You may perhaps be employed in an organization. But then, the salary that you earn might not be good enough to have a savings for your retirement life. You also will require fulfilling your present obligations for which extra income will be necessary. Hence it will be essential to generate lucrative returns, be it through side business or doing some extra work. It allows you to get extra money while pursuing your main job as well as offers additional security.
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Top 12 Passive Income Ideas
If you have passion for writing or have expertise in any field, then writing an e-book will be beneficial. You can leverage on Amazon’s worldwide distribution and be viewed by millions of book lovers. It should short like 30-50 pages.
2. Develop course:
You can develop a video or audio course and sell them through popular sites like Coursera, SkillShare and Udemy. Also consider ‘freemium model’. This is providing free content to develop a following and charging for detailed information.
3. Affiliate Marketing:
Social media influencers’, website owners or even bloggers may promote some third party product to generate money. You just need to include the product link to their social media account or site. You may consider Amazon, ShareASale, Awin, eBay, etc.
Also Read: 5 Simple Tips to Improve Your Logo Design
4. Rental Income:
Rental property investment can help earn passive income. However, you are to learn how to profit from this venture. Otherwise, chances are you could lose your precious investment. But then, proper research and wise investments in a better area can help provide good retirement income.
You may have good sense of using your camera. You can consider selling your images online. It can even help scale up your efforts. There are sites like Alamy, Shutterstock and Getty Images that help promote your images. License your photos and get approval from the platform and make your images as Cash-Flowing Assets.
6. Flip retail products:
Online sales like Amazon, eBay can help sell your products that you might have purchased for low price. You can benefit from the price differences. But then to achieve success, you need discounted merchandise.
7. Dividend Stocks:
Company shareholders having dividend yielding stocks are offered regular interval payments. Cash dividends are paid from their profits on quarterly basis. Simply own such Cash-Flowing Assets. Dividends generally get paid per stock share. Hence, more stock owned will mean higher payouts.
8. Peer-to-peer lending (P2P):
It can be termed to be a personal loan that you offer to a borrower. It is generally facilitated through some 3rd party intermediary like LendingClub, Prosper or Funding Circle. Do maintain adequate precaution.
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It stands for ‘Real Estate Investment Trust’ and does help generate lucrative returns. A company manages and owns the real estate. It has some special legal structure enabling them to pay no or very little corporate income tax. They are available for purchase at the stock market.
10. App development:
You may develop a game app or something that allows mobile phone users to perform several hard-to-do functions. On making your app public, users may download it, thus helping you to generate income.
11. Sponsored posts:
This is another Affiliate Marketing idea that you can undertake on the different media platforms to earn money. This can work out if you have a huge fan following. Consumer brands may pay if you promote their products or services in your post.
12. Bond ladder:
It can be termed to be a bond series maturing over certain time period at different times. Staggered maturities permit reduced investment risks. This idea best works for near-retirees and retirees.
The above are the best 12 Passive Income Ideas that you can go through to find out which one can be implemented.