We all know how to make money, right? Go to work, develop good spending and saving habits, blah, blah blah.
But how would you like to make money while you sleep?
Cha-ching! Sounds great, right?
How do you make that happen? It might take a little time to get started, but there are many ways to make passive income out there. It’s just a matter of putting in the initial effort to get the ball rolling.
Here are 10 ideas to get you started!
1. Start a Blog
Perhaps one of the cheapest ways to get started making passive income is by starting a blog. It only costs a few dollars a month to buy web hosting and get your site up and running.
Of course, you’ll have to invest a lot of time into it. That’s the drawback. But, if you do it right, the rewards can be big.
Figure out a way that you can offer value to people and use that as your blog idea. Once you build up a good readership and have something to sell that people want to buy, you’ll literally earn money while you sleep.
2. Buy a Blog
The main drawback to starting a blog is the time it takes to build your readership. There’s also a pretty big learning curve and you’ll spend a lot of time researching how to make your blog successful.
To avoid this part, you can buy a blog instead. You might think it strange that once a blog is going good, people would sell it off or abandon it. However, it happens all the time.
Retail value for a blog is typically 24 times its monthly revenue. But it won’t necessarily take you two years to recoup your investment. You only have to put in some effort to increase the monthly earnings.
Plus, if you can find the right blog, you may be able to buy it for less than 24 times its revenue. Some owners are that antsy to get rid of them.
3. Affiliate Marketing
Once you’ve got a good blog or website going, the natural next step is to set up affiliate marketing. Companies all over the world are looking for ways to market their products, and they’re willing to pay for help.
Sign up with sites like Share a Sale. Then you can select the merchants and products that you’re willing to promote on your site. If any of your readers use your link to purchase products, you will earn a small commision.
4. Write a Book
Writing a book is another passive income stream that will take a bit of work to get going. First of all, you have to write the book. And you have to write something that people will want to read.
Then, once you’ve got your book ready, you’ll have to market it. If nobody knows about it, how are they going to buy it? Proceeds from your book will pretty much depend on how much time you’re willing to put into marketing it.
5. Sell Photos
Do you like photography? Do your photos look good? You can potentially make some extra cash selling your photos online. There are tons of stock photo websites that are always on the lookout for new photos.
Upload and keyword your photos so people can find them. Then, you’ll receive a royalty every time someone buys one of your photos.
There are all sorts of investment options for making passive income. You can invest in a peer-to-peer lending company like Lending Club. Or you could opt for a crowdfunding real estate site like Fundrise.
You can even jump on the marijuana bandwagon and invest in this blossoming industry. Click to see more about that here.
7. Put Ads on Your Car
This is kind of like affiliate marketing but in real life. You can rent out ad space on your car to companies. All you have to do is drive around town like you normally would and you’ll get paid to do it!
8. Design Products
Do you like messing around with graphic design? Then why not design fun t-shirts and other products? You can sell your designs online and create a nice little income stream.
9. Rent Out Extra Space
Do you have an extra room in your home? Or maybe a little mother-in-law apartment out back that’s sitting empty?
Why don’t you rent out that extra space with AirBnb? All you have to do is keep the place nice and keep it clean. You can either clean the space yourself or pay someone else to do it from the profits.
10. Rent Out Your Stuff
Along those same lines, you can also rent out your stuff. You may have things like camping gear or sports equipment that you use-just, not all the time.
Why not rent it out when you’re not using it to make some extra cash? This goes for a myriad of common objects like tools, ladders, pressure washers, shop-vacs, etc. The sky is the limit.
Go take a look at what you have sitting in your garage and think about what people might want to use. Be sure to draw up a good rental contract in case they return the items damaged or unusable.
Other Ways to Make Passive Income
In this post, we’ve shown you 10 ways to make passive income. But these aren’t the only methods out there. These are just some ideas to get you started. Be creative and you could find yourself with the ability to say goodbye to your 9-to-5 grind!
For more great inspiration and motivation, be sure to check out our blog. We have tips on a wide variety of topics that will help you live your best life.