Creating multiple streams of income can be the different between working for an employer an extra 5 or 10 years.
There are lots of benefits of passive income:
- You get to be creative
- You get to be the boss
- You build self confidence
- Helps you reach financial independence faster
Here is 23 more passive income ideas. Continuing from my last blog of ideas.
- Make and sell music tracks / voice over – instead of writing a book create a audio or music track and sell it.
- Small loans – Make loans through Lendingclub and get repaid over time with interest.
- Bonds / CDs – They may not pay as much as equities, but bonds and CDs pay a steady stream of income and are more stable than equities.
- Advertise on your car – Some companies will pay you to wrap your car in their advertisement. Check out Carvertise.
- Rent out commercial space – Do you own a storage unit, shed, warehouse, or office? rent it out to make extra cash. Real Estate never goes out of style.
- Count your steps – Apps like Lifecoin allow you to earn credit by tracking how many steps you take each day.
- Join a pyramid scheme – There are a million pyramid operations, like selling makeup or tupperware, where you get other people to sell for you and expand the operation. You will want to be good with people and sales to make this work.
- Bitcoin – Use a computer to mine for Bitcoin. Check out Bitcoinmining
- Become a server – Use an old computer to create your own server and lease it out. Keep in mind electrical and maintenance costs.
- Online lesson plans – This is similar to creating an online course, but instead you are selling your knowledge to other professionals. Teacherspayteachers is by far the largest community for this. They are also lots of other things you can sell on this website.
- Workout routines – Love lifting weights? Become an online personal trainer. Create and sell your own customized workout routines to people looking to get in better shape.
- Become a silent partner – Invest in a business as a silent partner and earn money through equity or interest from loans.
- Invest in outdoor advertising – Buy or invest in a billboard and earn monthly income.
- Buy a vending machine – This idea may take a little bit of maintenance, but it is still a viable business opportunity. Keep it stocked and collect the money every month.
- Buy a pin ball or arcade machine. Nostalgia is still profitable. Pinball or pac man machines can earn you spending money.
- Laundromat – Buy or invest in a laundromat.
- Batting cage – Buy or invest in batting cages. America’s sport will never go out of style.
- Product design – t-shirts – There are tons of sites like teespring.com or zazzle.com where you can design t-shirts and they will fill the orders.
- Cd ladders – This is where you buy multiple CDs from commercial banks each maturing at a different year end and then you keep reinvesting the money every time a CD matures. CDs are generally safer than equities.
- Annuities – an annuity is similar to a CD. It is a contract for a fixed period of time that pays you a set amount.
- Audiobook – Once you have written your book, record an audio version and sell it.
- Music Royalties – Royaltyexchange allows you to purchase music rights at auction from various artists and earn money from those royalties over time.
- Dropshipping – Shopify is one of the best places for this. You create an online store and have another retailer like Amazon fulfill that order when a customer makes a purchase from your site.
Let me know what are you doing to earn passive income and I will keep growing the list.
I love hearing from you. Email me any thoughts/questions: email@example.com