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Ever heard of passive income?
Well, passive income is a source of income in which a person is not actively involved. Hence, your main job can not be considered a passive income.
In this day and age, having different sources of income has become quite important. Therefore, if you’re interested in generating passive income this year, here are six of the best passive income ideas to generate wealth.
Passive Income Idea 1: Creating Websites
Many bloggers rely on Google ads to supplement their income. As previously said, some people may be able to earn money as affiliates by joining an affiliate program like this one.
Most people are unaware they can purchase blogs from their owners and take them over. The best cases have evergreen content that generates revenue over time.
Site Flipping
If you publish new content, you'll see an increase in visits and monthly revenue. This boosts your chances of profiting from site flipping.
Paid Ads
You can also establish a specialty blog that caters to a specific segment of the blog's audience, increasing the site's value to both users and advertisers like Google Ads or Adsense.
Passive Income Idea 2: Online Courses
One of the best passive income ideas is selling access to courses or guides to an audience who needs them.
If you have expertise in any sector, this might be one of the finest passive income sources for you. This can take a lot of time and work at first, but after you've written and promoted an e-book or online course, you'll have a reliable stream of revenue for years.
Other Ways to Earn from Online Courses
Promote Your Current Business.
Whether you're a home decorator, real estate agent, attorney, or building contractor, you can use the online courses to promote your current business.
Promote Your Subscription.
You can also use the course to promote other information you've created, such as a book or maybe a blog. Get them to sign up for your subscription-only newsletter instead.
Promote Your Product.
You can also use the course to promote your product if you have a shop, an online store or selling a product that can be useful to the topic you’re teaching like tools or accessories for example.
Promote Your Service.
You can also start an online coding bootcamp, which is becoming more popular as the need for long-term courses with credentials grows.
Passive Income Idea 3: Drop Shipping
As a result of the ecommerce boom, drops hipping has become extremely popular.
How to Get Started with Drop Shipping
You can start an internet store that specializes in selling products from specific manufacturers.
When a customer places an order on your website, your system sends the request to the product's manufacturer.
The maker then completes the transaction by mailing it directly to the consumer who placed the order on your website. One of the best aspects of this type of business is that you don't have to hold inventory of the products you're selling.
The customer pays for the item, you earn commissions, and the item is stored and shipped to the customer by the manufacturer or seller.
However, if you want to succeed in this profession, you should learn digital marketing so you can understand how to run a business online.
Passive Income Idea 4: Automobile Rental
Renting your second car through popular car rental apps that connect car owners with renters can help you make money.
You may offer a little discount to encourage people to rent your car and set a minimum number of rental days to ensure you are paid more for your time.
So, if you own a car that you can rent for cash, this is one of the most passive ways to make money.
Renting your automobile on those platforms can earn you a lot of money every month. Getaround, for example, is a car-sharing app that connects car owners with people who need a ride.
Parking Space Rental
You could also make money by renting out your parking space, depending on where you live.
Equipment Rental
You can rent out some of your existing equipment like tools and equipment for automobile, carpentry, gardening, landscaping, house cleaning, etc. What you need to figure out is how much you're willing to lend and how much demand there is for these items in your area.
Passive Income Idea 5: Bonds for Purchase
This is commonly included in most passive income schemes because you can sit back and watch the money trickle in.
Why Buy Bonds?
Buying bonds is significantly safer than investing in stocks since bonds are considered liabilities by the company that issued them.
Bonds vs Stocks
Bonds are a type of funding provided by corporations, cities, and governments. The beneficiary receives a written and signed promise to pay a specific sum of money on a specific day and under defined conditions in exchange.
Stocks, on the other hand, are regarded as an investment. If the company ever goes bankrupt, the first item of business must be to pay off its obligations. Governments can issue bonds, but not stocks.
To create a large passive income stream, you can invest in tax-free municipal bonds, federal treasury bonds, and corporate bonds.
Passive Income Idea 6: Book Publishing
Selling books and receiving royalties can be a great way to earn real passive income.
In today's society, you could receive a monthly check for doing nothing once your book is listed on Amazon. Spending more time promoting your books will help you earn more money both online and offline.
Conclusion
To truly succeed in your career and earn passive income on the side, you need to work on your skills and expertise.
Hence, consider joining a trade school where you can perfect your skillset and use it to both conquer your personal and passive income streams.
About the Author
Adolfo Gascon is a trained journalist with expertise in the business and tech sectors. He has extensive experience working in Asia in editing roles and managing teams of established journalists and copywriters. He currently works as Senior Content Editor for Career Karma.