Passive income may just be the buzziest term in the side hustle world.
Everyone wants it, but not everyone knows how to make it.
What Is Passive Income?
Passive income is a way to make money without actively working for it.
The best part?
Often times, once you’ve successfully set up a passive income stream, it continues to generate income long after you’ve put in the initial work.
Here are 19 popular passive income strategies to increase your pocket change, crush debt, and lessen your financial stress today.
Create an ebook
If you’re knowledgeable about a particular subject, consider writing an ebook. It takes time and effort to create a quality ebook, but you can also enlist external help by hiring a writing service for a fee.
Sell stock photos
If you have a talent for photography, you can sell your photos online. There are a number of websites that allow you to upload your photos and get paid whenever someone downloads them.
Rent Out A Room On Airbnb
If you have a spare room in your home, consider renting it out on Airbnb. You can make a substantial amount of money just by renting out a room to travelers.
Create An Online Course
Like ebooks, online courses require an initial investment of time and effort, but they can pay off in the long run. There are a number of websites that allow you to host and sell your courses.
Create A Blog
Blogging is a popular way to generate passive income. Once your blog is established, you can use it to make money through affiliate marketing, ads, and sponsored content.
Buy And Hold Dividend Stocks
Dividend stocks pay out regular dividends to shareholders. Investing in dividend stocks is a great way to make passive income from the stock market, but make sure to do your due diligence beforehand.
Invest In Real Estate
Real estate is a tried-and-true way to generate passive income. You can invest in rental properties, REITs, or crowdfunding platforms to generate income from real estate.
Sell Digital Products
If you’re creative, you can sell digital products like printables, graphics, and templates online.
Sell Physical Products On Etsy
Etsy is a popular marketplace for selling handmade and vintage goods. If you’re crafty, you can make and sell your own products on Etsy.
Create A YouTube Channel
YouTube can be a lucrative way to make passive income. You can make money through ad revenue and sponsored content if you generate enough traffic.
Buy and Sell Domain Names
Buying and selling domain names can be profitable if you know what you’re doing. Look for domain names that are in high demand and purchase them before selling them for a profit.
Rent Out Your Car
If you have a car that you’re not using, you can rent it out through a car-sharing service like Turo or Getaround.
Monetize A Newsletter
If you have a loyal following, consider creating a paid newsletter with exclusive content. You can sell newsletter sponsorship opportunities on platforms like Paved.
Sell On Amazon
Amazon makes it easy to sell your own merchandise. You can create your own product or sell someone else’s.
Invest In Peer-To-Peer Lending
Peer-to-peer lending is a type of investment where you lend money to individuals or small businesses. With any investment, make sure to do your due diligence before putting your money at risk.
Participate In Affiliate Marketing
Affiliate marketing is when you promote someone else’s product and receive a commission on any sales you make, and has proven to be a very lucrative method for monetizing a website.
Invest In Dividend ETFs
Dividend ETFs invest in a portfolio of dividend-paying stocks, providing investors with a steady stream of income.
Create A PRINT-ON-DEMAND Store
If you want to create your own brand and showcase your designs but only have a few bucks to get off the ground, consider creating a print-on-demand platform like Printful or Printify. These platforms make it easy to design products and connect them to your own store on the ecommerce platform of your choice (such as Shopify).
Rent Out Storage Space
If you have storage space that you are not using, consider renting it out through a service like Neighbor or StoreAtMyHouse.
The Takeaway
Passive income has the potential to be a game-changer if you can crack the code, providing you with a steady stream of income long after you’ve put in the initial work.
The key is to find a strategy that works for you and put in the time and effort to set it up.
With a little bit (or a lot a bit) of work, you can turn your passion project or side hustle into a profitable source of income.
EDITORIAL DISCLOSURE: This website is for general information purposes only. The views and opinions expressed in this blog article are solely the views of the author. The content on this website is not intended to be relied upon as advice and/or a recommendation. You should not rely upon the information on this website as a basis for making any financial, lifestyle, career, or other decision. Any action taken from the information on this website is strictly at your own risk. While efforts are made to keep this information up to date, NoWayKnowHow.com makes no guarantee, expressed or implied of the completeness, accuracy, availability, or reliability of the information, products, and services mentioned on this website. NoWayKnowHow.com will not be responsible for inaccurate or incomplete information contained on this website. NoWayKnowHow.com is not liable should this website be unavailable due to technical issues or deactivated for any reason whatsoever.