7 BEST PASSIVE MONEY MAKING IDEAS

 Time and money are the two ways to build passive income. 

7 BEST PASSIVE MONEY MAKING IDEAS


Best Passive Income Ideas

#1. Build A Passive Income Business

Any company may be made into a well-honed machine that runs without your active involvement. Sam Carpenter describes how he went from working more than 100 hours per week to just two hours per week while operating a phone answering service that generated a mid-six-figure income in the classic book Work the System.

Of course, automating certain businesses is simpler than automating others. Our favourite businesses, such as affiliate marketing, blogging, dropshipping, and more, are listed in our article on self-sufficient enterprises.


What these businesses have in common is that:

Software is used to automate the value delivery. You must give your customers real value if you want to make money. But your time is not necessary for this value delivery. Value is frequently supplied using technology, such as software or a mobile app.

They take advantage of network effects. A product or service experiences a network effect when more people utilise it, increasing its value. When someone completes your course and leaves a favourable review on a platform like Udemy, for instance, more people will be able to locate your course in the future.


#2. Invest In Stocks

When you research the stock market, you'll discover that many stocks pay out about 2.5 percent of their total worth as dividends each year. Dividends paid to shareholders above $503 billion in 2020, setting a new record.

Dividends are cash payments made to shareholders from a company's profits. Therefore, merely by owning stock in a company, you receive a passive income stream that is unrelated to gains or losses in share value.

Dividend stock investing can be a great source of passive income if you have the necessary funds. But it should only be one element of your total investing plan.

Dividend stocks typically don't exhibit long-term appreciation, which means their value doesn't rise as quickly as other stock kinds, therefore they aren't necessarily a wise choice for retirement investment. Dividend stocks are effective in generating quick cash. (Therefore, having one is fantastic in retirement.)


#3. Invest In Real Estate

For many years, one of the main ways rich individuals have made money has been through real estate. However, traditional real estate (such rental homes) has not been a good investment for most individuals due to the risk, time, and money needs involved.

That's not the situation anymore. Real estate crowdfunding has made it possible for normal investors to access the alluring profits offered.

The idea behind crowdfunded real estate is quite similar to REITs (real estate investment trusts). The primary distinction is that when investing through real estate crowdfunding, you frequently do so directly in particular homes or projects.

In a REIT, the company chooses the assets, and your investment is in the company (not the real estate itself). After the company has paid all of its expenses, such as executive bonuses and employee pay, you will get dividend income.

Crowdfunding gives you more control over your investment, and for beginners, it cab be an ideal and low-cost way to learn about real estate investing.


#4. Invest In Cryptocurrencies

New potential for passive income are being created by cryptocurrencies, and more especially, decentralised finance.

Lending your cryptocurrency to financial institutions is one of the most popular current practises, and it's simple to do on websites like Gemini Earn.

The procedure is very similar to depositing cash in a bank. However, due to the great demand for cryptocurrencies, particularly stablecoins, the interest rates you can receive are far higher than those you can get for making a cash deposit.

For example, Gemini pays you up to 8.05% APY on your cryptocurrency, including stablecoins. Depending on how much money you have for an upfront investment, these rates can make this one of the best available passive income streams.

With decentralized finance, you can get a lot more creative.

One option is yield farming, which is when you lock up your tokens in a smart contract that automatically pays out a set percentage of the yield on a regular basis.

#5. Become A Creator

A great era for artists is about to start. Writing, videography, storytelling, influencers, and podcasting are just a few of the creative careers that are now more accessible than ever. Additionally, there are more opportunities than ever to apply those skills to make passive income.

The secret to being a successful creative is to first establish a loyal following, and then figure out how to make money from it. While there are many other ways to accomplish this, advertising is one of the more popular (and passive) methods.

For example, someone who creates evergreen YouTube videos can profit from those videos years after they’ve been recorded. In contrast, someone who creates videos only about recent events — such as sports news — has limited long-term earning potential.

In this case, network effects are really in play, as the more subscribers you get to your channel, the more views your videos get; the more views you get, the higher your videos will rank; and higher your videos rank, the more advertising income you’ll earn.

#6. Build Single-Use Software And Apps

I've been looking for tools that would let me convert a certain file type to another, convert HTML to text, get a non-sensitive document signed, and create filler text over the past few months.

Each time, I've arrived on a one-time-use webpage that performs a single action. Although using the website is free, the owner makes money from the ads that are displayed on the page.

I initially learned about this concept through Pat Flynn's Smart Passive Income website, where he built a one-time-use website that anyone could use to generate and publish an online interactive map.

If you’re not a web developer, you can easily outsource the creation of this type of project.

Most people think big when it comes to apps and websites, but a small portfolio of these single-use properties can add up to a very nice source of passive income.

#7. Affiliate Marketing

One of the most well-liked ways to be compensated for advertising goods and services is through affiliate marketing. By directing potential customers to a retailer or service provider, you can receive affiliate money (often in the form of a commission).

Being an affiliate marketer can be a full-time job, but when done well, it can also become a source of passive income.

Partnering with businesses that offer regular affiliate commissions is one choice. These are typically for services that require subscriptions, and you will continue to be compensated until the client you referred cancels their membership.

Another way to make affiliate income passive is by automating your marketing. For example, if you started a YouTube channel based on product reviews, while you may only be paid a one-time commission for each conversion, your ability to bring customers in is automated through YouTube’s algorithm.


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