If you’re working full-time, you might not have time working a side hustle. But you want to build a nest egg or even earn passive income, here are eight ways to build wealth with passive income streams.
Exploring various passive income ideas can help you achieve financial stability with minimal ongoing effort. Some passive income ideas are super obvious, such as rental income, opening a savings account, or refunds from the internal revenue service at tax time. But there's other ways to generate passive income - some that are more traditional such as high yield savings accounts, money market accounts, or investing in dividend stocks. Below we're looking at more non-traditional and tangible ideas to help you set up your passive income stream today.
1. Affiliate Marketing
You just have to set this one up and then sit back and wait for the bucks to roll into your wallet. Affiliate marketing is when retailers pay you a percentage of their sales when you promote a specific product. The buyer clicks through your link and goes to the retailer’s page. If they buy, you get paid. A couple of retailers that have affiliate programs are ClickBank and Amazon. Write a review for the item, website, blog or YouTube channel and sit back while the money comes in. Some people even take up influencer marketing and create their own YouTube channels to also set-up a passive income stream off of ad revenue. You don’t have to do anything else. Affiliate marketing is a popular passive income stream.
2. Rent Your Yard as Dog Park
This one is a little unusual and only works if you have a large fenced-in yard. An Airbnb exists that will allow you to rent out your yard to dog owners. You rent by the hour, and you don’t need to be home to do it. Set it up through Sniffspot, and you’ll be making money. This is a great way to generate passive income and a unique idea to generate some extra cash.
3. Sell Stock Photos
If you’re a shutterbug, why not put that skill to use to earn passive income? There are sites where you submit your photos. When people buy them, you receive a commission. And this can happen numerous times. So one photo could make you some bucks. You can use several sites, including Shutterstock and Adobe Stock.
4. Create a Course
For those with a specialty or knowledge about a subject like finance or woodworking, create a course to sell. It’ll take work in the beginning. But once you have created it, promote it on social media or a blog. You won’t have to do anything else. Just sit back and let people pay you for it. Creating a course is a viable passive income strategy.
5. Buy Crowdfunded Real Estate
Owning real estate, especially rentals, can be work. There is another option. You can invest in a crowdfunded platform that does the investing for you. An experienced team picks out real estate, and you decide whether to invest. You may get access to attractive great deals, but it requires an upfront investment. Although past deals may have made money, it doesn’t mean future deals will be as successful. Still, it is a passive way to earn some big bucks.
6. Build an App
This one also takes some set-up, minimum investment, and some skill building to start generating passive income. Online courses can be useful to know how to build out certain features and how to best set-up your app to start earning extra cash. But once created, you don’t have to do a thing; just watch it generate revenue and you'll have new passive income. Advertise your app on social media to get the word out. Just ensure that if your app collects any data, it’s compliant with privacy laws worldwide.
7. Rent a Parking Space
If you have some land near a college, business or an entertainment venue, you can rent out a parking spot. Parking is difficult for many people, especially during big events. Your space or spaces should be in high demand. Renting a parking space is one of many passive income streams and helps generate some upfront cash since most people will pay you in cash as opposed to a card.
8. Set Up a Real Estate Investment Trusts (REITs)
A real estate investment trust is a company that owns and manages real estate. You buy into it like you would a stock and receive dividends like you would with dividend stocks. You’ll need to choose a good REIT. This means analyzing the businesses you want to buy. And while the income is passive and has the potential to pay a lot, you could lose money just like you could with the stock market. It’s all about what type of risk you’re willing to manage.
Conclusion
There are several income ideas for 2024 to make a lot of passive income. Some of them will take a little work to set up and could require some investment of your own money, but the rewards could be significant. Others carry some risk, but pay high if you win. All in all, you’ll earn passive income without having to do anything. Now, how many income streams can you get going?
