This option won’t make you rich, but it is one of few passive income ideas with very little risk and a minimal time investment. Related: 15 Ways to Make $50,000 a Year In Passive Income 5. Open a High-Yield Savings Account So, even if you don’t necessarily have the skills to make a software program, you can still make this passive income business with digital products source work for you. He had the idea for what he wanted the software to do, but he hired someone else to do the work of creating the software. So he didn’t actually create the software he sells. One interesting thing about Spencer’s story is that he hired out via Upwork for all of the development of the software. In fact, Spencer made over $10,000 a month by selling his LongTailPro software.īy partnering with other bloggers and advertising LongTailPro on his own blog, Spencer marketed his software in niches he knew would benefit from the software. LongTailPro is a keyword research software that helps you find the right keywords to get high converting traffic to their website or blog. Have you thought about using your skills to create software to sell? Spencer Haws created a software program called LongTailPro. Fundrise has low fees and you can get started investing in real estate with $10. It is a like REIT‘s (Real Estate Investment Trusts) but better. One company that I came across is called Fundrise. Looking for a better way to get passive income with real estate, I decided to check out real estate investment options. I tried this traditional route but it was too much of headache trying to find new tenants and maintaining the property to generate rental income. It can be nice because you have a physical asset that you have more control over and the cash flow is consistent as it’s monthly income. This can be profitable, but unless you hire a property manager, having rental property is not very passive. The most common way to start investing in real estate is to buy a home and make it a rental property. Invest in Real EstateĪnother great passive income strategy is to invest in real estate and generate rental income. Investing in dividend stocks is one of the most popular ways for building wealth and has a long track record. Whenever you invest money in the stock market, it’s important to do your research or talk to a financial advisor. Or you can take the money as a paycheck and live off of it if you don’t want to invest in the stock market further. You can reinvest those dividends to buy more shares of stock. Many investors, including Warren Buffett, earn money by owning shares in stocks that pay dividends.ĭividend income is money paid to shareholders of stocks in the form of cash.Įvery quarter–or sometimes monthly–companies that have dividend-paying stocks issue dividend checks to stockholders. Dividend IncomeĮarning dividends is one of the most popular ways to make passive income using the stock market. Read on to find your best passive income ideas to earn money while you sleep. Top Passive Income IdeasĪs you start researching, keep in mind the types of passive income that are in line with your skills and your passions. I will go over this more in the second section of this article. It will take you a lot of time up front but doesn’t require money to get started. The best example would be writing a book. The second type of passive income requires your time, not necessarily money. This is where you invest a certain amount of money and return you get paid regularly in the form of dividends. The most common example of this would be investing in dividend stocks. The first type of passive income stream is where you need money in order to make money. There are two types of passive income, so it is important to know that before you get started. Keep that in mind as you read our list of ideas for building a passive income stream.Ĭheckout my video on some of the top passive income ideas here: If one income source goes away, you’re not left without a paycheck.Having multiple passive income streams is good for two reasons: In other words, don’t just choose one option, choose two or more. One way to earn passive income is to have multiple income streams coming in. Other sources of income are passive but you need to delegate any work that needs to get done. Some income is truly passive, which means it needs no attention from you. You’ll have to do some upfront work, but then the money just comes in. Passive income is income you earn from doing little to no work.
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