Here are 6 highest paying passive income sources
#1. Own Digital Real Estate
The development of blockchain technology has facilitated the emergence of digital real estate. Digital property can now be owned and used for financial gain in the same way that physical property can.
This can seem like an unrealistic notion for passive income, but simply think about Facebook's recent "Meta" makeover, which shows how much the firm is banking on the expansion of the digital space (i.e., the metaverse). In light of this, it could be a good idea to start exploring this fascinating field today.
What type of passive income opportunities does digital real estate allow for? Similar to cryptocurrencies, new innovations are happening every day.
#2. Rent Your Stuff To Others
We discussed time and money as the two main resources you may use to generate passive income earlier in this post, but you should also consider the things you already own as a resource.
The most obvious case in point is using sites like Airbnb or VRBO to rent out real estate or a room you own. You can get in touch with people directly via sites like Airbnb and other community-based internet communities.
Depending on where you live and what you own, this can be a solid source of steady income that requires a minimal amount of work on your end (especially if you automate the management of the asset in question, such as hiring a property manager).
#3. Use Passive Income Apps
You can make sporadic tiny sums of passive income throughout the year with applications for passive income. Many passive income applications actually are set-it-and-forget-it offers, in contrast to sharing economy apps like Airbnb and Neighbor.
Obviously, the biggest difference is how much money you may make; plan on making between $10 and $30 year from having these apps installed. This makes it the most straightforward but lowest-paying passive income opportunity on the list.
Examples of passive income apps include data collection apps such as the Nielsen Computer and Mobile Panel, which rewards you for having the app installed on your smartphone or desktop. In turn, the company collects anonymous data and resells it to brands for market research purposes.
Beyond data collection apps, there are many semi-passive income apps, which may take a click of a button or two to earn. A good example of this is Swagbucks, which gives you cash-back when shopping online. All you have to do is open the app and click a link to earn 2-5% on your purchases.
#4. Maximize Credit Card Rewards
It makes sense to optimise your cash-back if you're using a credit card for your purchases.
Cash-back incentives are similar to free money. If you use your credit cards for $50,000 a year, switching from an average 1 percent to a 2 percent cash-back rate will allow you to earn $500 more in rewards each year.
Considering that some of the top cash-back cards offer up to 5% back in certain categories, this is doable.
#5. License Your Ideas
You can be compensated to licence an idea if you believe it would improve a good or service.
I frequently observe this on Shark Tank, where Kevin O'Leary enjoys purchasing a sizable interest in a business before entering into a licence agreement with the founder. O'Leary pushes the product hard so the business owner may relax and get royalties for each unit that is sold..
One big Shark Tank winner in O’Leary’s portfolio is Groovebook, a photo-printing app/subscription service that was created by Brian and Julie Whiteman. In the Tank, O’Leary and Mark Cuban invested $150,000 total for 80% of licensing rights. The company later sold to Shutterfly for $14.5 million.
#6. Sell Digital E-Books, Files And More
Digital assets (e-books, films, pictures, graphics, etc.) can be produced and sold online in a variety of ways. This idea is appealing because, if you're on the correct selling platform, the network effect may be used to make marketing decisions for you.
For instance, if you independently publish an e-book on Amazon Kindle and it receives positive reviews, those reviews will lead to an increase in sales.
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