Want to Build Real Wealth Through Passive Income? Here's Over 20 Ideas to Get You Started
- Author: Michael Bordonada
- Posted: 2023-11-11
Below are more than 20 ideas you can implement today to get started with passive income to build real wealth.
Have Money?
Dividend Stocks - Stocks that yield quality returns can be hard to find, and usually require a large investment in order to be worth it, but if you can find several to put money into, you could earn a nice residual income for years.
Peer to Peer Lending - Peer to Peer Lending, or P2P, is one of the fastest growing microeconomies. You set the rates and find the borrowers, and reap the rewards.
Rental Properties - Real estate is stable and profitable. Amass several investment properties together and they stack up quick.
CD Ladders - You can buy certificates of deposits from banks that are low-risk and consistent - perfect for the risk-averse investor.
Annuities - Annuities are a form of insurance that you buy once and reap monthly payments from for life. The terms vary, so it's best to speak with a financial professional before investing in annuities.
Have Creativity?
Write an Ebook - It's easier than ever now to write a book, edit it, and sell it on a marketplace like Amazon. They keep a royalty, but it's completely passive.
Develop a Course - Udemy is a great site that allows you to create a course and sell it for a profit.
Take Pictures - Stock photos are a big business, and if you're a good photographer, you can submit your pictures and get a check every time one sells.
Record Music - Are you a musician? If so, write a song and upload it to a platform like Itunes and watch the royalties roll in.
Design an App - Places like the app store make it very simple to design software and sell it on a marketplace.
Become an Affiliate - An affiliate is a middle-man between a business and audience. Become that middle-man and you'll receive a commission off of every sale.
Use Your Network - Multi-level marketing is on the rise, as companies look to tap into individual networks to sell direct to consumers.
Make a Shirt - Cafe press and Merch by Amazon are just two programs that allow you to upload your designs and sell them online.
Get Crafty - Etsy isn't just for your grandma's handmade doilies; now you can upload recipe templates and digital organizer sheets and sell to as many people as you want.
Have Time? Rent Your House - Airbnb lets you rent either your whole house or a room to people from out of town, or just those looking for a mini-vacation.
Buy a Vending Machine - It's not completely passive, but investing in a bunch of vending machines is a great way to make consistent income.
Hold People's Stuff - Storage rentals take a very large initial investment, but the maintenance is minimal and the profit can be astronomical.
Clean Others' Laundry - Laundromats are not as en vogue as they used to be, but they can still be legitimate moneymakers if you reach the right audience. Beware of maintenance costs though, those can add up quickly.
Have Nothing?
Get a Credit Card - Card companies will always need people to buy things on credit, and they're often willing to extend nice rewards for people who do. If you pay your bill on time, this can be a great way to stack up passive income.
Use a Cashback Site - Cashback rewards cards work because the company gleans a good-sized profit off of every sale; cashback sites operate the same way. Use their portal to purchase things online and it's very likely you'll get a few percent back on every purchase.
Want To Get Started?
It's easy to throw money or time at multiple different ideas on this list just to see what sticks, but I would advise picking one and giving 100% towards it. Every one of them come with their own potential pitfalls and can take time, but with enough effort, they can be well worth it.