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PASSIVE INCOME – Imagine going to bed tonight and waking up in the morning, checking your bank account, and BAM! You got some hard cash — I’m talking Benjamins — deposited while you were sleeping.
Sounds like a dream doesn’t it?
Well, with the opportunities we have today, earning passive income is possible for anyone, anywhere.
Are you broke? Passive income is possible for you, too!
But the question you’re probably asking is… how?
How to Make Passive Income
I’ve personally seen many posts about ways to make passive income, and many of them are filled with ideas that are just… unrealistic, downright undesirable, or they just don’t seem very wise.
Is it just me, or do you feel the same?
Not to be rude, but I don’t want to lend money to someone who can stiff me and leave me screwed. I don’t want to make a YouTube Channel — I hate being in front of the camera. I don’t want to do extra just to come out with an extra $30 bucks a year.
So, I’ve rallied together a list of 10 practical (and smart) ideas that you (or anyone) can do today to start making passive income in 2019.
What is Passive Income?
The definition of passive income is essentially when you earn money from a source other than an employer or contractor.
The main way to make passive income?
You work once (investing time and money upfront) and then you continue to get paid from that one investment for an indefinite amount of time – possibly forever.
An example of this is creating an online course (we’ll discuss more later). It only takes you one time to create the content, one time to record the course, and forevermore, as long as it remains up for sale, people can purchase it. That means you continue to make an income on yesterday’s investment.
Other ways to make passive income can be through little to no extra effort for you. Whatever route you choose, start making a passive income today with these 11 genius ideas!
11 Smart Passive Income Ideas
1. Earn Passive Income with a Drop Shipping Business
If you’ve always dreamed of having your own storefront, but you were overwhelmed at all that it takes, the storage space you’d need… drop shipping’s got you covered!
Thanks to drop shipping, you can now open your very own e-commerce business and you don’t need to store any of your inventory. Drop shipping is a business model that allows you to set up an online store using Shopify and manufacturers sell products on your behalf.
You can literally sell anything, as long as there is a demand for it. Anything from baby items, skin care products, clothing or camping gear apply.
When customers make orders, you simply reach out to your suppliers (or automate the process) and they will ship the order to your customer for you! You’re simply playing the middle man.
Having a business that utilizes drop shipping can earn you a load of passive income if you do it right.
Interested in learning more about drop shipping? CHECK OUT Shopify’s article 13 steps to start your own online business with Shopify, and sign-up here for a free TWO WEEK trial.
Time to own your own business and make passive income!
2. Start Making Money Through Blogging
While starting a blog takes time and hard work, it is one of the best ways you can make a passive income.
When you set up a blog, I would recommend using a WordPress hosting site like BlueHost, Siteground or BigScoots (which is what I personally use). I recommend WordPress because sites like Wix and Squarespace are very limiting in what you’re able to create.
After getting your page up and running, you’ll want to do more than write good content to make an income. You also need to take time to implement affiliate marketing (learn more in #3 below), creating and selling your own products (more on that below in #4), setting up ads through Google Adsense or MediaVine (you need at least 25K sessions/month to qualify), etc.
Once your website is established you can even do sponsored posts (which can provide a good income). Before you do this, you’ll want to create your own media kit (it’s basically a blogger’s resume).
Another area you really want to focus on is building your email subscriber list. ConvertKit is a great email marketing platform – it’s an all-in-one, everything you need email marketing software system.
When it comes to blogging, the possibilities are literally endless!
3. Earn Passive Income Through Affiliate Marketing
Affiliate marketing is possible for those who have websites, as well as those who don’t – so if you’re not a blogger, you can still rake in some extra cash!
You usually have to apply and be approved to be an affiliate marketer for companies, and once you’re approved they supply you with a personalized link. You can then go out and share that link with anyone and everyone, however your affiliates allow you to get it out there.
So, why not earn a passive income stream from simply telling people about great products and services?
4. Create Digital Products to Sell
If you have a knack for writing and you’ve got some expertise in a particular topic, why not write eBooks to sell?
Once you complete your eBook you can publish it on a publishing platform like SendOwl. I personally prefer using SendOwl because you get the full amount for whatever you sell. Whereas platforms like Amazon Kindle and CreateSpace (though very popular) only give you royalties based on the number of books sold in a certain time-frame. #GiveMeMyMoney
As long as your eBook is up for sale, you can make residual income from your one time investment.
5. Create Your Own Online Courses
Once again, the 21st Century comes in for the win.
Online courses are booming right now! Online course sales are expected to continually increase over the next few years, so NOW is the time to get in on the goodness!
Is there something you’re passionate about (or perhaps just highly skilled/knowledgeable in) that you can turn into an online course?
Whether you have a ton of tips and tricks for how to become more organized, or you’re a parenting guru with loads of helpful advice, or if you are an expert copywriter with insider secrets to share – it’s all online course worthy!
Literally, people are buying courses for almost anything these days, so why not jump in and give it a try? What could it hurt!
The best sites for course creation are Thinkific and Teachable. What’s nice is Thinkific allows you to create and sell a course for FREE – though the premium, paid version does provide you with some good benefits the free version does not.
Whatever the case, turn your expertise into passive income streams!
6. Turn Your Home into a Vacation Income Property
With the rise of AirBnB came a slew of websites that now allow you to put your entire home, apartment, or a room up for rent.
That means if you’re off on vacation somewhere, you can make an income while you’re toasting on the beach.
What makes this such a viable option is that more and more people are opting out of the stuffy – and sometimes gross – hotels, and opting in for a personalized, comfy stay in someone else’s home.
Thankfully there are various pre-screenings these sites require their interested renters do before they’re able to even book a rental. This allows you to rent your space confidently.
With Airbnb set up is simple. Just take some nice shots of your space, set a reasonable price, screen your potential guests, book their request and make some money!
7. Sell Your Photos Online
They say a picture is worth a thousand words… but did anyone tell you that a picture could be worth thousands of dollars?
If you’ve got a camera and you take quality photos, sell your pictures online to make an unlimited amount of passive income.
There are dozens of sites you can list your pictures on, some where you can choose your own prices. Online businesses and blogs need photo assets on nearly every page – so whether you take photos of people, inanimate objects or nature, there’s clients out there for you.
Sites I would recommend are:
8. Sell Artwork and Digital Products Online
The older I get the more I realize how much of an art junky I am. While I don’t create art, I love to purchase it… and so do a whole lot of folks!
With the new wave of printable art, why not sell your masterpieces in printable form?
Rather than limiting yourself to selling your physical work only one time, sell it in digital art print form too and make a passive income from it indefinitely.
Sites like CreativeMarket.com are great platforms to host and sell your artwork and make an extra income on autopilot! Not only can you sell artwork on Creative Market, but you can also sell graphics, photos, font, web themes and more!
I love Creative Market!
9. Advertise On Your Car
There are several specialized advertising agencies that will literally pay you just for driving your car around.
If your driving habits (including where you drive and how often/far) match with one of their advertisers’ requirements, you can get approved to make money in park, neutral, drive or reverse! #heyyy
The advertising agency would then get you hooked up with a free “advertisement wrap” for your car (it’s like an extra-small t-shirt for your car!).
If you’re someone who already drives a lot, whether for work or play, why not turn your miles into cash? Agencies generally pay by the mile and look for applicants with newer cars and (obviously) a clean driving record (because what advertiser wants their ad plastered on a car driven by a maniac?).
So, drive your way into passive income and turn your car into a billboard!
10. Rent Out Your… Car for Cash
You heard me right folks. We’ve arrived.
Renting out your car (#CarSharing) is actually a thing now, and some people are making up to $12,000/year doing it!
HyreCar is a new-ish company that facilitates renting out your car, just like Airbnb facilitates property rentals. Basically, HyreCar will rent out your car to Uber drivers who don’t have a vehicle.
HyreCar has set up a decently robust system to help keep the risks low in renting out your car. They perform extensive background checks on all their renters, they provide renters incentives for driving safely and renters can choose to rent your car for longer periods of time (which means more money for you, and less people taking turns on your car).
Another car rental option is Turo. It’s a peer-to-peer car rental company that doesn’t limit you to only renting your car our to Uber driver hopefuls, you can rent your car out to anyone (like your long-time next door neighbor) for some cash.
The average car owner earns about $540/month (~$6,000/year) with Turo! That’s pretty legit!
So, why not sit back and let your car do the work for you?
Here’s a car rental tutorial from HyreCar teaching how to rent out your car.
11. Make Money Off Your Purchases
Sites like Rakuten will literally pay you a commission for simply going to your normal shopping sites, but doing so through their website.
I have a few friends who do this quite hardcore, and at the end of the year, at no real extra effort from them, they get cut a check for a few hundred dollars. #NotBad
With the rise of the internet and modern-day technology, there are so many ways you can make a passive income with minimal effort. If you’re anything like me, most of the options available to us just aren’t that appealing or they just don’t seem like the route for us.
Thankfully there are legitimate, realistic and smart passive income ideas that nearly anyone can do! Not only that, but some of them are so simple that you can have multiple passive income streams if you really want to!
Regardless which avenue you choose and regardless where you are financially today, passive income is within your reach.
Happy Money Making!