There is no better way to generate cash than through passive income. The hard part in doing this is actually getting there. But once you get the hang of it, your financial situation will start improving.
Passive income is one of those things that everyone wants. Sadly, not everyone is in the position to do so. Even more so, not everyone knows the key to success. But fortunately for you, we’ve done our research and present to you the passive income ideas to try this year.
With all that said, let’s start.
Sell Your Expertise
Out of the many passive income ideas out there, selling your expertise is probably the one that requires the most work. The sad reality is that not every person has a particular skillset that will sell on its own. A clear example of how selling your expertise can turn into passive income is in the form of books, e-books, course, etc.
If you indeed have a particular skill that you’re good at, then there are so many ways to monetize it. A book takes a long time to write, but it can turn into a bestseller. And while very few writers have bestselling books, there are loads of ways to monetize your expertise.
One thing we recommend is creating online courses. Coming up with an online course is just as difficult as coming up with a bestselling book. But once you move past the difficult stage, you can generate enough passive income to set you up for life. Popular platforms to sell your courses include Udemy, Coursera, SkillShare and many more.
In addition to being an excellent full-time job, real estate has the potential to generate a lot of passive income. If selling your expertise was difficult in terms of starting, rental income is difficult due to the initial costs involved.
More so, rental income can be quite risky and lose your investment. When it comes to generating passive income through real estate, it’s all about being smart with your investment. To succeed and potentially make dozens if not hundreds of thousands of dollars each year, you’ll need to make more in rent than what you’ll be paying for in monthly rates.
Truthfully speaking, the key to rental income is all about increasing your property portfolio and getting as many tenants as you possibly can. It’s about making sure every month of the year is booked as that will maximize your ROI.
Rental income even has the potential of turning passive income into a full-blown startup idea.
Print On Demand
If you are particularly creative, then there is no better way to passively generate income than with print on demand. This is a type of service where you will sell cool designs. The key to turning print on demand into a successful business is to successfully outsource your designs to others. To do that, you will need to not only be creative, but a pretty darn good graphics designer.
The good thing about print on demand is that you can sell your designs and have others print them on mugs, t-shirts, tote bags, etc. With this passive income idea, it’s all about making the first sale. One more people see your designs, they’ll want a piece of your creativity; and that’s how you’ll make your money.
When we talk about passive income ideas to try this year, there is none more rewarding than affiliate marketing. Unfortunately, it is the area where you’ll struggle the most as competition is very high.
In today’s modern world of marketing and advertising, it’s all about more people buying your product. And big brands do all kinds of things to sell more. One of those things is partnering with influencers and bloggers and launching affiliate programs.
The way affiliate marketing works is by you earning a commission from sales. You’ll be recommending items to your readers or viewers and will be making a percentage from each sale. Certain affiliate marketing programs, such as Shopify’s affiliate program, pay very well. Others, unfortunately, not so much. Regardless, affiliate marketing has the potential of making you earn up to 10% commission from certain programs.
The real downside to this passive income model is that you’ll have to work very hard to accumulate a large following and convince them to buy from your affiliate link.
As with anything, affiliate marketing has the potential of generating you hundreds if not thousands of dollars each month through commissions. It is well worth the effort, but the marketplace can be quite congested.
If you’re pretty good with a camera and a pretty creative editor, then selling photos is a great way to earn money while doing nothing. Photographers can sell their photos on popular stock image sites and earn money with every purchase.
More so than that, you can approach online businesses directly and sell exclusevely to them. Magazines, popular blogs, and similar websites have tremendous need of unique and quality photographs to accompany their content.
All you need to make this work is a good camera, take an online photography class, and you’re good to go.
If you want to escape the clutches of traditional 9 to 5 jobs, then coming up with a way to earn passive income will help you do that. While you will have to work day and night to make it happen, the road get’s somewhat nicer once you get there. Lastly, we hope that our 5 passive income ideas is something you’ll give a go this year and hopefully make it work.