Let me start by explaining what is passive income. Passive income is earnings derived from a rental property, limited partnership or other enterprise in which a person is not actively involved. As with active income, passive income is usually taxable.
Passive Income is Money you earn without working for. (i.e. Dividends from investments, interest from savings accounts, royalties, etc). Passive income is money that keeps growing–even when you sleep, take a vacation, or are sick.
Passive Income Ideas
1-Invest in Real Estate- This idea is very popular and more millionaires have come by real estate alone.
2-Dividend Income –
In a nut shell Dividend income refers to any distribution of a company earnings to shareholders from stocks or mutual funds you own.
3-Peer-to-Peer Lending- With peer-to-peer lending, borrowers are matched directly with investors through a lending platform. Investors get to see and select exactly which loans they want to fund. … Marketplace lenders generate revenue by charging fees to borrowers and taking a percentage of the interest earned on the loan.
4-Get Out of Debt- Getting out of debt can be more powerful than creating a passive income stream. Debt will drain your income very quickly if you dont handle it.
5-Open a High Yield Account- A High-yield savings accounts are a type of deposit account that can be found at both online and brick-and-mortar institutions. These financial tools typically pay a higher interest rate than traditional savings accounts and almost always offer better returns than checking accounts
6-Rent out a Room in Your House-If you collect rent from someone who lives in a property that you own – even if it’s just a room in your house – you’re considered a landlord and must report the rentyou receive as taxable income. The rent is considered income in the year you received it, even if the rent covers a time period in a different year.
7-Write a Book-
Writing a book will bring Royalties from Book Sales. Book sales is the most obvious way to make money from self publishing. You will either earn royalties (from self publishing platforms such as Amazon’s Kindle Direct Publishing/KDP) or revenues (if you print, distribute and sell your book yourself).
8-Affiliate Marketing-Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. You find a product you like, promote it to others and earn a piece of the profit for each sale that you make.
9-Invest in (Crowdfunded) Real Estate Properties-At its core, crowdfunding means pooling money together from a group of investors to make an investment. In this sense, crowdfunding has existed in real estate for centuries.
10-Sell Your Photography as Stock Photos-
There are many companies that will buy your photos such as:
- Adobe Stock. …
- Shutterstock. …
- Alamy. …
- Etsy. …
- Fotomoto. …
- Crestock. …
- Sell Products on Etsy.-Etsy allows you to make your own crafts and sell them. This is popular because crafts are unique and allows you to start your business quickly and promptly.
11-One popular way to make passive income is with DFY profitz
This software system gives you all the tools you need to set up your passive income stream easily.