23 Easy Passive Income Ideas To Start Growing Multiple Income Steams Today
23 Easy Passive Income Ideas To Start Growing Multiple Income Steams Today
Tired of the same old 9 to 5 grind? I hear you. It can be super discouraging being stuck in a job that you hate.
Never getting credit for the hard work you do or getting passed over for promotions because of your gender or age; even though you would be the best person for the job.
Who needs that, right? The thing is that many of us can’t just pick up and leave our jobs just because we feel like it. We have financial obligations, we have families we need to support, we have homes that we need to pay for.
It sucks! But here’s the thing, even if you can’t get out of that soul sucking job right now, there are things that you can do in your spare time that will lead you to the life you want.
Want to know how? Well, by creating multiple streams of easy passive income, that’s how.
What is passive income anyways?
Passive income is basically putting in some up front work that will end up generating income for years to come with little ongoing effort.
Creating multiple streams of passive income is one of the easiest ways to grow a business while still working at your current job to fulfill your financial obligations.
With every new stream of easy passive income you create, you’ll be one step closer to replacing your current paycheck.
How I earn easy passive income
Take this blog for instance, this is a form of passive income for me. Even though I work at it all the time writing content and promoting it, I’m still earning easy passive income from ads on my blog.
I also make money every with affiliate sales from articles and reviews that I wrote months or years ago. Plus I have a digital product for sale that brings in income every month. Not to bad huh?
Now you don’t need a blog to earn easy passive income. There are many ways that you can generate easy passive income. Here are 23 of the best ways that I’ve found to make money with little effort.
23 Easy Passive Income Ideas
Start a blog
I know, I know…you don’t need a blog to earn passive income but it is a great way to earn passive income. I just gave you some example of how I earn passive income with my blog.
If starting a blog interests you, then you can check out my article “How To Start A Blog ~ A Step by Step Guide” to start on your blogging journey.
Write an eBook
Writing an eBook is a great way to make easy passive income that flows in for years. You don’t need to be a great writer to make money with an eBook.
You might have a nice library of family recipes that can be compiled into an eBook. Maybe you’ve been gardening for years, you can compile your knowledge, tips and trick and share them in an eBook.
You can use a platform such as Amazon Kindle to sell your eBooks or you can use other services such asSendOwl (which is super cheap) to deliver your eBook.
Peer to Peer Lending
Peer to Peer lending is when you loan money out to people who do not qualify for traditional loans. Typically you can expect a return of anywhere from 5 to 10% on your investment.
Investing money this way will bring in higher rates of return then a typical savings or money market account. Lending Point is a great company to start peer to peer lending.
Rent a Room
If you have a spare bedroom in your home why not rent it out to make some money to help pay the bills? Be sure to do your due diligence before allowing someone to come in your home. Ask for personal references and check them.
You should also make sure you have an agreement between you and your renter. You want to make sure your rules are laid out in black and white so both you and your tenant are on the same page as to what is allowed and not.
Get Out of Debt
This doesn’t seem like the typical easy passive income idea. You may be thinking, how will getting out of debt earn me money? Well, if you get rid of your debt, then you’ll have that much more money in your pockets instead of giving it to the credit card companies.
Take a look at what you are being charged every month in high interest rates. Those high interest fees will go straight into your pockets once you are debt free.
I created a Financial Freedom Debt Free Planner to help you on your way to getting out of debt. You can check it out here and you’ll also be able to see one of my many easy passive income streams too.
Affiliate marketing is normally associated with blogging or having a website but you don’t necessarily have to have either of those to make money through affiliates.
If you don’t know, affiliate marketing is when you promote products that you use and love to your friends. If they purchase the product you sent them to through your affiliate link, you earn a commission for the sale and it’s at no extra cost to your friend.
All you really need to make money with affiliate marketing is a decent following on some social media sites and you are good to go.
You can check out my post “How To Earn Passive Income On Pinterest” for some great tips and affiliate programs that you can utilize to start earning passive income with affiliates.
If you’ve ever thought about selling stuff online but don’t want to deal with all the hassle of shipping items out all the time, then you should consider finding products that you can have drop shipped to your customers.
Really all you need to do is find a few good and profitable products that you can list online. Then create listings and every time you make a sale, the drop shipper takes care of the rest.
One word of caution, make sure you order the products for yourself first so you can check out the quality of the product as well as how good the drop ship company is at fulfilling orders.
It’s your name on the line here, so make sure your customers are getting great service.
Cash Back Sites
Using cash back sites and apps is an easy way to make passive income with little work. I mean, why not get paid for something you are going to do anyways, right?
Just think about it, you go to a website to make a purchase and you get paid for it. What’s easier then that.
You can check out my article “One Simple Online Shopping Trick That Will Save You A Ton Of Money”where I share how I make money online shopping without spending a ton of time searching for deals.
Create a Course
Creating a course is along the same lines as writing an eBook. You share your knowledge on a specific topic in the form of a course which could include videos, workbooks, planners and more.
Typically courses are priced pretty much higher than eBooks so it’s worth putting in the extra effort into your course right from the start to make the most of this easy passive income stream.
I’ve never created a course but I have taken some pretty great courses which were hosted by sites likethinkific and teachable.
You Tube Videos
Who would have thought that you can make money with funny home videos of your pets? Well you can onYouTube. Every time someone watches your videos, they also see some ads which is how you make money.
There are many types of videos that you can post on YouTube (it doesn’t need to be your pets), how to’s and tutorials are really popular on YouTube as well. All you need is some great ideas and a decent following and you’re good to go.
Rent Storage Space
If you have any kind of storage space such as a garage or barn with some extra room, then why not rent that space out? There are many people who need to store things like seasonal recreational vehicles that pay good money to rent out space.
If you are going to do this make sure that those items will be covered by your insurance if a mishap should happen. You don’t want to be stuck with a huge expense should something happen.
Vending Machine / Batting Cage / Photo Booth
Vending machines, batting cages and photo booths (among others) are a great way to earn some good money. Most of these things are self sustaining without much work except regular maintenance.
To make it truly an easy passive income, you can hire someone out to do these tasks while you sit back and relax.
If you love to being creative, designing or creating art work, then why not get paid for it? You can make money over and over again with your designs when offered on print on demand sites like Zazzle, CafePressand Red Bubble.
These sites allow you to add your artwork to all kinds of different products such as coffee mugs, canvas prints, framed artwork and much more at no upfront cost to you.
Private Label Product
There are many companies out there that offer private labeled products that you can sell under your own brand. It does take quite a bit of upfront work and research, but once that work is complete, you keep earning profits every time your products sell.
You can sell you private label products just about anywhere these days. One of the easiest and most passive way is selling them through Amazon’s FBA program. You simply create a listing, then ship your products off to an Amazon warehouse and then Amazon takes care of the rest.
You can check out my post “How To Make Money With Amazon Arbitrage” to see how easy it is to use Amazon’s FBA program for online sales.
High Yield Savings
If you have money in the bank, then why not move it over to high yielding online savings account. CIT Bank offers interest rates that are on average over 20x more than traditional savings accounts.
Many people shy away from online banks because they think it’s risky but the legit banks are FDIC insured so you have nothing to worry about.
Do you love taking beautiful photographs? Just like selling your designs on products, you can make good money selling you photography on sites like Big Stock Photo and Shutterstock among many others.
Every time someone downloads one of your images to use on things like brochures or websites, you get paid a commission so you’re making money over and over again on something that you’ve put work into once.
You don’t have to be a great artist to be able to earn easy passive income selling t-shirts. Just think about all those novelty t-shirts you see everyday?
Most of them are just words with funny sayings. So, with just a bit of creativity and humor, you can make good money selling them.
It this interests you, check out Merch by Amazon. This is a print on demand t-shirt site run by Amazon, what better place than Amazon to have you designs available for sale.
You can make some good passive income from designing and selling digital products with just a little bit of computer know how.
Digital product can be anything that someone downloads to print or to use as is. It could be a planner, patterns, eBooks, templates or done for you spreadsheets. Basically, the possibilities are endless.
I use Sendowl to delivery my digital planner, they have multi-level subscriptions so you can pick your plan and price based on your needs. They take care of payments and delivering your digital product every time it sells. It’s basically set it and forget it. Pretty easy huh?
If you’ve ever put together a big event, then you know that there are many things that you need to make it all work. So why not become the person who makes good money renting out things like folding tables and chairs, chair covers, decorations, and even dinnerware?
You can require that whoever is renting pick up and drop off the supplies so there is little work that you need to do. Or you can even hire someone to do it for you which will increase the rental fee, to cover the cost of corse.
Rental properties are not only a good easy passive income stream but a good investment as well. The rental income you get not only puts money in your pockets each month, but it also pays the mortgage on the properties too.
Just think of how much more extra money you will be bringing in once the mortgage is paid off on those rental properties.
Of course there is maintenance that you need to consider but you can alway hire those tasks out.
Place ads on your vehicle
How nice would it be to make a few hundred dollars every month just for placing an ad or two on your car windows and just driving around the same way you normally do?
Who would have thought? You can check out Carvertise to see how much you could make just for placing an advertisement or two on your vehicle.
Create an app
You can make some serious money if the have the techie skills to create an app. You don’t have to develop the next big gaming app.
There are many apps that can be created to help people do things easier or in a more organized way that are very popular and are probably more evergreen than games so you can be making easy passive income from them for years to come.
Okay, house sitting is not totally passive income but it’s income that you can make for just doing what you normally would do, just at someone else’s home.
What could be better than that? Well, maybe starting a house sitting business and hire other people to do the house sitting for you. You can even hire someone to do the administrative work as well and just collect your portion of the profits..
A laundry mat can really earn you quite a bit of easy passive income month after month. I’m not sure if it’s like this everywhere, but most of the laundry mats that I’ve been to are pretty much unmanned.
So besides unlocking the doors in the morning and locking up at the end of the day, there isn’t much more to it. Once it’s set up there is little day to day work involved in keeping it going and earning.
You can hire someone to check in every now and then and to perform maintenance and repairs that are needed to the equipment.
23 Easy Passive Income Ideas
So there you have it 23 ways you can make money while you sleep. I’m sure there are many more ways to earn easy passive income beyond this list.
Just think outside the box and one day you can be raking in money while lying on the beach drinking a margarita. How cool would that be???!!!
Do you have any other easy passive income streams you could add to this list? Please leave a comment to share them.