In this article, you will learn about 9 passive income ideas to make money in your sleep.
In this era, advancements in technology have made many things possible, including building different ways to make money online. But before you can build real wealth that lasts, you will need passive income ideas that will generate you money even in your sleep.
Many people think it is difficult to enjoy progressive passive income by expending little effort to grow the income. You may want to reconsider after going through some of the ideas below.
9 Passive Income Ideas You Can Try This Year
1. Open a High-Yield Savings Account
We all know that savings account generate interest with time, and this is one of the best ways to start generating passive income.
Most platforms like Piggyvest offer interest of 8% on your savings annually, so with a decent amount, you can make good money without having to do any work at all. Individuals in other countries can do more research on high-yield savings accounts that are available in their current location.
Check out how you can also make money with Piggyvest while still earning from your savings.
2. Invest in Crypto
Cryotocurrency has become widely recognized in this recent years, and is one of the best ways to earn a passive income. There are many opportunities to explore in the crypto space, but these opportunities require a lot of research and staying consistent with relevant information needed to grow.
You can check out this article to get more insight on how to trade (buy and sell) crypto on the internet. If you are a Nigerian, you can check out how to trade and withdraw crypto directly to any Nigerian bank account with Roqqu.
3. Become a Landlord
This is one of the easiest ways to earn passive income without stress in any part of the world. You can decide to buy a house as a rental property or build your own from scratch and let in tenants.
The best part about becoming a landlord is that you’re always getting paid, and the amount of rent you charge is typically enough to cover the house payment, taxes, and other minor repairs that may arise.
4. Offer Rental Services
Everyone cannot own everything, and this is where you can provide rental services for various items that people cannot purchase but can rent for an event or business.
This is a great passive income opportunity that does require a little cash up front, but you should start receiving your rewards as soon as people start patronizing your services. As I stated above, there are different things you can rent out depending on your location and preferences.
In some parts of the world, you can rent chairs, canopies, tables, cars, and many other things.
5. Write a Book
You don’t need a very huge amount of money to start publishing a book. A number of authors self-publish their work and make good money doing it. You can start with smaller books for children, and then, after some time, you can grow to publish higher-level novels, stories, tutorials, or even recipes.
There are different writing categories to explore, and you should always do your research to understand users’ preferences before creating content. You can promote your books physically by visiting different locations like schools, businesses, and private individuals or online through other means like Amazon.
6. Create an Online Course
There are still a lot of things to be taught on the internet, and this is the best way to monetize your passion or skill. You can create an online course for almost everything, ranging from programming, writing, drawing, how to start a business and so much more. The list is endless.
Udemy is an online learning platform where you can sell your courses to over 30 million students.
7. Start an Online Store
You can open an online store and start selling without quitting your day job. You can buy items at a cheaper price and sell them for more, and people will buy them as long as they are beneficial to them.
There are different online stores where you can buy items cheaper, like Alibaba, Shopify, and others.
8. Start a YouTube Channel
In recent years, individuals have gained recognition and success through YouTube, and this is one of the best passive income ideas you will come across on the internet.
But if you are still starting out with YouTube, you will need to grow an audience and get approved for Adsense monetization. You can check out 5 ways to make money on YouTube even without Adsense.
9. Sell Photos and Designs
Photos and graphic designs are in high demand. This is because everyone, offline or online needs photos for a number of activities like articles, occasions, or upcoming events.
You can take a decent photo and make some basic edits and sell it on stock photo sites like 500px Prime, SmugMug Pro, or Shutterstock. If you are a graphic designer, you can sell your designs online on platforms like Freepik and other.
That’s all. There are definitely more passive income ideas, but you can try out any of these ones mentioned above and start earning money right away.
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