Earning money without working is more than a fantasy.
With passive income, you can make money even while you sleep. And with so many ways to earn passive income, there’s an option for almost anyone.
Whether you’re looking to quit your day job or just want extra money in your bank account, read on for five passive income examples that are both realistic and lucrative.
- Real Estate Investing
Since as long as people have been living in houses, real estate investing has been around. For many beginners, this involves owning your own home and renting it out to others. But real estate investing can also be investing in commercial buildings, apartments, or REITs.
And if investing in an already-built property seems overwhelming, don’t overlook land investments too. You can buy land and resell it to a family who wants to build a house, or you can pave it and convert it into a paid parking lot.
Learn how to make passive income from real estate investments with this academy.
- Create a Digital Product
Creating and selling your own digital product is one of the most creative passive income ideas out there, with almost endless options.
Types of digital products include:
- courses
- downloadable resources or guides
- videos or movies
- e-books
- photography
- apps
- widgets
- music
- themes and designs for websites
- recipes
- software
And there are many more types to choose from! With digital products, you typically only have to create the product once before making it available digitally to the masses. Then, they can buy and download it whenever they want, without you needing to lift a finger.
- Become an Influencer
These days, almost anyone can be an influencer, and you don’t have to look like a model or record every moment of your life for the internet. Just being an expert on a particular topic and creating content about it can earn you easy money.
There are several ways to make money by creating influential content. You can write a blog and include affiliate links, or you can start a YouTube channel with advertisements. You can also start an Instagram or other social media account and post sponsored content for cash.
This is one of the more demanding types of passive income because you must commit to updating content regularly. But even one viral video or post could be enough to earn you thousands of dollars.
- Invest in Stocks
Investing in the stock market is a traditional way to earn passive income, but it still holds up today.
As a company you invested in grows, you can earn more money from your investment.
Some stocks are more stable than others, and some take years before seeing substantial gains. Before investing in stocks, be sure to study up to make sure you know which investments are worth your money.
- Advertise on Your Car
One of the easiest ways to earn passive income only requires a car.
If you spend a lot of time behind the wheel, you can generate passive income by placing advertisements on you car. To maximize your earnings, try contacting an advertising agency that specializes in car ads. They’ll pair you with a company to market, and your car will be wrapped to display its product or service.
Try One of These Passive Income Examples
If you’re ready to make more money with minimal effort, choose from these passive income examples.
With just a car, camera, or a little creativity, you can be earning extra cash in no time.
If you want to start a business generating passive income, be sure to check out our other business articles!