Let’s be honest, anyone would love earning passive income. After all, it’s money that you can earn while you’re not actually working or doing something else. Here we discuss Top Passive earning Ideas in two-phases. Instead of trading your time for money, as you do at your day job; passive income is all about having money trickle in even while you’re not there.
If you’re willing to make money with passive income. But don’t know where to start, today I’m sharing some passive income ideas for you.
I wrote this article to help you make money and reach your maximum earning potential. So if you’re interested in learning more ways to make money and grow your income, then stick with us and regularly check Meta Earn.
Table of Contents
Power of Passive Income
Did you really know??? The average millionaire has 7 different ways of income. But most of them don’t have 7 jobs. Rather they leveraged the power of passive earning to over accelerate their rising capital. And while passive income may sound easy, it usually requires a bit upfront. But if you’re up for the challenge don’t let the promise of a little work deter you.
There are plenty of reasonable ways to generate a passive income that you can start today. And we wanna share some new ideas for you for making a passive income. That can be great for beginners, or those experienced with making money with passive income. Passive earning is generated from existing assets.
There are two different approaches to generating passive income. They are:
- Invest Money
- Invest Time and Effort
Investing money is pretty easy if you already have cash hanging around. You can put that cash in investment and put your money to work. And if you don’t have extra cash laying around, you will need to manually work towards building your passive income asset.
There may still be some monetary cost involved, but the bulk of your investment will be time and effort. The long term rewards may even be higher. So let’s talk about passive income ideas.
Here are some passive income ideas that you can start today. The first five involved investing money and the final five involve investing time and effort. And like I said, I’m saving the best for last.
Invest Money
1. High Yield Saving
Opening a high yield savings account. If you are depending on the traditional saving account, you will get a very low-interest rate i.e. almost zero or nearly zero. In fact, the national average rate is around 0.09 percent definitely not enough for you to see any meaningful income.
Luckily, there are online banks that offer some higher and enticing interest rates. The higher interest the more money you can make off of your savings. Online banks are able to offer higher interest rates than brick and mortar because of overhead.
By not having physical branches and the expenses that come with it online banks are able to pay their customers much higher interest rates. A high yield savings account allows for easier access than a CD and it will let you earn more interest on your money than if it was just sitting in a regular savings account.
I have high yield savings account that I used to hold my emergency fund. Since the purpose of my emergency fund is just to be there in case I need it, it’s worked out well to have it in a high yield savings account. That way I have easy access to it if I need it, and I’m making a little bit of extra money on it while it sits there.
2. Robo Advisory Investment Apps
There are also investment apps that you can use to get started making passive income. And one way to do that is by investing with a Robo Advisor.
Investing is mostly considered a major milestone component of any wealth-building strategy. And it used to be that having your investments managed by a financial professional was something only accessible to people who were already wealthy. And it was way too expensive for beginners and the everyday person to get started.
Now there are many apps out there that are easy to use for investing, and it’s more accessible for everyone. Instead of depending on a single person to manage your investments. Robo Advisors which are just sophisticated computer programs take care of all of the work for you. Even if you are a beginner and have little money to start with.
Advancement is one such Robo Advisor that gives you an individualized expertly constructed portfolio.And all you have to do is tell them a little bit about yourself and your long-term investment objectives, fund the account and they take care of the rest.
3. Shopping cashback
Another way to make easy passive income is by getting cash back for shopping that you already do with cashback rewards.
Cashback Credit Cards
The first way you can do this is with cashback credit cards, but please know that this is true only beneficial to you if you pay off your credit card balance every month in full. Interest fees can add up quickly and if you don’t, they can easily negate any potential rewards.
Cashback credit cards offer a percentage typically around one to 5% on purchases you already make. Some of the cashback offers may vary depending on the category. For example, a card may offer 2% cash back on gas and groceries, and 1% cashback on all of their purchases. My wife and I use one credit card to get cashback rewards. The card gets us one and a half percent cash back on all purchases.
We use our credit card for all regular purchases, whether it’s for gas or groceries or anything else we may need to buy. Also, we make sure that we pay off our balance in full each and every month, that way we never have had to pay a dime in interest. We like to save up all of our cashback rewards and use them for Christmas shopping in December.
Cashback Shopping Portals
Another way to earn passive income with cashback rewards is by using cashback shopping portals. Rakuten which is formerly known as Ebates is a website where you can earn cashback on your online purchases. The rate of cashback varies depending on the online store that you’re planning to shop with.
You can sign up for a free account to get started then download the browser extension to make sure you never miss out on a good deal. When you go to a racket and partner site like Amazon, Best Buy, and Target to name just a few, they essentially will notify you to enable cashback. It’s an easy way to earn free money when making purchases online that you’d already been making anyway.
You can check out the link from here(Rakuten) to Rakuten and you’ll get $10 for signing up.
4. Dividend-Paying Stocks
Invest in dividend-paying stocks. It’s one of the oldest and least popular passive income strategies. But there’s something to be said about investing in dividend-paying stocks that pay quarterly dividends. It’s one of the best ways to easily generate passive cash flow without much work.
The classic thing goes when you want to buy stocks do it in the hopes of buying low and selling high. Dividend stocks work the same way but with just an extra benefit. Just for owning the stock of the company, you are paid a little portion of the company’s earnings in the form of a dividend. With these types of stocks, you get paid when the stock value goes up in value, and when dividends are paid out.
If you have a huge amount of funds ready to be invested in some way, you can look into buying your first investment property. Investing in real estate like rental properties is one of those passive income ideas that can be extremely intimidating especially when it comes to finding tenants.
There is a website called Roofstock, which lets you buy properties with as little as 20% down that already have tenants living in them. That means that you start getting paid from the first day of your investment. And you don’t even have to physically visit the properties.
This is more of an ideal strategy if you live in an area where real estate prices are too high to realistically invest in, or you don’t wanna have the hassle and expense of traveling to multiple places visiting potential properties. With Roofstock once you buy the property they’ll pair you up with one of their vetted property managers to deal with the day-to-day landlord tasks, like collecting rent and scheduling maintenance.
Well, some passive income strategies involve the investment of money, others require time and effort.
Invest Time and Effort
Here are five more passive income ideas that don’t require a lot of costs, but may require you to roll up your sleeves.
1. Youtube
If you prefer making videos over the writing, you can start your own YouTube channel. There are a large group of people who make a full-time income with their personal YouTube channels. And their channels cover an array of topics, like travel, facts, unboxing videos, SEO guide, makeup tutorials, and vlogs. Basically, anything you can think of. Because YouTube is such a famous platform, there are more than enough eyeballs to attract an audience to even the most obscure niche.
You can make money from a YouTube channel through a few different income streams. The first way is with ads on your videos. YouTube has changed its monetization requirements in the last couple of years. But once you reach a certain threshold of subscribers and watch time hours; you can begin to put videos on your ads and this is super easy to set up on the YouTube platform.
Other ways that you can make money with YouTube is from affiliate marketing, sponsorships, and selling your own product. The more views you have and the more you grow your channel, the more money you can potentially make with your YouTube platform.
2. Online Advertising Agency
Another legit way to make some extra passive earning is by starting an online advertising agency. There are tons of small businesses in your city and chances are most of them are not effectively using social media like Facebook to attract more clients or drive more sales to their business.
And that’s where you come in as a Facebook ads agency owner. One of the best parts of this business model is that once you have a client’s advertising campaign set up and running smoothly, there is very little ongoing work needed on your end. Outside of checking in for a few minutes each day, it’s a relatively hands-off business model. You can work as a one-person agency or expand your service to serve more clients. Even with very little experience of learning the art and skill of Facebook ads is doable.
And anyone can pick it up and land their first client within a month. Most Facebook ad agencies will usually charge a flat monthly retainer of around one to $2,000 per month per client. I recently sat down with Bobby Hoyt and Mike Yanda, who’ve created the Facebook Side Hustle course. They’re experienced in running their own Facebook ad agencies and will show you how to do the same.
3. Sell an Online Course
If you know a lot about a certain topic, you can create and sell an online course. Whether you’re skilled at science or guitar, there are people out there who love to learn more and pay you for teaching them. You can create an online course and launch it on a platform like teachable or Udemy. Selling a course generates passive income for you when someone buying your course.
The great part of this strategy is that once you do the initial work of creating the course, you continue to get paid for each new student that enrolls. To make this a profitable undertaking, you’ll want to sign up with a course platform and upload your content like videos, audio, images, and text, and then you’ll make it your own with your branding, colors, and logos. And finally, launch and attract students to your course.
4. Renting out Your Car Using Getaround
If your car is sitting around unused while you’re traveling, on vacation, or even during a typical workday, you have two options. You can either let your car sit there and depreciate, or you can use it to make some extra passive income, like renting out your car with Getaround. With Getaround for example, you can make potentially thousands of dollars per year, by renting out your car to others while you’re not using it.
The average annual cost of owning a car is around $8,000( This may vary according to country). But by renting your car with Getaround, you can make some extra profit but not all of that money back. As a Getaround car owner, you get dedicated parking at the best spots in town. Around $50 monthly driving credits to rent whatever you’d like, and $1 million in primary insurance coverage. There are a lot of passive income opportunities out there that also fit with the gig economy that has become a lot more popular over the years.
5. Affiliate Marketing
And the final and my favorite way to make passive income is with affiliate marketing with a blog. Affiliate marketing is a way to earn extra money by promoting other people’s or company’s products and services. And earning a commission for each sale that you generate.
Let’s say you have a mattress that’s being sold online for $1,000 and that company has an affiliate program that pays you a 5% commission for each sale. So if you recommend the mattress to someone and they make a purchase with your unique affiliate link, you’ll make 50 bucks. This is one of the Top Passive Income Ideas in 2024.
One of the best ways to get started with affiliate marketing is by having a blog. A blog is your very personal website where you can write about the topics of your interest. The most successful bloggers and affiliate marketers usually stick to a fixed and specified niche or topic. So for example, if you’re someone who blogs about sleep, then it would obviously make sense to become an affiliate partner with a mattress company.
There are websites out there that show you which companies offer an affiliate program and what the commission rate is. And you can even find affiliate programs on the company’s website that you’re interested in. Once you’re set-up, you’ll receive a unique link that you can share with your followers and get a commission. When someone makes a purchase. And by making a post once and including your affiliate link, you can benefit from it time and time again when it’s found by new visitors. And in that way, you’ll be making passive income with affiliate marketing.
In Conclusion
When it comes to making money with passive income there are so many ideas out there. Ultimately, you can pick a combination of these passive income ideas or try them all. The right one for you will depend on your short and long term goals, how much time or money you have, and the talents or skills that you possess.
Whether you decide on a passive income stream that comes from investing money or one that requires some time and effort. Your future self will be thanking you when you keep making money from your passive income streams.
If you wanna learn more about passive income. And need to check out some additional ideas, check out our other blog links that mention below:
Legit ways to make money online
Earn Money Online by 5 Most Trusted Websites
