Passive Income: 20 Ways to earn extra-Cash

In order to become financially set, you need to adopt a way to earn passive income. Your current work won’t always fulfill your needs, so generating passive income is something to look into. But what is passive income? Passive income is a source of income that you can earn with the least minimal effort. How can you do that? Believe it or not, there is a huge range of passive income ideas to consider.

Here we will cover some of the best ones.

1. Create your own YouTube channel

YouTube is a great source of passive income since you just upload videos and they will generate income for you in the long run. Sure, you still need to create videos often if you want to generate more passive income. However, this works very well and it can deliver an extraordinary result.

2. Rent some rooms in your home short-term

Services like Airbnb are offering the opportunity to rent your home short-term if you want. This is a great idea because you have little to no effort, you just invest in cleaning. And yes, you can rent your room or entire property as many times as you want.

3. Start a drop shipping/ drop servicing website

All you have to do is to create a website through which you sell products created by others. You work with a wholesaler that fulfills all orders, so you don’t even need an inventory. Drop servicing works in a similar way, but in this case, you offer services that you outsource to others.

4. Create a mobile app

You need to create a mobile app and then publish it online. You either insert ads and get paid via advertising, or you sell the app for a price. This is a great source of passive income because you work once and you get paid continually.

5. Peer to peer lending

In this case, you are borrowing money from people via a dedicated platform. You borrow that money and the company in question will give you an interest rate. That way you generate passive income without any hassle.

6. Sell photos online

If you’re talented at taking photos or a good photo editor, you can sell photos on various stock photo websites. This is actually a great way to generate income, especially if you post a lot of photos often. And yes, there are people that live solely from this source of passive income.

7. Affiliate marketing

Affiliate marketing is a very good option because you create a website and then you just promote other people’s products. You do that via an affiliate program link, and you get paid for every sale you make or leads you generated.

8. Write an ebook

You just need to write an ebook once, and then you must publish it online. Every time people purchase your book, you make a profit. And yes, you can generate sales indefinitely, as long as you keep that book for sale.

9. Online courses

A similar thing can be done with online courses. Create and publish an online course on a platform like Udemy. Once you do that, you just have to promote it and you will earn money continually in the long term.

10. Blogging

Blogging is a great income source, even if it takes a while to build an audience. But once you have a larger audience, you can monetize your blog in a variety of ways. Affiliate marketing, sponsored guest posts, donations are great sources of passive income for your blog.

11. Rent your car

Services like Turo are quite interesting because they can take your car and you rent it for a certain amount of time to random users. You get paid for how much your vehicle was used, and you don’t need to do anything.

12. Record audiobooks

There are companies that will pay you to record audiobooks. They will give you a portion of the sales and you can generate quite a bit of passive income this way. It’s actually a clever way to generate an income passively. Plus, you can do it with a variety of books.

13. Vending machines

You buy vending machines and then you place them in various locations where people would use them. Sure, you have to pay some rent and maintenance, but in general, these are great sources of passive income.

14. Sell your designs online

You can use freelancing platforms and even regular marketplaces as a way to sell designs online. You just put the work in once, and then you can sell the design multiple times. It works great, and it certainly delivers impressive results.

15. Staking cryptocurrencies

If you already own crypto, then staking crypto is a very interesting idea. What you’re doing is you’re getting interested in invested crypto, without worrying that you will lose your tokens. There’s no risk, and you reap the benefits.

16. Create and then license your music

You can start creating your own music and then you use online platforms to sell it. You can license your music indefinitely, or it can have a time-limited license. Each time someone pays for the license, you will get some income, so it’s definitely worth it.

17. Sell ad space on your car

Selling ad space on your car is a great passive income idea. Companies will pay you quite a bit of money to do this. Plus, you don’t have to invest anything, you just need to take care of your car as you would normally do.

18. Design shirts

If you have great design ideas in mind, you can transform those into shirt designs. There are many platforms where you can sell just the design and they will print it on shirts. The more shirts you sell, the more you will make. You can even hire a designer if you don’t have shirt ideas.

19. Start a podcast

Podcasting does involve quite a bit of time as you build an audience. But once you do, you will receive a lot of sponsorships. Plus, you can place ads and those generate money too. There can be an audio and video version on YouTube as well.

20. Buy and sell collectibles

This is a great way to generate your will because you just buy items and sell them for a profit. You don’t have to do any work aside from maybe browsing sites like eBay or local sites to find those items. Then you can sell anywhere you want, especially on specialty websites.

Conclusion

There’s no limit to how much passive income you can make, it’s all up to you. There are a plethora of ideas if you want to generate passive income, all you have to do is to make the most out of them. Give these a try and you will be very happy with the results!