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Passive Income Ideas

Exploit Passive Income Ideas to Create Multiple Streams Of Revenue

Do you find yourself searching for passive income ideas? If so, we will show you ideas you can utilize online and offline to earn passively.

It is hard to survive on two incomes in the world we live in today, let alone a single income. For this reason, many individuals are seeking to earn an passive income to live comfortably.

In light on the internet, there are multiple ways an average person can create streams of income. Nowadays, we have the ability to utilize the internet as a tool to earn an additional income. Yes, the internet can be used for purposes besides Facebook, Instagram and weather updates.

Even more, it does not require much expertise to create these streams of revenue. It only requires time, dedication, and the ability to think outside the box.

According to statistics, the average person will retire at 62 years of age. Now let's do the math, average people work 8 hours a day, 5 days a week which equals 160 hours a month. In one year, this individual worked 1,920 hours assuming they didn't take a vacation. There are 8,760 hours in a year.

This means if this same individual started working when he/she was 21 until the age of 62, they would have to work approximately 78,720 hours before they can retire.

In layman terms, an average worker works nearly 1 million hours before becoming eligible for retirement. This means you'll work your entire life, unless you do something about it.

However, you can choose a different route to secure your financial independence. You do not have to go through your entire life working a lifetime to retire. You can start exploring ideas to become wealthy, although, it's recommended that you exploit more than one stream of income to increase your streams of income.

Don't be fooled, you will have to work harder than the average worker to generate wealth. It takes a ton of patience and endless amounts of research to become wealthy. In the end, you will have more time and money to do things you like to do.

It will take a lifetime for the average worker to generate enough funds to become financially stable. However, if you start exploiting more than one strategy to make money, you can secure financial independence opposed to financial stability.

Types of passive income

Passive Income Ideas with No Startup Costs

Finding passive income ideas is not difficult by any means. You just have to be in the right place, at the right time. Most people will call this luck, but we all know the internet provides you with equal opportunity to become wealthy.

There many ways to earn passive income with no start up costs or fees. Anyone can implement these strategies and use them to their advantage. You will need an internet connection to access these opportunities. If you don't have the internet at home, you can find free Wi-Fi hot spots at local libraries and stores.

You can easily secure your financial independence by using the same blueprint that millionaires use to generate wealth.

It has been noted most millionaires use seven streams of income to accumulate wealth. You should aim to do the same given this information. The saying “do not put all your eggs in one basket” is true with regard to generating wealth. You increase your earning potential by employing diverse strategies.

Passive Income Showing Signboard Placard And Display

1. Affiliate Networks

You can earn money online free using affiliate networks. One of many definitions for affiliate networks: An affiliate network is the middleman between an associate (affiliate) and business (affiliate program). Additionally, affiliate networks make it easier for associates to find affiliate programs. The affiliate program permits associates to sell products of the business for a percentage or flat rate.

However, you will need a platform to market the opportunity. Most associates promote affiliate products through social videos, blogs, websites, forums and article directories. You can also use some social networks to market affiliate networks. You must be careful because some social networks do not allow members to post affiliate links on their site.

2. Website Designing

Several individuals need websites designed. There is a high demand for website designers, if you have strong computer skills, working knowledge of HTML and CSS, and be proficient with MS Word and MS Excel. You can find several ads posted on Craigslist under the gigs and job sections to find opportunities. In addition, there are various freelance opportunities to earn extra cash. Website designers can generate a decent income helping clients build their brand.

3. Create Online Video Courses

If you have knowledge about a subject, you may want to consider creating online video courses. This particular opportunity provides you with a chance to earn revenue from your own online video platform. More importantly, you can earn huge profits by developing strong content.

4. Selling Life Insurance Policies

You could earn generously selling life insurance policies. If you sign up with a company that pays affiliates generously, you can get paid monthly. For instance, imagine if you earned 10% from the customers you sign up and the average quote was $180 a month. You can earn $180 monthly, if you have 10 customers who have purchased policies through you.

TrueBlue Life Insurance is a resource you can use to sell life insurance polices.

5. Write an eBook

Writing an eBook is similar a hardcover or softcover book. However, the content you write for an eBook will be distributed in PDF format. When you write an eBook, you should create content on a subject that you're passionate about to get the best results.

6. Selling Personal Products

Selling your own products is an enjoyable way to earn cash on the side. You can sell things that you don't use on eBay, Offerup or Craigslist. You can sell; arts and crafts, art work, pottery, antiques, handmade goods, your services, ideas, clothing, postcards, photography and resources.

7. Online Consultant

Become a business consultant or a personal consultant online. It may come to surprise you how many people need help managing money, personal problems, marriage issues or company development. YouTube has an efficient social video platform to get started.

8. Multiple Streams of Income that Require Investing

There are streams of income that will require investing your hard-earned cash. However, you can earn your return on investment back soon if you invest wisely. When investing cash, it takes time. Likewise, you will have to research diligently to make a wise decision investments cash.

9. Creating an App

These days you can build apps for free. However, building an app can be a frightening process. Many individuals get intimidated and end up paying to have apps developed. Nevertheless, apps are fairly expensive. The average cost for a basic app is $25,000.

10. Acquiring Interest from Bank Accounts

Checking account interest - You can earn interest from your annual percentages. Savings account interest - Your earnings from a savings account is similar to a checking account.

11. Automatic Stock Investments

You may want to pay attention to the stock market if you're interested in purchasing stocks. If you don’t have the time to research the stock market, there are some companies that do the research for you. Nevertheless, it's hard to put your trust into a person or automated system. Therefore, it is advised to do the research yourself.

12. Dividend Stocks

Many individuals use dividend stocks to earn income on a monthly basis. In other words, you can earn income passively by implementing a strategic approach. One important factor about dividend stock companies is they pay their shareholders on a regular basis. Most stock companies pay their shareholders quarterly or annually. It’s recommended to research stocks with low volatility for desired results.

13. Peer to Peer Lending (P2P)

Peer to peer lending is risky but rewarding. You never want to lend out any amount of money that can negatively affect you. It is advised to lend an amount that you feel comfortable to lend, an amount that does not affect how you move forward. You can earn a whopping 5 - 10% return on investment with P2P lending.

Resource for P2P lending:

Lending Club

14. Private Equity Funds

This particular type of investment is for individuals who are wealthy. Typically, a group of wealthy investors put their funds together for either a medium or long term project. The funds are held by the individual who initiated the project or a financial management group.

15. Purchasing Bonds

Purchasing a bond can be a lucrative investment. The most common bonds are corporate bonds and municipal bonds. A bond is typically a loan made by a lender (you) to a borrower corporation or government. This loan carries an agreed upon set amount of interest.

16. Certificate of Deposit (CDs)

One of the safest investments is investing money in CDs. Typically, after you invest, you must agree to leave your money for a certain amount of time. CD investments can last 3 months up to 5 years.

17. Real Estate Investment Trust (REIT’s)

The best time to consider a real estate investment trust is when the market is well. Times when the real estate market is above ground, REITs seem to do well. However, it's recommended to raise your credit score before this type of investment.

18. Buy and Sell Music Royalties

The music royalty marketplace is a huge industry. The revenue earned in the music royalty marketplace is over a billion dollars annually. Even more, the earnings continue to grow each year. More importantly, you can earn a portion of this revenue. You can buy and sell the music rights and copyrights. There are several auctions on the internet that allow investors to buy and sell royalty streams of music.

Music royalty resources:

Royalty Exchange
Songbay

19. Laundromat

Starting a laundromat business requires a huge start up fee. However, a laundromat business will pay off in the long haul. On average, a laundromat business costs around $200,000 - $100,0000 to start up. It can take anywhere between 2 - 6 years to earn back your total return on investment. The amount of revenue your business earns depends on how busy your business is and which city you live in. The average laundromat profits $3000 - $8000 per month.

20. Rent Out your Property

A eloquent way to capitalize from this opportunity is by beating the price of local storage units and rental prices. Rooms can be rented out, garage space, a driveway or a section of a home. The average price to rent out a garage is $150 per month, room $200 - $600, driveway $50 - $150, section of house $300 - $1100.

21. Publish a Book

Write a book on a subject you’re passionate about. Then receive royalties for a lifetime. It is advised for authors to write content on a niche subject. As a writer, you have a better chance to produce meaningful content when writing on a subject that you're passionate about.

Book publishing resources:

Amazon
Barnes and Noble

22. Start a Podcast

Many influencers are making money from podcasts. However, you will need the proper equipment and software to start earning money from podcasts. The software you'll need is free, the equipment can be purchased under $100.

23. Creating Websites

You can always earn extra money by creating a website. Unlike a blog, developing a website will not take too long. Even more, you do not have to keep adding posts to a website. You're basically finished after creating the content. However, you must keep your site well maintained, frequently updating content.

24. Vending Machine

The vending machine marketplace has potential. The above average vending machines are earning $100 weekly. Likewise, below average vending machines are generating less than $5 a week. However, your marketing plan will determine the amount of revenue you generate from a vending machine. It is important to analyze the location you place your vending machine. It is equally important to ask the people who have access to your vending machine which type of snacks and beverages they enjoy.