Passive Income Ideas You Can Use to Build Real Wealth

Passive Income Ideas You Can Use to Build Real Wealth

So many people research to make passive income and yet, a lot of them cannot find the answers they seek. The streams of passive income require a great deal of nurturing initially and upfront investment. After a while, they can maintain themselves and you will have consistent revenue. 

Here are a few ideas.

Dividend stocks: A lot of research is required on your side and a significant amount of capital. 

Peer to peer lending: This involves lending money to people who do not qualify for other loans.

Rental properties: investment in rental properties can be done in so many ways and it is a great way to have a steady monthly income.

Money market funds and high yield savings accounts: this is best if you want your money to work for you, but you do not want to think about it too much.

CD ladders: this involves buying certificates of deposits (CDs) in specific increments from banks.

Annuities: pay for an insurance product (annuity) then get monthly payments for life.

Automatically invest in the stock market: through a robo-advisor people who are not sure about the process of picking stocks can passively invest in the stock market.

Invest in a real estate investment trust (REIT): REITs are investment vehicles which hold your property within them.

Refinance your mortgage: if you refinance your mortgage, you can free up significant income.

Reduce or pay off debt: reducing your debt or paying it off completely helps you build your income. 

Invest in a business: being a silent partner in your business of choice can generate passive income for you.

Ideas That Need Initial Time Investment

Sell an eBook online: self-publishing is huge today and easy.  

Create a course on Udemy or Teachable: if you are an expert in any field, you can create a video course and let other Udemy/Teachable users buy it.

Sell stock photos: submit your best photography work on stock photo sites and earn commission whenever someone buys your photo.

Licensing music: this works like stock photos.

Create an app: hire a programmer and let them turn your idea into an app.

Affiliate marketing: this is ideal if you have a website or blog.

Network marketing: investigate Avon, Young Living Oils, etc.

Design T-shirts: you can start with Amazon Merch or Café Press.

Sell digital files on Etsy: this is perfect for talented designers.

Semi-Passive Small Business Ideas

Airbnb: list up apartments, houses, etc. and earn some money.

Start a car wash business.

Rent out your car (just like listing your place for rent).

Vending machines: you can have them all over town.

Storage rentals: these are very low maintenance.

Own a laundromat.

Easy Passive Income Ideas

Cashback reward cards: make sure your credit card offers these.

Cashback sites: when shopping online, use a cashback site.

Get paid to use an app: look for apps that pay you to install and use them.

Save money on your electric bill (you can use the Truebill app).

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