Passive income streams are an excellent way to make more money. The problem is that passive earning often gets overlooked in favor of demanding jobs, even though it can be lucrative with a lot less work. Here are 15 ways of making money you should consider if you're reading to kick back and watch the dollars flow your way.
You recommend a product, and you get paid when the product gets sold. Sometimes this is done through Amazon; at other times, your affiliate ads are on other websites. Either way, affiliate marketing is a passive income with very little work necessary on your end after you've created the ads.
Once you get set up, you can earn a little extra cash with no limit on how much you make if you choose the right products and create ads that convert well.
If you have extra space, you can earn money by putting a spare room up on Airbnb or other short-term rental sites. This works incredibly well if your primary job requires travel. This is a passive income stream with very little work involved, and you can expect to earn about $100 per night for a one-bedroom place or $200 for a two-bedroom.
Rental Real Estate
This method of making money involves buying up properties that you can rent out. You can become a long-term investor or place rental properties on the market. Either way, rental real estate is worth looking into if you have the money to buy a property. You can expect to earn an average of $1,000 per month per rental property.
This opportunity works well for those with a time horizon of at least ten years. You can invest in high-growth stocks and receive passive income as the corporations you've invested in pay dividends to their shareholders. Expect to earn about 6% every year on average as long as you invest for the long-term and make careful choices.
P2P lending is the act of lending money to individuals or businesses through online services. The idea here is that you can earn passive income from your investments, even if it's only 1% interest per month.
With crowdfunding, you create a project and get people interested enough who want to pay for it. You can earn anywhere between $5 to $5,000 toward the cost of creating your product through sites like Kickstarter and Indiegogo.
While this option is a lot of work up-front, once you've created your product and delivered it, the sales of your product could mean some nice income that builds over time.
Anyone can start a blog these days. Whether you write about pets, sports, or anything else, blogging can be a great way to make passive income without working every day. With Google Adsense and other paid ads or information ebooks about your blog's topic that you sell, you can earn an impressive income over time.
Remember, it'll take time to build to that level, so blog about something you enjoy to make the months of building more fun than work.
Writing ebooks isn't just a great way to make money from one project, but it's also a way to earn through several different projects. Once your ebook is complete, you can sell it on Amazon. Expect to earn anywhere between $100 and $1000 a month, depending on your sales numbers. Most authors start small and earn more as they write and sell more ebooks.
This passive income stream allows you to create sponsored posts for companies and businesses that will pay you once the company has approved the post. If you have a blog or other income-generating site, you can become an affiliate for companies and sign up to do sponsored posts. The more sponsors you have, the more you can earn.
This money-making option is for those who are willing to hunt down the best deals online. You set up your shop and then find what you need on Amazon or AliExpress at low costs. You buy the item, list it for sale on your site, and charge the customer a higher price for the product. You then keep the difference. Some drop shippers are making over $5,000 a month.
With email marketing, you create a list of people who have expressed interest in your product, site, or blog and then send them emails from companies that will pay you. Depending on how many subscribers you have, you could make anywhere between $100 and $1,000 a month.
Creating Web Apps
This income opportunity takes a little bit of technical skill and will cost some money to get started. Once you create an app, though, it requires no work on your part. With a popular app, you can earn up to $1,000 a month or more.
Selling Digital Products
This passive income stream is one of the most powerful. All you need to do is create a product such as an ebook or software, put it online, and market it regularly. You can expect anywhere between $1,000 and $10,000 selling digital products once your sales numbers build up.
Live video streaming sites like Twitch and YouTube allow users to make money with their videos through selling ads. You could also sign up for companies that offer incentives or payouts via apps to make even more money from the ads played on your videos.
Stock photo sales are for those who want to make extra money from photos. You can upload your best shots and sell them through sites like iStockPhoto, Adobe Creative Cloud, or Shutterstock. This type of passive income isn't going to make you a millionaire overnight, but the more photos you upload, the more you can make.
By using the methods that appeal to you the most, you can start building passive income streams that could eventually amount to a living wage. The great thing is that you can try them all and see which one works best for you.