Passive income is all the rage, and for good reason.
What is passive income?
Passive income describes income that is generated without continuing work. It takes effort to get the ball rolling, but then the income continues without much effort.
Sounds amazing, right?
What’s the catch?
You need either effort or money to begin generating passive income. To set up affiliate advertising (one form of passive income) you’ll need a blog or online platform. Creating that platform takes effort.
Developing a digital product is a great way to generate passive income. However, that product must first be created and marketed before a single dollar ever reaches your bank account. That process takes time and effort.
Dividend or mutual fund investing is a great way to create passive income, but you’ll need a startup fund to open the account and pick up steam.
Still interested? Here are some more ideas for generating passive income.
And now, the list of 21 oh so clever passive income ideas…
Consider your personal strengths when contemplating passive income building. Michael shares some tips for how to determine the best avenue for you to pursue.
I love Alexa’s idea of taking and selling stock photos! If only I had a few more hours in the day…
3. Top 10 Effective Online Passive Income Ideas [Infographic] via PiFormula & Visualstan
Who doesn’t love a good infographic? Clear and simple ways to earn passive income.
This article includes a less-considered tactic: selling music on iTunes. I’ve heard some pretty bad music that still managed to earn a buck. Own a computer? Maybe you could create the next Gummy Bear song. I apologize for this in advance.
Michelle gives some great tips, including this little tidbit about rental real estate:
Some consider rental real estate passive, while others do not. If the rental property is in good shape and you have good renters, then there is probably very little work that needs to be done in order to continually bring in an income. This is considered especially passive if you outsource the property management duties and home maintenance tasks.
This article includes interest from savings accounts as a revenue stream. Hey! Whadya know, I’m already investing passively! 😉
Check out slide six for information on how to go about choosing a dividend-producing stock as a form of income investment.
Have an amazing idea for an iPhone app? If you’ve got a stellar idea (really stellar, it’s a tough arena) then you might be able to produce a passive income through creating and selling an app.
Kelsey shares how to earn passive income by producing downloadable paper goods on easy.
This designer and blogger provides a library of printables in exchange for a monthly fee. Do you have a talent or product that would lend itself to a subscription service?
Deia discusses the process of creating passive income from assets. This is a great reason to become debt free. You can’t begin generating income from assets until you have assets. Your own. Not Bank of America’s, or Wells Fargo’s assets.
Staci Ann explains how she makes extra income on her business website that is devoted to selling handmade ornaments.
Joel Runyon shares some unique ways to generate passive income. Do any of you know if mining bitcoin is still a viable gig?
14. Passive Income Business Ideas from Hypersapien
Tips for a few nontraditional sources of relatively passive income, including owning a laundrymat.
15. MLP008: Get Creative with Passive Income and Expand Your Audience w/ Rob Cubbon via Mad Lemmings
This episode of the Mad Lemmings podcast includes a great explanation of passive income, including some ideas for success.
Did you know that you can rent out your tools, spare room, or even your unused car for extra cash?
Angie lays out the basics of publishing an ebook.
Kate lays out ideas for generating more income, including some ideas for creating passive income.
This article includes the usual suspects like dividend income and rental income (not so passive!), but also takes a look at peer to peer lending and affiliate marketing.
The Financial Samurai lays out his passive income sources. An incredibly helpful, real-life peek at how one man is creating more income.
The Mac Daddy of passive income, Pat Flynn, shows us all everyday how he wins at creating passive income.
Finding a source of passive income isn’t like stumbling on a gold nugget while out for a walk. It takes effort to get a business started, or a book written, or to scrape together enough money to begin investing.
Even with the initial difficulty, once you get the ball rolling, passive income streams are a wise way to diversify your income.
Have you ever heard of this type of income? What are your favorite ideas for creating passive income?