On the off chance that you have a source of passive income at this moment then you should consider yourself lucky. Having a source of passive income can be really advantageous as it helps in generating extra cash flow. A person having a good source of passive income generates more revenue than others. Passive income supports a lot during bad times or in case of sudden unemployment. Let’s have a look at what are the best possible yet suitable ideas to earn passive income.
1. Create a course
It is one of the easiest passive income generation ideas in case you are skilled enough to teach any skill or provide insights about a particular topic. You can even go for the audio or even a video course. Provide recorded lectures on the platforms like Udemy, Skill share, and Coursera. These platforms are the swiftest mediums that can help you in reaching out to your desired audience, who might look for the course that you design.
These platforms allow content creators to either provide their content free or they can earn from them too. So, in case you want to build a fan base through your course then you can do it with ease. On the contrary, if your sole focus is on earning and generating revenue then you can charge a nominal fee with coordination of “that” platform.
2. Write an e-book
In case you are a professional writer, and even if you are fond of writing and creating engaging content then why not try your luck by writing an eBook? eBook is a great idea to generate a passive income. It is the easiest way to even gain global recognition. For those authors who want to become eminent, no matter for which niche they write, they can create an amazing eBook and can generate a handsome amount through it.
It would be considered as a passive income because the process will be continuous and the people will keep on buying that book as long as it is available on the notable inline stores. So, in the end, keep in mind that if you consider this idea then you will get global recognition and income at the same time.
3. Sell your Writing
It might sound weird, but yes you can even sell your writings and can generate a huge amount as a passive income. For instance, you can start blog writing, guest post writing, and article writing, all of these can provide a huge amount of income in case you know how to write. Another way is to write for a Custom Wikipedia Page. Although Wikipedia does not pay anyone directly or indirectly and it is expecting contributions on a voluntary basis. Though, to some extent, one can earn by providing Wikipedia-related services to companies and individuals who want to get themselves ranked on search engine results.
4. Create an app
In case you are a tech-savvy person than to earn a passive income, you should become an app developer. Try to build such a useful app that captivates users’ attention and provides them with numerous benefits. Make sure that it must serve the objective of its creation. Now you might be thinking how it can be a passive income generator. Then you need to be mindful that the creation of any specific app is a one-time job. You will get lifetime income as the number of downloads of your app increases. Though, you need to modify it and introduce the latest versions timely.
Rent out your home for short-term
Renting out a home is one of the most conventional and common methods that have been used by wise individuals for a very long time. All you need to have is a properly built house and you can easily transform it into a money-making machine. You can do this on a short-term or long-term basis. If you are going on vacation for even a week, you can even cash this by renting your vacant home.
5. YouTube channel
Another laid-back way to generate a passive income is to create your YouTube channel. It is the easiest way out of those that are mentioned in this post. Anyone can have his YouTube channel no matter if he is having any skill or not. All he needs is to have creative content that entices the public and motivates them to watch videos with utmost consistency.
6. Sell designs online
In case you are a creative designer then you should try your luck by selling your designs on websites like Cafe Press and Zazzle. On these websites, you can sell T-shirts and other accessories, by designing all on your own.
7. Start a drop shipping store
One of the best passive income opportunities, even if you don’t have much in the way of cash flow to start with, is drop shipping. Some drop shippers claim to earn more than $100,000 annually. But because it requires some initial time investment to produce money, it is not a get-rich-quick technique.
The drop shipping business strategy entails setting up an online store where clients can explore and purchase goods. Drop shipping is interesting since you don’t have to see or handle the physical things you sell.
When you dropship, your supplier takes care of the entire process, including manufacturing, packing, and fulfillment. And this passive income business has limited cash because you don’t need to send money to your provider until your clients pay.
8. Invest in the stock market
The stock market is a terrific method to create enduring wealth, despite the high learning curve and potential for confusion. Thinking in the short term rather than taking a long view to achieve financial objectives is a frequent error that most people make while investing money.
Stock investments are intended to diversify your portfolio and lower risk. This can be accomplished by purchasing mutual funds, exchange-traded funds (ETFs), and equities with high dividend yields that produce income over the long term. You must open and fund a brokerage account at a reputable financial institution before you can begin investing in the stock market.
Which passive income generator idea is the best?
Honestly, the idea in which you invest your time, money, creativity, and knowledge with optimism to do something for yourself, would work best for you. There is no magic wand that can help you in becoming rich-i-rich overnight.