2020 has been a tough year. Many have lost their source of income. In addition, most people have had many eye-opening realizations about financial stability. The most interesting finding is that relying on only one source of income is not an option anymore. To thrive going forward, having multiple streams of income has become a necessity. For everyone, building a couple of passive income streams can ensure that you don’t face any financial difficulty irrespective of your situation. This article will share 7 passive income ideas you can implement right now.
When the times are tough, passive streams of income can help you take care of your bills with almost little to no effort. If you don’t have any now, you can start today and gradually build your wealth. In this article, let’s see some of the top passive income ideas that can support you during these unprecedented times. First, let’s try to understand what passive income is.
What is Passive Income?
Passive income is income that requires little to no effort to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income. Passive income is not money that is earned from get-rich-quick schemes. Otherwise everyone today would be successfully owning multiple passive income businesses today.
Most passive income streams involve you putting in the initial hard work for weeks, months, or even years before it turns into a consistent passive income stream. Some others require that you invest time and money to turn it into a passive income stream. Whatever the condition, just be ready to put in the necessary work.
So, let’s look at some of the top passive income ideas that are most suitable for everyone.
1. Sell Digital Products
Selling digital products is a great way to generate steady passive income after you have put in the initial hard work. The interesting thing is that there is no active inventory and physical shipping involved. The income can turn passive as soon as you launch product.
Your digital products can be ebooks, guides, HowTos, or even mobile apps. Also, you can sell audio tracks or professional stock photos, and generate royalties for them.
2. Sell Online Courses
One sector that has benefited tremendously from the pandemic is the the e-Learning market. It has been booming ever since the pandemic outbreak. As most people are stuck at home, many are investing in online learning. So, this gives you a great opportunity to create product that can generate passive income for you.
To start, you need to identify the areas where you are an expert. Then, find a way to monetize this expertise by creating and selling online courses. You can use platforms such as Udemy or Coursera, or you can even create a website to sell your online courses.
3. Affiliate Marketing
Affiliate marketing is another great passive income idea. This is because it involves you earning commissions by promoting and selling others’ products. This means you don’t have to put in the efforts to create your own products. If you have a website with consistent traffic or good digital following, affiliate marketing can be a great option.
4. Real Estate Investment
This is one of the passive income ideas you can implement right now. Moreover, it is one of the oldest forms of generating passive income. The initial investment is expensive though but if you have got the money, then this is definitely a good option. However, note that your real estate investment may go down if the economy is not good. But if you are ready to be patient and wait for the industry to get back, then you should definitely consider this.
5. Rent out your Car
If you do not have the capital to invest in a rental property right now, you can rent out your car. Services like Turo can help you to do this. To start, sign up on the website and you will be good to go. Instead of your car simply sitting in your garage, it can make some passive income on the side. This idea is a no-brainer and you can use this as your second or the third passive income stream alongside others.
6. Invest in Peer-to-Peer Loans
Another passive income ideas you can implement right now is to invest in peer-to-peer loans for other consumers. This idea requires an upfront investment from you. Once you start, you will need not be required to be actively involved in the process as most platforms offer you auto investment options too. So, investing in P2P loans can be a great way to earn a significant passive income. This can definitely help you generate steady income to take care of your expenses.
7. Create and Monetize a Blog or a YouTube Channel
Creating blogs and producing YouTube videos is one of the best options to generate a significant amount of passive income. Lots of people today, earn 6 and 7 figures through these ideas. However, it is worth nothing that this requires a lot of work to be able to build your blog or YouTube channel to the point stage where you can earn decent passive income. As you will find out, the kind of hard work and time required here will be much more. But, the potential to generate a significant amount of income is the highest here.
As you can see, relying on just one income stream is not the best idea. Start the journey today to create other streams of income. Use the ideas in this article to start working on your passive income idea.
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