Photo by Viacheslav Bublyk on Unsplash
Here are seven terrific ideas for easy income, which means they aren’t as labor intensive.
The idea of generating passive income streams has become notably more popular over the years. Whether you’re trying to pay off deb, save for a big purchase, or just want more wiggle room in your monthly budget, generating passive income is an attractive concept.
The convenience of having a digital side hustle is great, especially since it usually doesn’t require as much energy as a typical part-time job.
However, not all side hustles are equal. It’s the passive income generating part-time gigs that are the most rewarding. Although almost no form of passive income is truly hands-off, there are plenty of ways to start earning money passively by being strategic up-front.
As long as you’re comfortable with the concept of making an initial investment (of either time, money, or both) you can watch it pay off in the long run.
1) Writing and selling eBooks or whitepapers
If you’re an expert in something and want to share your skills for money, consider writing an eBook. By being an “infopreneur” in this way, you have complete control over your story, message, and pricing.
You may have to keep up with re-promoting your products to get it in front of those that may not have seen it. If you don’t have a strong and loyal following, sales may be slower to come.
2) Developing an online course
Instead of just creating eBooks, you can spread your knowledge further and create a more lucrative passive income stream by building an online course. If you’ve mastered certain skills and/or established a notable reputation in your field, this could be your ideal option.
There are tons of course creating platforms now — including Thinkific, Teachable, and Learndash. However, don’t underestimate the time and effort that goes into course development at the beginning. There is definitely a steep upfront cost and a learning curve to overcome.
3) Designing and selling t-shirts
If you have a knack for creating designs or taking photos, consider putting them on t-shirts and selling your own merchandise. There are plenty of sites where you can sell custom t-shirts, like Etsy. This can be a rewarding outlet to express your creativity and increase your passive income.
On the other hand, you might have to deal with high costs upfront while buying materials, and then you have to deal with shipping.
4) Selling gently used items online
Over time, there may be items you don’t use anymore and that you know still hold monetary value. You can sell these items on eBay, Amazon, Poshmark, and various other sites to keep yourself living a minimalist lifestyle. Think of it as an ongoing online garage sale.
You can sell whatever you want, whenever you want, for however much you want. However, you may have to pay seller fees or commission rates depending on what seller platform you use. Another downside is that it can require more upkeep than other passive income options.
5) Selling stock pictures online
Consider turning your passion into your passive income. If you have a quality camera and find yourself taking high resolution photos that could serve as stock images, consider posting them for sale online. There are plenty of websites that allow the average person to sell their photos online.
After all, many people hunt for new stock images and videos each day. Plus, you’re able to sell these images for as long as you have them posted online. However, keep in mind that some stock image websites charge commission rates and other fees to sell your work on their site.
6) Starting a blog
Creating your own website and blog is a relatively low initial investment. In fact, you can build and launch a site in a single day in some cases, depending on the details.
However, any online platform requires consistent updates. So, you’ll need to take maintaining your blog seriously if you want to amass a following and eventually generate passive income.
7) Affiliate marketing
Defined as an arrangement when an online retailer pays commission to an external website for traffic/sales generated from its referrals, affiliate marketing can be a great option if you started a blog. Usually, affiliate links stay active as long as your post is live.
You could earn money off these purchases even years after posting — but your earnings aren’t guaranteed. After all, if you have a strong follower base, you’ll have a better chance at earning commissions.
With passive income generating ideas, people can still maintain their day job and work on their second gig with minimal effort. Creating outlets for passive income is a great place to start if you’re looking to build wealth.
Who knows, in a few year’s time, you might end up earning more than you ever thought possible.
From the Coach’s Corner, here are more career or finance tips:
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Boost Your Learning and Career by Improving Your Memory — If you’re looking to develop your brain power to advance your career or perhaps to become a leader, having a good memory is critical. Here are 20 tips.
Tips for Your Success with Effective Follow-up Emails — Ever wonder why you’re waiting nonstop for emails – why you’re unsuccessful after you send follow-up emails? It might be because of your approach.
3 Keys for Maximizing Your Cognitive Skills, Better Health — To improve your cognitive skills, you might want to evaluate your sleep, exercise and meditation habits. If do, you can reduce negative thoughts and enhance your productivity.
For Career Success, How to Train Your Mind to Focus — It’s no accident when people have total control. They are able to focus by keeping their minds on the priorities in front of them. Here are nine tips.
“When your outgo exceeds your income, the upshot may be your downfall.”
-Paul Harvey
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