31 Passive Income Ideas That You Can Start Today

Everyone loves the idea of earning passive income. There’s nothing else that compares to the feeling of knowing that you’re making money while you sleep. Wouldn’t it be nice to be totally disconnected from work, to live life without worrying about money?

According to Investopedia, “Passive income is earnings derived from a rental property, limited partnership or other enterprises in which a person is not actively involved.”

Needless to say, passive income can have a huge impact on your financial life, be it to get out of debt quicker or achieve financial independence sooner.

With the advent of the internet, you can never run out of options when it comes to making money from passive income ideas.

I’ve spent several years thinking about how to create passive income online.

Speaking from my experience, adding passive income streams to your current earning model can help boost your financial goals in several ways. You can use the income earned from passive income ideas to get out of debt quicker or achieve financial independence sooner.

If you want to learn legit ways to make passive income then keep reading, this comprehensive guide will make the passive income generation process simple for you. We have separated the myth and the fact.

Here are the 31 passive income ideas you can start today:

1. Peer-to-Peer Lending

Image via LendingClub

For individuals seeking a loan for whatever reason, peer to peer lending is a relatively new option that has grown into a completely separate industry.

The idea is based on an individual-to-individual lending model. A broker acts by connecting individuals who want to either lend or borrow together.

There are several benefits of peer to peer lending. One of the strong advantages of P2P lending is that it can be used for debt consolidation.

P2P lending can be used to fund a business. If you’re trying to start a business, getting a loan from your local bank without collateral can be daunting. With peer to peer loans, the lenders often find you.

The interest rate is often lower than other forms of personal loans. Peer to peer loans reported by Lending Club usually carries an interest rate starting at 6%. However, the interest rate is not fixed and can be affected by your credit standings.

In comparison, a credit card interest is usually around 10% to 20%. Furthermore, the rate is set and not subject to change like a credit card.

Some of the most popular P2P websites include LendingClub and Prosper. With these apps, you lend your money, and you get paid back principal and interest on that loan.

2. Real Estate Crowdfunding

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Real estate crowdfunding is fast becoming popular in the United States. We can track this growth trend to new legislation that allows the easy raising of funds online.

While crowdfunding is still gaining new grounds, there are various reasons why it has grown this big to become a field of investment in the property market. On further inspection, the co-ownership of properties has existed for decades in different cultures. The only difference this time is that with the internet as a distribution channel, the process is made less bureaucratic and less expensive by eliminating fees, complexities, and numerous intermediaries.

With real estate crowdfunding, smaller developers are benefiting a lot. This development has lead to a rise in the number of new developers. As banks are generally hesitant to provide loans to smaller and newer property developers, coupled with ridiculous fees, these developers are turning to an alternative funding source. These factors cause the real estate crowdfunding industry to blossom.

3. Invest in Dividend Stocks

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Dividends stocks are earned after purchasing shares of a company. These shares qualify you for a dividend payout from a fraction of the company’s profits. The payments are typically made on either a quarterly or annual basis and are generally dependent on how well the company has performed in the previous financial period.

These payouts are usually equal to a few percent of the amount invested, which provides an investor with an immediately positive return on their investment. Investors typically have the option of either receiving a cash payment or receive additional shares instead of the cash payment.

Another advantage of dividend stocks is that investors may likely benefit from an appreciation in the value of the stock. Most companies that have a long history of paying out a consistent dividend payment are considered strong companies. Since these big companies will generally perform well financially, they will also see their share price increase in value over time.

There are various factors to consider when choosing between several dividend stocks. One of the most important factors is the stability of the dividend payments. Generally speaking, you will want to see that the company has paid out a consistent dividend for at least the past few years before putting your money in.

4. Invest in REITs

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REITs (Real Estate Investment Trust) requires various people to invest their money in commercial and/or residential real estate. Although there are different types of properties out there, most of the REITs are renowned for investing in these property types: apartments, offices, warehouses, shopping centers, and hotels.

Some REITs also specialize in health care facilities, but they belong to a sub-set and are categorized as health care REITs. The trust helps you select an appropriate share to invest in from a variety, rather than investing in a single building.

There are three main Real estate investment categories, which are: Hybrid, mortgage, and equity.

Equity involves ownership and management of the income-producing real estate. Mortgages offer money to real-estate owners by acquiring loans or mortgage-backed securities, while Hybrid not only owns properties but equally provides loans to real estate owners and operators.

5. Sell your Data

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We are in an age where data has become more valuable than gold. Data has become one of the best ways to make passive income because companies need it to build their AI machines, make marketing decisions, and more.

There are several ways you can monetize your data, especially with data science companies working for corporations.

Cryptocurrency platforms are also looking for people willing to give away their data in a simple survey and quizzes in exchange for some easy and cool cash. The opportunity to make money from data is endless, and it doesn’t take so much stress and time for you to get an offer. All you need to do is a simple search.

Just be careful that you don’t reveal too much of your data that may be a detriment to your security and safety. You can start with Dawex. Dawex is the data marketplace for monetizing and acquiring data.

6. Cash Back Apps

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Online shopping makes it easy to purchase almost anything and get it delivered to your doorstep. It also comes with one more additional benefits; cash backs. Cashback apps are those applications that allow you to shop for items via their platform in exchange for money rewards. What they mainly offer is a kind of remittal; paying you back for making purchases with them.

There are many cashback apps on the internet that allow you to earn a passive income. Just download the app, start shopping, and get ready to be paid for buying your favorite items. Sometimes, the sites give you points for any of your purchases and then assign a specific amount of money to a threshold point. Once you reach that threshold, you can go and exchange the points for cash and transfer it directly to your account.

This is just one method, different companies make use of different strategies to reward their loyal customers, but the overarching goal is usually to pay you back in cash for your purchases. You can start with the Dosh cash back app. When you connect your credit card to the Dosh App, you automatically receive money back for each qualifying purchase.

7. Start or Buy a Low-Maintenance Business

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Low-maintenance businesses are businesses that do not require plenty of cash to start or run. These types of businesses mostly require your expertise, time, or decision-making skills for you to start them and get customers to pay for them. Making passive income through low maintenance businesses has grown popular over time because of the rate at which people are looking for information online to solve their problems.

One good thing about these low maintenance businesses is that you can either purchase it or start it on your own. The end goal is to start something that won’t cost you so much and still attract customers regularly.

Depending on your abilities, interests, skills, and the time you have in your hands, you can select the type of business you want to venture into.

Low maintenance business ideas you can try right away include, collaborating with a dropshipper, launching a book, creating digital products and selling it online, starting a charitable business, selling handmade goods, etc.

8. Start a YouTube Channel

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YouTube is the most visited website in 2019 in the US, with more than 1.9 billion users. YouTube is one of the best platforms to earn a passive income in 2019. 

With the vast number of daily active users and ad algorithm, Youtube allows you to earn money whenever a user watches your video. Setting up a YouTube channel is easy. All you need is a Gmail account, basic video editing skills, and you’re good to go.

Your greatest challenge of becoming a content creator on YouTube is coming up with interesting and unique niche content creation ideas. Once you have your ideas mapped out, you can start creating videos and uploading. You should also share the video on other social media platforms and ask people to subscribe.

By doing this, the channel will continue to grow, drive more traffic and views. These metrics are a major determinant of how much you can earn. Some ideas you can start with today include product reviews, comedy skits, tutorials, news items, and so on.

Once you’ve built up a solid following on YouTube, you’ll have plenty of options to monetize your channel. Here are some of the most popular ways to do so:

• Running ads on your videos using Google Adsense
• Getting sponsors for integrated ad placements
• Getting a cut from affiliate sales
• Promoting your own products or services
• Accepting donations via Patreon

9. Start a Niche Blog

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Niche blogs are sites that talk about a particular or specific topic, e.g., hair products. What sets niche blogs apart and makes them more attractive to search engines and humans is because of their in-depth approach to providing useful information for the specific topic they are discussing.

Niche-based audiences are easier to target, especially when you’re writing articles that cater to their pressing needs. The material is easier to write, unlike when you need to write different articles to satisfy different audiences.

Niche sites also make SEO easy as you can easily come up with the best keywords you will use to target your audience. By using niche-specific keywords, you help the search engines find you and rank you higher in their SERPs, and avoid intense competition for generic, high volume keywords. Chances are, you’re much better off capturing a much bigger portion of a low volume, low competition keyword, and that’s exactly what you’ll be doing with a niche-focused blog.

Some of the freshest niche website ideas you can start right away include bodybuilding for weightlifters, academic resources, legal guidance, household items, etc. It really doesn’t matter what niche you decide to pursue, so long as you can establish yourself as an authority in that space and offer your unique perspective on that topic.

A niche blog also allows you to produce more content that you are actually passionate about instead of just regurgitating existing content that’s already out there. In short, your niche blog doesn’t have to be a content mill since you’re not going up against highly competitive keywords.

While you must definitely still optimize your blog for SEO, being concentrated in a niche means more freedom to produce content from your passion instead of being dictated by keywords that rank the best in search engines.

To make passive income from your blog, the best way to do it is through affiliate marketing as it is completely passive. You can join affiliate programs for pretty much any product or service these days, so all you have to do is to find something that you can stand behind and recommend it to your blog audience.

Want to learn more about affiliate marketing? We’ve got a much more in-depth article that you can read here that covers everything you need to know about affiliate marketing.

10. Write and Publish eBooks

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You can find almost any information you need online. The trouble is, with so much information available, information overload is inevitable.

People are always looking for a comprehensive book that covers a lot of ground in a specific topic they are interested in. This is where eBooks come into play.

eBooks helps to consolidate hundreds of thousands of similar blog posts into a long-form content. This allows the reader to have one single destination to consume the content that they’re looking for.

If you have a blog, chances are that you probably have enough content in your blog posts that can easily be repurposed into an eBook. If need be, you can always expand on certain points in more detail to give more value in your eBook. This is one of the easiest ways to come up with an eBook, and can be a great way to make passive income. If you’re keen to give this a try, check out our guide on turning your blog posts into eBooks here.

You can earn a decent income by writing eBooks, publishing them online, and selling them, especially if you have experience or you’re an expert on a particular topic that isn’t widely covered.

Once your eBook is ready, there are many ways you can sell them. You can put them up on Amazon Kindle, Lulu, and Scribd. Make sure that your book is about a topic that stimulates interest, well-formatted, structured, and adequately proofread.

11. Create an Online Course

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Many people who can’t afford to pay for college education are now taking up online courses. Today, some of the top universities in the world like Stanford or MIT now have their online courses in different subjects, either on their website or on third party sites like Coursera. What this means is that online courses are growing and the future of education is already being made manifest.

If you have the required skill or experience in any subject, you can start an online course on that subject, upload it, and start making passive income from it. All you need is a carefully structured lesson course, video recording equipment, and some editing skills. If you don’t have these, you can hire people to do it for you and pay them off.

You can find any course on the internet, from how to drive an airplane to piano lessons. Find out what you can offer in a course and see if there is a need for your potential course idea. You can do this by first offering a part of your course for free and gauge the demand from there. As with any online business, deciding on your niche is important, and by testing the waters with a free version of your course, you’ll be able to validate the demand for your online course.

Once your video course is ready, you can choose to either host it on your own domain or publish it on a platform. Platforms like Udemy and Skillshare might be a great way to reach a broader audience, where you share the profit with the platform in exchange for access to their user base. If you are confident in your ability to drive leads yourself, considering hosting your course on your own website and course platform. We recommend using WordPress for building your website and landing pages, and Teachable for hosting the course itself.

If you’re serious about giving this a try, we have a great resource available that covers the exact steps to start making money from your online course, from conceiving your course idea to promoting it to prospective students. Check it out on our blog here.

12. Sell Digital Products

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Digital products are any product you can sell via downloads, or without physically delivering the item to the customer. Today, many people skilled in programming, writing, or other professions make huge cash from creating quality and in-demand digital products and selling them online.

Before you embark on your journey, make sure you carry out a little research. Try to know what digital products are in-demand by checking on digital product platforms or doing a little Google search for trending ideas. Once you come up with an idea, know how much cash or time it will cost to create it so you’ll have an idea of the pricing strategy.

There are several types of digital products you can earn from right away. However, the most popular ones right now are software, eBooks, photography, courses, fonts, web applications, courses, etc. Apart from creating these products, you also need to learn how to market them for better visibility and increased sales. Using Teachable to start a course is a good way to start.

13. High Yield Savings Accounts and Money Market Funds

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Your money is beneficial to the banks, and they will not hesitate to invest it and make money from it. But it doesn’t have to be like that all the time. You can make more money from the funds in your bank account by moving it to High Yield Savings Accounts.

These types of accounts offer higher interest rates than regular accounts where you keep your money. The only difference is you may not have access to the money for a while, so make sure you only use money that you’re not going to need for some time. 

You can put money in High Yield Savings Accounts for three months, six months, or a year, depending on your financial goal.

The money market is also a great place to put your money for higher returns instead of leaving it to work for your bank in your regular accounts. Money markets have many advantages and rules, so make sure you are fully informed before deciding on where to invest.

14. Invest in Annuities (majorly for retirees)

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The greatest fear for people who have retired is running out of their savings. Unfortunately, this happens all the time, especially for people who live longer than they anticipated. One of the best ways to guide against such an eventuality is to invest in annuities. Here, your money is put into an account where it will yield interest over time.

Annuities vary based on the period on your agreement. Some are for a set period, while others are for a lifetime. The good thing is, once you have your money there you’re sure of getting returns as time goes on. You can even reinvest your income and make even more money that your children will inherit after you’re gone.

15. Selling Stock Photos

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Graphic designers, marketers, magazines, and agencies need images and photos to help make their creatives more appealing. The issue is, many of them don’t have the photography skills needed to create such images. Even if they do, most of them may not have the time to do that.

You may be thinking why can’t they just hire someone to do it for them. Well, that’s another way to do it, but it comes at a very high cost. Hiring a photographer for a contract job could run into hundreds if not thousands.

If you are an excellent photographer, you can make passive income by taking photos and selling it as stock photos. You will be selling the rights to the pictures you create so the designers can use it as they please without any copyright issues. If you can’t sell it directly, you can sign up with stock photo trading sites like Shutterstock or 123rf, submit your photos and make your money!

16. Create a Mobile App

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Developing Mobile applications have become one of the best ways to sell ideas, engage people, and promote products and services. People are looking for information and products on their mobile devices. If you have programming skills, why not create an app and start making passive income from it?

Think of an idea that solves a problem, and create an app for it! Once you’re done with the app, upload it on Google Play Store or Apple Store, so that people can download it. There are different ways to make money from your app. You can charge a small amount for people to download it into their phone and start using it. You can also allow free download and usage, but then offer a subscription fee for people to access better features on the app. Other people make money by allowing free usage and then putting up from affiliates and ad companies.

17. Affiliate Marketing

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Affiliate marketing is a method whereby companies allow webmasters to get links to their products and give out commission when people buy their products through the links shared.

There are many ways you can make money from affiliate marketing. The easiest way is to sign up with a company offering affiliate marketing services. When you are done with the setup, copy the product links you have been given and start sharing it. If you already have a blog, website, or YouTube channel with followers, then you’re in luck.

You can share your links on your site, and when someone purchases through your link, you make money from commission. If you don’t have a website but possess writing skills, you can become a guest writer for other sites. Write content related to the product or service and insert the links like a referral.

There’s no shortage of ways that you can make money from affiliate marketing, and the beauty about this passive income side hustle is that you can easily get started with very little capital. To learn more about starting an affiliate marketing business on a shoestring budget, check out our article on that here.

18. Set up a Car Wash Business

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Cars are everywhere, and they get dirty all the time. Fortunately, many people don’t have the time or energy to wash their vehicles, and that’s a good thing for you. If you have a small space around your home, you can earn passive income by converting it to a car wash and helping others keep their car clean and spotless.

A car wash business is easy to set up. You need the equipment to get it running, but they don’t cost much. If you have the cash to buy hi-tech car washing equipment, go ahead and buy it. If not, you can do it the old way and get those vehicles clean with your hands.

Pricing is critical when setting up a carwash. Since you’re just starting out, you should be careful about how much you charge and making it more difficult for you to compete. You shouldn’t be too cheap either, try to stay somewhere in the middle. Do some pricing research and see how you can create value without damaging your customers’ pockets.

19. Licensing Music

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Imagine a world without music: no sounds, nothing, just dead silence. Music has become an integral part of our lives. It inspires us, stirs our emotions, and brings back the good old memories. Music is also essential for entertainment and other things.

If you know how to make music, then you can make money from it. Do your research on the kind of music people are looking for. Filmmakers, YouTubers, product marketers, restaurants, bars, and record labels, need music to make their art more professional. Make the kind of music people will like and earn passive income from sales and licensing.

There are several ways to earn with music licensing. You can make the music, upload a sample on platforms like YouTube and Facebook, and provide links to iTunes, Google Play, Deezer, etc. where people can download the full length for a small fee. You can also sell your music directly on your website using eCommerce applications for digital product downloads.

Platforms like Songtradr allow you to upload your music so people who are looking for soundtracks and songs for their products can buy. You can create a free account on sites like Fiverr where people can hire you to make custom music for their projects. 

20. Rental Property

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Investing in rental property comes with several benefits. Aside from financial security, there are capital gains on the property. 

The distinct advantage is that someone else is paying your mortgage and building equity for you. If you buy a property, ensure your rates are affordable, the income from the property will cover your mortgage payments.

Over some time, you build equity with little effort on your part.

According to Mashvisor, “the average rate of return on investment is anything above 15%. Using the cap rate calculation, many real estate experts agree that a good ROI is usually around 10%, and a great one is 12% or more”.

This is one of the most natural methods of building wealth for newbies looking to enter the real estate market.

Another benefit of owning rental property is tax deductions. Owning real estate investments as a business venture allows you to treat personal items as business expenses. When you sell, capital gains taxes are charged at a lower rate than comparable wage income. The tax deduction benefits of owning real estate may allow you to live a better lifestyle while reflecting a lower income.

There are several ways to invest in rental property. You can Invest In Single Family Homes or larger developments. If you’re looking for a less nuanced and more secure path to real estate investment, check out ​Roofstock. 

21. Robo-Advisors

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Robo-advisor is an automated program that provides financial advice. Precisely, the program manages investments through an algorithm rather than having an individual monitoring your portfolio.

This program is usually limited to investment trading, monitoring, and trade execution (because other aspects of financial planning are very personal and cannot be programmed as an algorithm).

It is very similar to any other type of automation. Since there is no day to day work of managing a portfolio and an algorithm is doing it, costs will be cheaper. The number of portfolios can be “scaled” easily so that one program can manage an indefinite amount of portfolios if it has the memory and speed to perform the trade executions.

There is also immediate trade execution because the machine does not think and can execute instructions at the speed of electricity if the instructions are clear. These features amount to freeing up time and money to do other things.

Another feature that is recognized is the fact that machines do not have emotions. Should a trade instruction be given, it will get done no matter what the market is doing. A person may have regrets, doubts, hesitation, or change their mind, which may be better or worse for the situation.

22. Yield Savings Account

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A high yield savings account is a great place to put your money. However, you have to be cautious of the added technicalities. These types of savings accounts usually have a whole lot of requirements that have to be met to make that interest.

Some of these savings accounts that are commonly higher yield accounts are Limited access accounts and minimum deposit accounts. Interest rates have been rising, so depositing money into a savings account can generate a safe passive income stream.

23. Certificate of Deposit (CD)

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Certificates of Deposit (CD) is a savings program, offered by banks, that pay substantially more than conventional savings methods. When you order a Certificate of Deposit, you are loaning your money to the bank and agree to save a particular amount of money for some period.

The amount of money you deposit and the length of time you leave it in your account affects the rate of return you earn. The CD offers an added security that comes with having your deposit FDIC-insured.

A Certificate of Deposit is different from a savings account in these two crucial ways:

• Availability of Funds: You can continually add or withdraw money from your savings account and keep earning interest on it. However, the amount is considerably smaller than what you’ll earn on a CD.

• Length of Time of the Investment: A Certificate of Deposit requires that you save money for a period and agree not to withdraw or add to your initial deposit. Keeping the deposit will earn you interest, and this interest will be compounded daily and added to your balance at the end of each month.

24. Business Bonds

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There are different types of bonds for businesses, and they vary from state to state in terms of their names, requirements, specifications, and more. A Business Bond is a legal document required from a state to do business. You need a Business Bond to run your business or pursuing certain professions.

Holding different types of business bonds can help boost your reputation and trust within the business community. Consumers will trust you more if you are fully bonded and insured. A business bond shows that you will complete your work, and do it properly and professionally. If you can’t get a business bond, you can opt for a surety bond.

A surety bond works as a form of insurance to the obligee, as they are the beneficiary that can file a claim if the bond’s promise is not met.

With that out of the way, what types of surety business bonds are available? There are dozens of different business surety bonds. Let’s discuss a few of the overarching categories to help give you a better idea.

Professional licenses, Auto Dealers, Bids, Contracts and Performance, Contractors, and Construction are some of the most well-known business surety bonds.

25. Credit Card Sign Up Bonuses

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There are various techniques to use in identifying credit card bonuses. By implementing as many of them as you can, you can make a lot of money. These techniques include:

• Heavy Introductory Bonuses:
Heavy Introductory Bonuses are one of the best forms of credit card deals where you get an astounding amount of credit card bonuses. Almost every major card provider will have some form of introductory bonuses for their customers. You will have to carefully browse through all of them and choose the most rewarding one. Ensure that you look at their terms of condition before you make a final decision.

• Multiple Rewards On Each Transaction:
Rewards can be of different kinds, depending on what you seek. Some credit card deals even give cashback on transactions, making it quite an exciting proposition to use such cards. You would want to look at the perks of using the card and not just the big bonus that you get for signing up. You can redeem the rewards in exchange for different things. An excellent way to put your reward to use is to reduce your interest rate, which is also an option the credit card providers give to their customers. 

26. Credit Card Referral Bonuses

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A referral bonus is another kind of reward bonus you can receive just by owning a credit card. With referral bonuses, you get to earn off from other people signing up or performing specific tasks.

Some credit deals of this kind are quite lucrative, and you can make a lot of money by just referring people to the credit card lender. The more people you refer, the higher your chances of getting a larger reward. This is one of the easiest and probably the cheapest ways to earn while using the credit card.

27. Credit Card Rewards

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Credit card rewards are a fantastic method of earning extra income if appropriately harnessed. This means paying off your cards every month and making no additional purchases.

For example: For example: If you use several credit cards, you may earn an annual reward of 3%. It’s estimated that the average American household earns over $600 a year in reward bonuses. You probably have a lot of points on your card and haven’t found a way to redeem it. Credit Karma rewards you for every dollar that you spend with a rewards credit card.

28. Automatic Investing

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Some investment formats allow you to remove money directly from your paycheck and invest it. This type of automatic investing plan takes advantage of either pre-tax or after-tax money. One significant benefit of Automatic Investing is that you can’t spend it because it never ends up in your bank account. You can’t spend what you don’t have. 

Investing firms offer automatic investing plan options to help new investors without significant capital to get into a pattern of financing for the future or retirement. Companies that provide this option for their clients minimize transaction fees because of the number of transactions. Different companies require different minimum amounts, some as low as $20 a month.

29. Rent Your Spare Bedroom

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With the credit crunch forcing most to make the most of what we’ve got, now definitely is a good time to clean out the spare room and offer it out to prospective lodgers. The volatility of the housing market has made rentals a desirable option. So what should we remember when considering using the spare room as an income source?

It is crucial to consider the basics required by a lodger, i.e., a bed to sleep in, somewhere to prepare food, and a bathroom.

Next, it is crucial to check utilities you are willing to share and what your prospective lodger will be expecting from the cost of their rent. Some popular home rental sites include Airbnb, VRBO, HomeAway.

30. Create a Lead Generation Website

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There is a need in today’s world to generate targeted leads. Advertising has grown beyond blind targeting every audience. Businesses are looking to generate highly targeted leads interested in their products.

Lead generation websites are very different from regular ones.

Their sole objective is to get potential customers to reveal their contact details willingly and agree to receive offers. By creating a lead generation website in a specific niche like personal finance, You’ll use the site to educate people about saving and earning money.

Within the website, you’d have links where people could contact you to learn more. When an individual contacts you, you refer them to a finance expert in their area. The accountant or stockbroker would pay you for the lead. This lead is referred to as a warm lead generation.

31. Create an Online Store with DropShipping

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More stores are popping up online as eCommerce companies continue to expand their territories beyond borders. If you’ve wanted to start up an online business for a pet store, services, a boutique, or medicinal supplies, you should consider dropshipping.

Dropshipping is an eCommerce retail method where a store doesn’t keep the products in a warehouse. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer’s address.

By adopting the dropshipping business model, you’ll be able to drastically reduce upfront capital that’s required to start a typical eCommerce business. You won’t need to set up a warehouse where you receive, store and ship out goods, or deal with the logistical issues that come with it.

Your profit is the difference between the wholesale and retail price. Once you find a trustworthy and reliable drop shipping company, stick with them to ensure quality. The long-term relationship is vital for business than looking for a cheaper alternative now and then. You can easily set up a Shopify store and start dropshipping.

Conclusion

Passive income doesn’t just provide cash for extra expenses, but it can help build your wealth portfolio. The money may not be much, but you’ll be able to save more money. You can treat yourself to trips with your family and friends, or even fund your education to improve your career choices.

Hopefully, this list will help you narrow down which source of income is best for you. If you’re tired of information overload, we have carefully sourced these passive income ideas.