While most people have a steady 9 to 5 job, sometimes people want to explore the world of passive income. Taking your side hustle full-time is no easy process, but it’s often well-worth it. Better yet, you can find even more freedom and flexibility if you choose one of these passive income ideas.
There are so many profitable side hustles to choose from nowadays, and you can even become a digital nomad traveling the world. However, these take a lot of work. Passive income is something less hands-on, and that means you have more time for the things you enjoy. In this guide, we’ll share 10 passive income ideas to build wealth long-term.
What Is Passive Income?
Before we begin, what even is passive income? How can you use these passive income ideas to build wealth? In simple terms, passive income is money you earn without a lot of ‘active’ work. As the name implies, it’s something you set up to continue earning money long-term.
While you will need to do a brunt of the heavy lifting early on, this is much less work than a traditional job or side hustle. In addition, your earning potential is unlimited with most side hustle ideas. However, don’t make the mistake of thinking this is a get-rich-quick option. It still takes skill, know how, and regular maintenance.
What Are the Best Passive Income Ideas?
You’ll quickly realize there are endless ways to earn passive income online. This is a big business, and you’re free to get as creative as you want. Here are the best passive income ideas to build wealth, no matter your experience level or expertise.
1. Create a blog.
If you want to make a blog, now is a great time. As a blogger, there are so many ways to earn passive income. From affiliate sales to advertisement, much of this money making happens as you sleep. It’s essentially a business on autopilot, though you might need a bit of time to set up your blog at first.
2. Make an online course.
Do you have something worthwhile to teach? You don’t need to have an expert degree or fancy skillset to create an online course. With platforms like Udemy and SkillShare, it’s easy to create a platform for whatever it is you want to share. If you already have an audience, this is a natural way to make passive income.
3. Flip websites
Are you a skilled marketer, affiliate seller, or blogger? If so, you could make a pretty penny flipping websites. This is when you create blogs, build an audience, and then sell the website to the highest bidder. For engaged niches, you can rake in thousands of dollars.
4. Publish YouTube videos
When you create YouTube videos, you continue to earn ad revenue on your videos into the future. Though you’ll need to create interesting, engaging videos, as soon as you publish them, they’re good to go. How much can you make from YouTube? It depends on your audience, but it can be quite a bit.
5. Write eBooks
If you’re an author or willing to learn, eBooks is a brave new world. In this day and age, there’s no need to find a professional publisher to share your book with the world. When you write and publish eBooks, they continue making money even as you sleep.
6. Sell digital products
Many people think you need physical products if you want to sell items online. In reality, there’s a world of business around digital products. This includes ebooks, guides, PDFs, graphic templates, stock photos, and so much more. If you’re skilled at design, you could help business owners get their own digital products off the ground using a platform like Etsy or Creative Market.
7. Drop-ship through a website.
Similarly, you can drop-ship to sell to customers without having any physical product. When you drop-ship, you create an ecommerce business with significantly less risk. Through your online store, customers purchase through specific manufactures who package and send the products. In the meantime, you earn money as the middleman.
8. Promote affiliate codes
Even if you don’t have a big platform, you can promote affiliates within your own circle. When you share an affiliate code for brands you use and trust, you earn a commission with each sale. Affiliate marketing is big business, and you can share affiliate codes on social media, through email, and even amongst friends and family.
Earn Money in Your Sleep
Today, it’s all about working smarter not harder. If you’re hoping to start with one of the passive income ideas above, now is your chance. The world of passive income is booming, and everyone wants more freedom to do what they love.
Whether you want to work from anywhere or stick to your own schedule, passive income is for you. Luckily, you don’t need any special know-how to get started. As long as you’re ready to put in the work upfront, you can start earning.