affiliate marketer. The amount you earn per sale will depend on how much effort you put into building an extensive sales funnel for your users/visitors in order to generate leads and sales. In addition to promoting offers from other companies, it’s also possible to sell your own product or service using an affiliate marketing model. This can help you build a more sustainable business and keep more control over what you do with your time.
- House Sitting:
People are busy these days. Most simply do not have time to mow their lawns, shovel snow or do other chores. Hire a house sitter to take care of your home while you’re away on vacation, working late or attending a social event. House sitters can also check in on your pets and keep an eye on your property, ensuring everything is in order when you return. In exchange for their services, most house sitters charge $25 to $50 per day, but some offer more personalized packages. If you already own a business or run an online operation, consider hiring someone local as a part-time virtual assistant for specific tasks such as scheduling appointments and fielding customer service inquiries.
- Coaching & Consulting:
If you’re a whiz at using Salesforce or QuickBooks, for example, talk to business owners and offer your expertise in exchange for equity or another form of compensation. Businesses are always looking for top talent—and will sometimes pay handsomely to attract them—but don’t expect to get rich overnight. These positions can be competitive and tough to get, even if you have ample experience and an impressive track record. Just remember that these opportunities aren’t limited to big companies like Google and Facebook. Most businesses need help running their day-to-day operations, whether it’s accounting or marketing or customer service; if you know how to run a company efficiently, there may be more opportunities than you think!
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- Drive for Uber/Lyft: A lot of people I know make extra cash by driving part time on these ride sharing apps!
- Tutoring:
Teaching others is a great way to earn money on your own schedule. A lot of new online tutoring companies offer flexible hours and remote work, and tutors can work as much or as little as they like. Most sites require that you be over 18 and have an education degree to tutor, but these are perfect opportunities for stay-at-home parents who need to find a way to earn some cash while caring for their children in person. To get started, try Varsity Tutors, Chegg Tutors or Wyzant.
These methods of passive income generation really are ideal if you want to earn money while not being physically present at all. This is one method I highly recommend trying out as it has worked very well for me so far! Good luck!
- Freelance Writing:
Freelance writing is a great side hustle because you can work whenever you want. No one is telling you when to start and stop. It’s truly an amazing way to earn money online while being able to control your own schedule. Whether it be blogging, website development, or any other online gig, never give up because so many people depend on freelancers being available! If that isn’t reason enough for you then maybe my favorite freelance website would sway your decision! Upwork has thousands of jobs posted at all times. I have personally hired over 100 different individuals through Upwork to help me with everything from SEO articles, to research papers, to small business setups. The best part about Upwork is that each job paid differently and had different time frames in which they were completed.
- Digital Products:
Selling an eBook, a digital course, or a membership site (or similar product) can help you build passive income. Once you build up an audience, there’s even more money to be made as you sell more products and/or services directly to that audience. An easy way to get started is by creating your own information product. This could be an online course, video series, audio program, webinar series or a book of any kind. The first one will take more time but once you have it finished it will provide revenue for years to come with little effort on your part.
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- Peer Lending:
Lending Club and Prosper are examples of peer-to-peer lending. Investors lend their money to borrowers at a set interest rate, and get paid back over time. As with any loan, there’s risk involved: one study showed that over half of peer-to-peer loans defaulted within five years. Still, if you want to start earning money through passive income, these might be a good option for you! Check out our guide on how to make money with Peer Lending.
Today, let's talk about 10 different ways that you can earn passive income in your spare time. Keep in mind though, not all methods will work for everyone so it's important to try a few different ones before giving up or deciding on just one way of making passive income.
- Bitcoin Mining:
Mining is a time-consuming and expensive endeavor due to the way the currency is designed. A single Bitcoin takes hundreds of thousands of years to mine! However, mining for Bitcoins can be very profitable if you invest a large amount of money in equipment. If you’re thinking about getting into mining, then it’s important that you understand how it works, and if it’s worth your time and money. As noted before, Bitcoin mining is extremely technical and isn’t suited to everyone. For those who want to try their hand at mining without investing too much money, there are also cloud mining services available. Cloud mining means that you pay a service provider to host some of their hardware for you and mine on their behalf. There are numerous providers offering cloud mining services; however, Hashflare offers some of the best deals around at present.
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- Real Estate Investment Trusts (REITs):
Put simply, REITs are real estate investment companies. They buy, rent out and manage multiple commercial properties or other real estate holdings. The common characteristic between most REITs is that they pay out at least 90% of their taxable income through dividends to shareholders on a quarterly basis. This means that investors don’t have to worry about dealing with tenant issues or maintenance issues—the trust does all of that for you. In exchange for doing all of that work, REITs typically charge higher-than-average dividend yields than traditional stocks. For example, as of September 2017, Vanguard Real Estate Index Fund (VGSIX) paid out an annualized dividend yield of 2.3%. That might not sound like much compared to what you can get from some stocks—but it’s pretty solid when compared to what your bank account would earn if you put your money in a savings account or CD.
- No longer a secret…
The idea of earning money on autopilot may seem like a pipe dream, but is it really? Having passive income from multiple sources can greatly increase your chances of financial success and financial freedom. Here are 10 ways to earn money passively that you might not have considered before. (Hint: Diversify!)
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