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Would you like to make more money while you sleep? Here are 9 passive income ideas you can start today to generate significant passive income for yourself.
Having a 9-to-5 job is a flex. You enjoy a stable work-life balance, a consistent compensation package, and several paid vacation leave days. Even better, you establish strong networks with other people that open new opportunities for you to acquire more profitable careers.
However, this does not mean you should only settle for a 9 to 5 work schedule. Why would you pay for this when you could engage in more passive activities that earn you money as you sleep? Consider 9 such income ideas you could start today without putting in too much effort or sacrificing your precious time:
Start a YouTube Channel
Starting a YouTube channel gives you an excellent opportunity to create a recurring source of income. For example, you can create sponsored videos or earn revenue from running ads. However, to ensure a successful YouTube channel, upload clear and up-to-date videos on a regular (or consistent) schedule.
Start a Dropshipping Store
First, sign up for an online store on a profitable marketplace platform like Shopify to start a dropshipping business. Then, begin selling trending products, targeting all customers around the world.
The good thing about dropshipping is that you choose your charges and rates. Therefore, you can make as much profit from this passive business as possible, with no limits or margins.
Buy Company Stocks
Did you know your 9-to-5 job can be a source of passive income? However, this doesn’t include the regular working hours. So instead, sign up for the retirement plans, or buy company shares to make passive money from your current job. With time, these plans or shares should generate significant profits for you.
Create a Blog
Blogging is one of the best passive income streams you can start. In addition, you can earn passive income through sponsored posts, affiliate marketing, sponsored products, courses, or book deals, just to mention a few.
With blogging, you can talk about your hobbies and trending topics or give reviews on the best investing newsletter. To ensure quick success, remember to update content regularly.
Sell your Videos
It is no secret that people nowadays are obsessed with videos and drama. So if you find yourself amidst drama or other exciting happenings, simply take your phone and start recording.
You can sell your videos to news sites. If these become a hit and generate high views, you can expect to earn recurring income, even for several years!
Publish Instagram-Sponsored Posts
How many followers do you have on Instagram? If you have quite a sizeable number of followers, make the best use of your account by creating sponsored content. These posts focus on endorsing specific products or services upon which you get paid for your advertising services. However, ensure that you focus on just one brand or niche to build trust with your followers.
Invest in Stocks
Stock investments are an ideal way to earn passive income. However, to ensure success when investing, ensure that you are updated with the stock market and industry movements. Also, use the best stock analysis website to get stock analysis and recommendations, which will help you choose profitable stocks to invest in.
Rent Out Your Spare Room
It could be a spare room in your apartment, your garage, or a free space in your home environment; rent it out to make passive income. In addition, you can create an account on Airbnb to connect you with customers looking for a room. And considering that Airbnb’s the latest trend in the tourism world, you can expect to make significant profits from this activity.
Develop an App
Are you a programmer or a developer? Use your skills to create an app that brings you passive income. There are two ways you can make money from your app: First, you can create an app that people pay a fee to buy.
Alternatively, create a free app and monetize it with ads. The good thing about this second option is that you enjoy a steady profit as people keep downloading or using the app.
A passive source of income gives you more flexibility and stability and could even be your “savior” during emergencies. So unless you want to put all your trust in your 9 to 5 job and dent yourself some extra bucks, start one of the 9 passive income ideas discussed today!