10 PASSIVE INCOME IDEAS YOU CAN START TODAY
Passive income has to be the ultimate goal doesn’t it? To be earning a great passive income would be a dream and I am always on the look out for passive income ideas that I can try out.
I’m very lucky because I work from home, and some of the things I do to make money, generate a certain amount of passive income. My goal now is to grow that income.
So What is Passive Income?
Passive Income is where you are earning money after the work is complete, sometimes referred to as residual income. Think pensions. When you retire, you no longer have to work but you have a regular income still coming in after your work is done. That’s passive income. That’s the dream.
As the retirement age in the UK is getting later and later, more and more people are looking for ways to create their own retirement income much earlier, me included. Today I thought I would share with you some passive income ideas that you can try yourself.
What Would Passive Income Mean to You?
Passive income means different things to different people. Here are some of the lifestyle choices passive income can create:
- More time with your family.
- Time to travel.
- Spend your days doing whatever you want, enjoy life!
- No more 9-5.
- A feeling of accomplishment.
- Time to take more care of your health.
- Enable you to do some volunteering.
- No more alarm clock.
- Complete financial freedom.
Sound appealing? Here are some ideas of ways you can generate a passive income:
1. Sell Your Art
If you are good at art or graphic design, you can sell your artwork on Etsy. The great thing about Etsy is that you can set up your product on automatic download which means that when somebody pays for your artwork they can download it automatically with no further work on your part. You can literally make money while you are sleeping. If setting up an Etsy shop to sell printables is something that appeals to you, you can open up a shop here..
2. Sell Your Photography
Do you enjoy photography? Got a bit of an eye for a good shot? Then you can sell your images on sites such as Shutterstock and istockphoto. All you need to do is upload your images and if somebody purchases them you make a percentage of the sale. You can sell the same image over and over again, which can earn you royalties for years to come.
3. Write an e-book
Have you ever quite liked the idea of becoming an Author? This used to be for the fortunate few but with the introduction of self-publishing, you can now create your own e-books with ease. You could write a novel or a short story, write erotica or a ‘how to’ book. The subjects you can write about are endless so with a little imagination and time and effort, you could turn a passion or hobby into a passive money maker.
4. Become a Designer
If you are good at graphic design and have some great ideas then this could be for you. It’s a great way of creating an income from product sales without having to buy stock or, well actually do anything. Once you have created your designs, you can upload them to gift sites such as Cafepress. From there, they do all the work, printing and handling sales, then, when your designs sell, you get a cut of the profit. Simple as that.
5. Create a Blog
Have you ever thought about setting up a blog? I didn’t know until I set up my own blog less than 12 months ago that you can create an income from it. I certainly didn’t know that you could generate a passive income from blogging.
Once you’ve created your blog and have a good and steady stream of traffic, you can make a passive income from affiliate marketing (where you promote products on your blog) or from advertisements on your blog.
If you would like to set up a blog of your own but don’t know where to start, don’t worry, you don’t need to be technical in the slightest. I’m certainly not. I wrote a post with step by step instructions here if you want to get started.
6. Make Money on Your Every Day Purchases
You are spending money each day so why not make money from something you are already doing. My favourite way to do this is with TopCashback. This is my favourite UK cashback site. Topcashback is so easy to use and I love watching the pennies build up for doing nothing basically. It’s free to join and you just make money on your purchases by logging onto the site before buying what you are already buying. It’s that simple!
7. Make YouTube Videos
If you are brave enough to get in front of the camera you can make videos and upload them to YouTube. People create all sorts of videos of just about everything you can think of. Whatever it is you are interested in talking about, there will be somebody else out there interested to hear it. If you don’t fancy showing your face, no problem. You can show how to do something on your pc, show products with your hands or even just film your child playing with toys!
Once you create your video and build a following you can generate a passive income from the advertisements placed on your video through Google AdSense. Just imagine if you had a video go viral!
8. Create an on-line Course
If there is something you are good at or very knowleagable about, you can create a course to sell. With platforms like Teachable, this is a really great way of generating a passive income. You obviously need to put the work in at the beginning by writing the course or creating the videos, but once it’s done, you can earn a residual income everytime somebody purchases it.
Many bloggers create their own courses to generate a passive income, promoting the course through their blog or social media.
9. Invent Something
If you have a great idea, you could invent something and licence your idea. This is something that I have been dabbling with. If you design a product and patent it, you could be well on your way to a passive income lifestyle.
10. Peer to Peer Lending
This isn’t something I’ve tried yet but it does quite appeal to me. Peer to peer lending is basically lending money to individuals via a crowd lending website. The person you are lending to will be credit worthy and if you lend through a site such as RateSetter, a popular site in the UK, so far they have a 100% track record. However, do keep in mind that past performance does not guarantee future performance.
These are just a few passive income ideas but I hope they have given you something to think about.
Have you got any more you can add to my list?
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