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Making money while asleep might sound like something crazy to do but it is possible. Passive income can be achieved in many ways today.
Having passive income streams creates independence because the time and money invested starts to work for you moreover creating wealth.
The best about passive income is that it lasts for a long time compared to other make money fast schemes online that don’t last.
Surprisingly still some people still think there is no such thing as passive income which is not true.
What is Passive Income?
Passive income is income that requires little to no work to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income.
Most passive income streams require upfront work for you to start earning money.
In this post, I will be showing several passive income ideas you do can before the year 2020.
Disclaimer: Some of the products I am recommending in this article include affiliate links, which may provide me with a small commission at no cost to you. You can read my affiliate disclosure for more info.
Table of Contents
Which Passive Income idea can you Start
1. Start a Blog
One of the most used methods to make passive income online today is by blogging. There is not one or two but various ways to make money with your blog.
A blog is a type of website that is regularly updated just like the one you are currently on. If you write about something that interests you, you can create a good income stream.
From display ads to affiliate marketing, and even selling your products there is no actual limit on how much you can earn with your blog.
Affiliate marketing is the best way to make passive income with your blog.
Consistency is key in making passive income with your blog. This means you ought to make a plan on how you want to post your articles. It can be done about three times a week or even a month as long your content keeps your readers engaged.
To learn this method you can check this site on how to start a blog today with Bluehost!
Pros of blogging
- Low start-up cost
- Work anywhere with an internet connection
- Multiple ways to earn passive income
Ways to make passive income blogging
- Affiliate Marketing
- Blog Advertisement
- Sell Digital Products
- Create a Paid Membership Website
- Sell services online
- Sell Physical products
- Accepting Donations and the list goes on
Earning Potential: Up to $200 to $100,000 a month
Affiliate marketing is a type of performance-based marketing in which a business or company rewards one or more affiliates for each visitor or customer brought by the affiliate’s marketing efforts.What is Affiliate Marketing?
2. Start a YouTube channel
YouTube is a good way to make passive income online with little investment.
The first step in making money with Youtube is by creating a free account with your Gmail. Secondly is making sure your channel meets the partner program requirements with a minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months.
There are many challenges one must face in other to make a good passive income with YouTube. but the good news is that Google Ads is not the only way to earn with your channel.
You can even promote your product online and do affiliate marketing.
See this video to learn how much Gillian Perkins (A YouTuber) made from just one of her videos that had over a million views.
Ways to monetize your YouTube Channel
- The first and most used is Adsense
- Join the YouTube Membership program
- Sell your merchandise
- Affiliate Marketing
- Community sponsoring
- Become an Amazon Influencer
Remember to always disclose that you work for the company as an affiliate when promoting any kind of sponsored product online.
Earning Potential: Varies depending on your YouTube channel
3. Affiliate Marketing
Affiliate marketing is one of the best ways to make passive income because anyone can do it.
You don’t need any expertise or a high investment cost to do this.
If you are still thinking it sounds complicated then, for instance, you recommend a friend to buy a new shoe you like and if they buy it you get paid a commission from the shoe brand it is that simple.
I am sure you have done this with your friends and don’t get rewarded but with affiliate marketing, you can get paid.
There are numerous ways to do affiliate marketing. It can be done with a YouTube channel but the best method used is with a blog (website).
But why is blogging the best way?
Well because it is the most effective way for you to make money online. You can make a post today and still be making passive income from that post for years to come as long you keep on updating the content.
Ways to promote your Affiliate products
To get started in affiliate marketing I recommend you check out the 12minute affiliate by Devon Brown a well know affiliate marketer who has taught many students about affiliate marketing and made them earn over $10,000 a month.
You can click here to get instant access to a system that could potentially put you in the top 5% of affiliate marketers.
- Blog (By inserting links in your blog post)
- YouTube Channel
- Promoting it on Social media
- Pinterest and much more!
Earning Potential: Over $10,000 a month
5. Sell products on Printful
Printful is an on-demand order fulfilled warehousing service that helps you ship products like clothes accessories and various items.
You basically create your custom products online with printful and they help create and ship it for you.
Selling products with printful is one of the most suitable to make passive income online today. It also has the option to integrate with popular platforms like Shopify, Squarespace, Wix, Weebly and many more.
The best thing about Printful that it is free to join all you have to do is to sign up and connect your store to Printful. You only pay when an order is made.
You can signup here to get started making passive income with Printful!
Earning Potential: $10,000 to over $1,000,000 per month
4. Create Apps
Creating an app may seem difficult at first because of the technical know-how one needs to know before starting.
But actually, it is really easy to do with a company called Andromo an app builder that helps to easily create a profitable app. You need no coding skills, only ideas.
With just a few clicks of your mouse, you can create the app you want. And it does not matter what kind of app you can equally make passive income with it.
Ways to make money with your App
- Advertising on your App
- In-App Purchases
- Pay per download
- eCommerce sales
Earning Potential: $100 to over $100,000 per month
6. Dividends from Investments
Dividends are payments made by companies to its shareholders usually annually paid monthly, quarterly or annually.
With dividends, passive income is possible but requires a decent amount of money to begin earning a good amount from this method.
Apart from being paid with dividends, you can also make money from selling your shares. For example, if you had bought invested $38 in Facebook after its IPO shares in 2012 in 2015 that investment could be worth $2,520.70.
Earning Potential: Up to $1000 a year
7. Start a Podcast
There are various reasons to start a podcast especially to build an audience that will trust you.
Just like a blog, it is relatively easy to get started but that doesn’t mean there is less work you have to put in. Consistency is also key to making passive income with a podcast.
To get started with making passive income with your podcast first you have to host your audio files with podcast hosting.
To do this you can simply open an account at podbean a podcast publishing and monetization service that provides hosting packages for individuals.
Ways to monetize your podcast
- Through sponsorships
- Sell products online
- Sell premium subscriptions
- Coaching services to your audience
- Do affiliate marketing
- Ask for Donations
Earning Potential: $1000 to $100,000 per episode
8. Buy and sell domains
Buying and selling domains is a compelling way to make passive income online. The steps are simple to follow you simply buy a domain online and sell it for a higher price.
Where can I buy a cheap domain?
Dreamhost is a good place to get an affordable domain to buy starting at $0.79 and can be sold for thousands of dollars online!
With this in mind make sure your domain really catches someone’s interest in buying it.
To begin just go to Dreamhost scroll down to you see the image below and purchase a domain name you think someone would want to buy.
Where can I sell my bought domains?
The best way to sell domains is with Sedo a domain marketplace. Not to mention it is free to join just sign up and list your cool domain for sale and Sedo will do the rest.
Earning Potential: Up to $50,000 for a domain name
9. Write an eBook
If writing has always been something you enjoy doing then owning an e-book is a good passive income source. People tend to buy e-books online compared to buying books in the usual store.
To summarize this you need to have spent enough time writing as well as promoting your e-books online.
Check out this post if you want to learn how to start your e-book.
Earning Potential: Over $10,000 a year
10. Peer to Peer Lending
Peer-to-Peer lending or P2P helps individuals loan money directly from individuals cutting out financial institutions like banks as the middleman.
In this process, you will one be lending investing and get a 7% to 15% back of your investments.
One of the popular sites to do this is Lendingclub a company founded in 2007 and is one of the largest lending P2P today.
Upstart is also a site to join with a $100 minimum investment.
Earning Potential: Up to 15% of what return on investment (ROI)
11. Open a laundromat
A laundromat is a profitable business to own if you want some smooth passive income stream into your bank account every year with over $4 billion in revenue in the US alone.
what is laundromat exactly?
A laundromat is a self-service where coin-operated washing machines are available to individual customers
Make sure to properly advertise your services to every single residence and business firms to gain more exposure for your business. And finally, remember that great customer service is crucial for success in this business.
Earning Potential: $30,000 to $300,000+ a year