Building Wealth through Passive Income Ideas (Part 2)
Passive Income Sources that Require an Initial Time Investment
Most of these sources will involve setting up a personal website or blog; but that is not actually an expensive proposition. You may utilize the services of Bluehost for this purpose. They will provide a free domain name and will host your blog at an initial price of only $3.95 monthly, a really cheap outlay for the opportunity to create a passive income source.
Publish and Sell an eBook Online – Self Publishing has become a profitable source of income for many individuals. More often now, any eBook you buy from Amazon could be a self-published work. This is because self-publishing has become significantly easy; you should try it to find out how easy it really is. It simply involves writing and editing a book yourself, designing a nice cover for it and then submitting to a platform, such as Amazon’s Kindle Direct Publishing. Although there is no guaranteed success, that should not stop anyone from accomplishing one of the three proverbial things any person must do in life before passing on, besides having a child and planting a tree. And before that time does come, utilizing this passive income source requires plenty of marketing upfront before you can benefit from your investment.
Offer an Online Course on Udemy – Udemy provides an online platform for people to take video courses on various subjects. You can be a producer instead of being a consumer on Udemy by offering your self-made video course and selling it online. This passive income source is a great option for those who have the skills or talents in any particular artistic or academic field. Moreover, it multiplies your efforts several times over, compared to the conventional one-on-one or classroom tutoring mode – indeed a potentially lucrative passive income source!
Selling Your Photographs – Did you know that many websites, blogs and even magazines acquire their photos from websites featuring stock photos? So, if you are into photography, you can turn in your favorite shots to stock-photo sites and earn a fee each time someone buys one of your photos.
License Your Music – In the same way, you can have your music licensed to bring you a stream of income through royalties paid by those who use your music. The usual venue for licensing music is through YouTube Videos, through ads and other means.
Design an App – If you are a smartphone or tablet user, you are probably very familiar with apps downloaded into them. Perhaps, you yourself have a great idea for an app. In that case, get the help of a programmer to make that app for you. That should provide you some residual revenue.
Affiliate Marketing – Affiliate marketing involves collaborating with a firm (becoming an affiliate) to receive a fee or commission on a product. This approach of creating income works well if you have a blog or a website. It might take a long period before you can build up the idea in order to gain passive income from it. Check out affiliate marketing programs available online to find out which suits your needs best.
Network Marketing – Network marketing, also referred to as multi-level marketing, has been drawing people for many decades now and providing many of them with above-average income. You have probably heard of such firms as Avon, Young Living Oils, Pampered Chef and AdvoCare -- all engaged in multi-level marketing. This can be a great source of passive income. You can build a team to work under your banner (what is called your down-line people) who will provide you commissions from the sales they make, even if you do not make any sales at all or just make a token sales output based on your required quota as one team.
Design and Produce T-Shirts – Cafe Press provides online users to make their own T-shirt designs or other items requiring some designing work. You can earn royalties from the designs you make, especially the ones that become hits.
Sell Digital Files on Etsy – You can also sell your own artwork through Etsy which provides digital files of artwork people can print out for decorating purposes. Other popular digital files on Etsy are available for download. Who knows? Your collection of graphic designs might provide you a steady stream of passive income if you join the site.
Ideas for Semi-Passive Small Business Ventures
Vending Machines – Vending machines can be a fantastic low-maintenance small-enterprise venture. Any individual can maintain several vending machines in a string of nearby towns. Every two weeks, you can collect and refill them, bringing revenue for your future retirement life.
Car Wash – There are still many places that do not have car washes. It is a good semi-passive income source. A weekly regular maintenance job can provide a very comfortable schedule for a business idea that you can either personally manage or hire out to someone else.
Storage Rentals – You can also rent out to customers storage space for a monthly income. The main job involved is when opening any of the storage units for new customers.
Laundry Services – This is a rather debatable option for a semi-passive income source since it can actually involve a lot of continuing maintenance work. You can decide whether it is worth all the expected work.
Easy Passive Income Sources
Finally, here are a couple of easy passive income sources which demand no cash and no initial work. Although the returns are very minimal, nothing beats getting easy passive earnings.
Cashback Rewards Cards – Using a credit card to pay bills can provide you cash-back rewards. Allowing your rewards to accumulate for a certain period and later putting the easy money you saved into a passive income venture will do the trick for you. (Check if the card you use does not charge a yearly fee; or else you end up with zero revenue in the end.)
Cashback Sites – Similar to the previous one, you can choose to use a cashback site when shopping online. Why should you not get a hold of that free money for so little or for no work at all? You may decide between eBates and TopCashBack, the two most popular sites available.
Get Started Now
The best strategy for a beginner is to have only one passive income source instead of having 4 or 5 right away. This allows you to learn slowly the ropes first and to focus on building a passive income venture. Once you have mastered one, add another until you are fully content with the income stream you have built up.
At the start, a significant amount of money and time will be involved; however, in time you will realize that earning passive income is a cinch! Choose the most suitable idea, plan your venture and commit yourself to that income source until you start benefitting from it.