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Passive Income Ideas: 10 Strategies To Earn $1, Per Month
Along the same lines as refinancing your mortgage, if you can pay off or reduce your debt, you're making huge progress in building income. But just like other things in this topic - it takes a monetary investment to make that happen. The great thing about paying off debt is that it's a straight return. That's huge. There's two approaches you can take with debt: refinance or consolidate, or balance transfer and pay down. If you have student loan debt, it could make a lot of sense to refinance the debt.
You can see if it makes sense in 2 minutes at Credible without a hard credit check. If you have credit cards or other debt, it can make sense to consolidate with a personal loan. This is typically the best option when you can't see yourself paying off the debt in a year, but want to lower your interest. Credible also allows you to compare personal loan options, so check it out here and see if it makes sense. Learn more about these cards here. Another way to generate passive income is to invest and be a silent partner in a business. This is very risky, but with risk comes the potential for high returns.
For example, several years ago both Lyft and Uber were looking for private investors to invest in their companies. Today, they are worth billions - but you as an investor would only reap that benefit if they go public via an IPO, or get acquired. So, it's risky. But there are ways to reduce your risk. For example, you can invest small amounts in many companies through lending them money in small bonds. There are now tools available where you can loan money to a business and get paid a solid return for doing it!
They take your funds and lend it to small businesses. Read our full Worthy review here.
There Are Few Things In Life As Beautiful As Residual Income
This company takes your funds and invests specifically in veteran backed businesses. The next section of passive income ideas require a time investment. Instead of using money, you need to put in sweat equity to make these happen. Almost all of these ideas require starting a personal blog or website.
But the great thing about that is that it's incredibly cheap to do. We recommend using Bluehost to get started.
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You can afford that to start building a passive income stream. Self-publishing is also ridiculously easy. There will need to be a lot of upfront marketing before you can turn this into a passive income stream. Instead of being a consumer on Udemy you can instead be a producer, create your own video course, and allow users to purchase it. This is a fantastic option if you are highly knowledgeable in a specific subject matter.
This can also be a great way to turn traditional tutoring into a passive income stream! These are normally bought from stock photo websites. If you enjoy photography you can submit your photos to stock photo sites and receive a commission every time someone purchases one of them. One of the biggest marketplaces to sell stock photos is DepositPhotos. You can upload your photos are earn money whenever someone uses them. Music is often licensed for YouTube Videos, commercials, and more.
But have you ever had an amazing idea for an app? If so, you could consider hiring a programmer to create your app for you. You could then sell it on the App store for residual income. This method of generating income works the best for those with blogs and websites. Even then, it takes a long time to build up before it becomes passive. If you want to get started with affiliate marketing check out this great list of affiliate marketing programs. You can earn passive income through network marketing by building a team underneath you often referred to as a down line.
Once you have a large team you can earn commissions off of their sales without having to do much. Even Amazon has gotten into this business. Amazon has a new service called Amazon Merch , where you simply upload your designs and Amazon takes care of the rest making it, packing it, and shipping it. I ended up purchasing digital files of the artwork I wanted printed out! The seller had made a bunch of wall art, digitized, and listed it on Etsy for instant download. There are other popular digital files on Etsy as well such as monthly planners.
I call these semi-passive income because they are more like a business, less like the ideas above. They all also require a small combination of time and money investment. But once you invest, you can earn more income and typically do so passively. AirBNB is great because you can earn money on a space you already own. It does require a little work up front to prep your place, list it, and clean up after guests, but it's pretty passive otherwise. This seems like such a great way to earn a semi-passive income.
As a side note, I'm talking about the really basic car wash that is cinderblocks, a pressure washer, and coin operated. If you're going to run a drive through car wash, it's definitely a business vs. Similar to listing your place for rent, you can also list your car for rent. This can be truly passive because once you list your car, it can earn you income when you're not using it! Our favorite partner to rent your car is Turo. Turo allows you to put your car out for rent, and when people rent it, Turo handles the rest!
The cool thing with Turo is that, depending on your location and what kind of car you have, you can make a decent passive income! Check out Turo here and get started earning passive income with your car! Check out our list of other ways to make money with your car as well most of the others aren't passive though.
How Much Can You Make in Dividend Income? This Spreadsheet Will Show You
I have a friend who has vending machines all over neighboring towns. He replenishes and cashes them out once every two weeks. His vending machine business is part of his retirement plan. The only time she seems to do any work for these is when she has an opening for one of the storage units. If you're not sure about getting into this space, you can also invest in storage rentals via a REIT. You be the judge on this one. Last on the list I wanted to point out a couple of easy passive income ideas.
Does that mean I can head to my own website and click on ads all day long? With that in mind, clicking on your own ads should not be a part of your strategy here. Instead, try to build up traffic so your ads are seen by more and more people every day. Eventually, I even decided selling the leads my website generated was a lot better deal than earning commissions when a purchase was made.
While selling leads is a lot less lucrative than earning life insurance commissions, I realized over time that selling life insurance was way too much work. If I was going to keep things going, I would need to hire people, manage a team, and put in a lot of hours. As of right now, the only course I sell is an online marketing course for financial advisors.
Even though I hardly promote it at all, I still get plenty of sales. With this in mind, earning money with course sales is not as easy as turning on a switch! You have to create the course first, which can require weeks or months of your time. She sold 40 on the first day. If you can get enough people to buy or your price is high enough, courses can bring in plenty of cash flow over time. While courses are digital products you can sell over and over, there are other types of digital products you can dive into.
While Greenwood has earned considerable sums of money online now, his first product was a self-published book. This just goes to show how a little idea can translate into big profits with the right plan.
The bottom line: Think of an online product you can create that solves a problem or provides a service. Once you create it, you can sell it over and over and earn passive income in your sleep. The passive part comes in because I make the video once and earn income over and over as more and more people see it. For example, I took a ton of time off with my kids over the holidays since they were out of school.
Some people make a living with videos about extremely random topics.
Passive Income Starts With Saving
Even though I live with my family near Nashville, Tennessee, I owned a financial planning practice in Illinois until recently. How much? Residual income is no longer relegated to stock market dividends, real estate, and royalty streams of cash flow. Thanks to innovative digital platforms, there are now more opportunities than ever to turn on the residual income tap. One of our favorite residual income ideas is probably the oldest: real estate investing. There are a number of ways you can tap into the residual income power of owning an interest in real estate, here are a few:.
You can invest in these funds directly in your brokerage account. The second best part is that their rate of return is You may want to become the bank. You can use excess cash to loan it out to people who want to do that kind of landlord work. Platforms like PeerStreet and Patch of Land allow investors to loan cash to real estate projects for future residual income. Rental property : My favorite way to earn money from real estate is to become a landlord.
Simply put, you find a great market in your area, look for a cash-flowing property, buy it, and rent it out. Sounds easy right? Simple as that. There are dozens of online platforms like Roofstock that allow you to become a direct investor in specific real estate projects either by yourself or with other investors. The first makes them like Betterment. The second makes them like Indiegogo. You, or a contractor, invest time and money to fix up that property, and then you either rent it out, sell it, or refinance it through a bank to get your initial investment back.
For a detailed discussion of this approach, check out our chat with the awesome Justin Williams. Yes, you can become a loan shark, but without the prospect violence. There are dozens of platforms out there that will allow you to loan your money to people or businesses for various purposes. This can be a personal, business, or real estate loan.
You will set the terms of the loan and then collect interest.
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One of the more stable and traditional forms of earning residual income is to invest in high-quality dividend stocks. You have to make sure the specific company has a history of raising dividends over the long term. These payments are then disbursed to you as the stockholder on a regular basis despite the performance of the stock itself.
Instead of lending people money, give them the money they already have! ATMs are a great way to earn residual income every time someone withdraws money. That jerk could be you! Here is an expert guide on how to get started in the ATM world. We all love coffee, so why not invest in a coffee farm?
There are companies out there who buy coffee farms and then sell out parceled portions of that land to investors. You can buy parcels of land and then collect residual income from the harvesting of coffee beans on that land. Coconuts and its by-products are extremely popular these days. Manscaping aside, you can invest in agriculture holding companies that buy and manage coconut tree farms.