Everybody wants to get rich. Well! Who doesn’t?
But making huge money is not an easy job.
You had to bust your ass in traditional 9 to 5 jobs killing your freedom just to get a minimum scale salary.
And that’s not even sufficient to run your family, to pay your bills and to replenish your debts, which is terrible.
I had been through this situation & I know how hard it is:
Wake up early morning with alarm, get ready for office, listen to the abusive boss, work overtime, suffer from headache, Ahh… what not!!
I used to work in 9-5 software developer job and eventually got burned.
So, I decided to left that job & did something that I love to do, which now pays me $30K+ each month with no effort & less stress.
And this had only been possible with the passive income ideas, which I had mentioned below:
My Story Of Earning Passive Income
4 years ago, somewhere I heard people making an insane amount of passive income online and quitting their 9–5 jobs.
And I was curious to know how they were doing this, because that was my dream too.
So, I started searching on different websites for how to make passive income online & found one.
That was starting my first successful blog, which now makes me over $15,000 each month. And the main thing is, I enjoy doing this.
I can now sit anywhere I want, party with my friends, go on a date & still get a pay check.
And this has only been possible with the help of passive income.
Thus, I kindly request you to invest all your time and energy in generating passive income.
And, this article is specially written for you, if you’re thinking of starting your own passive income business.
Here I had mentioned each and every legitimate passive income stream that exists – Will pay you more with less effort & minimal investment.
But, before reading these goldmine ideas, let me first make you clear on what passive income is:
What is Passive Income?
These are the source of income in which you don’t have to literally get up and do something all the time to create it or make it happen.
But, it doesn’t mean you have to sit down, chill & money will flow towards you. If you think so, then that’s not going to happen.
Actually, to generate passive income, we’ve to bundle our labor for a certain period of time so we don’t have to do it again and again in the future.
We do have to work on it, but not much as compared to your traditional 9-5 jobs. Therefore, it’s called a passive income source.
13 Passive Income Ideas For 2020
Here are the best passive income ideas for 2020 to make money while you sleep:
1. Dividend Stock
Investing in dividend stock is the best and easy way to make a passive income.
If you don’t know what dividends is?
Dividends is a cash paid by the company regularly (typically annually) to their shareholders and partners out of its profits .
Investing in a dividend-paying stock means you are buying a share of a company & literally becoming the part of their business.
As the company generates additional cash (profit) from the money you have invested. It provides some additional cash to its shareholders.
And because you are a shareholder of that company, you will also receive additional cash as a bonus.
But, be sure to invest in the best dividend-paying brokerage and earn money.
According to recent data, McDonald’s is the highest dividend-paying corporation.
You can also invest in M1 Finance, which is the best free investment platform that allows you to build a portfolio and invest for free.
2. Peer To Peer Lending
Peer to peer lending means the practice of loaning money to borrowers who don’t qualify for traditional loans/financing.
You simply lend money here and get principal and interest for that.
3. Invest In Rental Property
You may not consider real state rental as a passive income source.
But, you can outsource the running of the property to a management company to make it completely passive.
To find the right rental property you will need to invest some capital at the beginning.
After that, you will earn more than $2000 per months depending on your property.
Tips For Buying Rental Property
- Buy at Right Place.
- Find Right Neighborhood.
- Be Aware Of Local Rental Regulations.
- Ensure Proper Parking is Available.
- Look Out For Safety Issues.
Check out Roofstock where you can buy a single-family rental online.
4. Open YouTube Channel
YouTube is an exceptional platform which allows craters all over the world to present their ideas with the public for free.
Major YouTube channels make a profit from their videos and it’s a decent amount of money.
And, to make money from YouTube, you first need to open YouTube channel and upload videos on a daily basis.
And once you reach 1,000 subscribers and 4,000 hours watch time (Minimum criteria to monetize/run ads on YouTube) you will start making money.
What Type of Video Should I Upload on YouTube?
It is entirely up to you what kind of video you want to upload.
It can be funny videos, tech videos, beauty related videos, tutorial type videos, etc. as per your interest, talent and audience demand.
However, it takes some time to meet the monetization criteria set by YouTube. You can start it for zero investment, all you need is a good camera that you already have on your phone.
5. Start a Blog
Blogging is also another major passive income source.
You can earn a huge amount of passive money blogging & it’s a never-ending money source.
Each month, I make around $15,000 from my three blogs.
So, if you are fond of writing like me, then you should definitely start a blog today.
How To Start a Blog?
Starting a blog is super easy.
You must first buy a premium domain name, hosting and a good-looking WordPress theme to get started.
My personal fav web hosting company is Bluehost because it provides domain name free for 1 year.
Yes, you don’t have to purchase your domain name (www.YourSiteName.com) for extra $15.
And, the theme which I’m using on this site & recommend you are Elementor Pro + Astra Pro theme. They work in combination & are great for creating blogs. You don’t need coding skills / should hire designers to set this theme.
They provide you great looking starter templets which you can directly import on your WordPress dashboard. If not, you can create your own design using the drag-and-drop functionality of Elementor Pro.
Once setup is completed, you had to write about 10 to 15 blog-post and apply for Google AdSense.
Not only Google AdSense, but there are also 100’s other ways to make money blogging in 2020.
There are bloggers who make more than $14,000,000 per months, which you can find on the link.
6. Run Facebook Page
Facebook has now become a source of income for many people in around the world, including me too.
You can now earn money from your Facebook fan page.
To earn money from Facebook, you first need to create a Facebook page and upload a video on it as on YouTube.
Once your page gets 10,000 followers and 30,000 views, you can apply for Facebook video monetization and earn a decent amount of money.
Facebook pays you money by serving ads on your videos.
And, when someone sees that ad or clicks on it, you will earn money.
7. Affiliate marketing
You may or may not be familiar with the term affiliate marketing, so to clarify exactly what it is, I will explain it in a simple way so that you can understand it better.
What is affiliate marketing?
Affiliate marketing is a process of earning commissions by promoting other people’s products or services on yours.
The product or service can be of any person, company or an organization such as Amazon, Flipkart, Alibaba, e.t.c.
How To Do Affiliate Marketing?
At first, you had to apply to become an affiliate partner for certain products or services.
Once you are approved, the company will provide a link to their product and services which you had to promote in order to make money.
And, you can promote them anywhere you want like on your social media account, YouTube channel or in your blog.
However, you should have some serious followers who blindly trust you & purchase the products you have mentioned through the links.
Once they make a purchase, you will get a certain amount as an affiliate commission according to the rules of the company.
And, there are many affiliate marketers, who earn $ 213,212 + every month, which you can click here to see their earning report.
Dropshipping is a retail fulfillment method where the store doesn’t keep the product that sells in the stock, which means it allows you to sell the products on your own store without having to purchase large quantities of product in advance.
It has become a major passive income source for various people in the world.
You can build a six-figure income through dropshipping with an investment of $ 100 monthly which can pay you huge dividends with not an only minimal risk but with minimal effort.
You may wonder how this is possible? But it is possible, and I have my own experience in this field.
During the startup period, I had no money, but now it has turned into a lifetime of income.
Most of my earnings now comes from blogging, affiliate marketing & drop shipping.
And the interesting thing is – I don’t spend even an hour on it.
But I had people working for me.
How does dropshipping works?
- Step 1: Costumer place the order on your website.
- Step 2: You receive that order and send the order to the supplier with customer shipping information.
- Step 3: Supplier receives the order on their end, packages and ships order to your customer on your behalf. And the supplier sends you the tracking information.
- Step 4: You alert the customer that their order has been shipped and supply them with the tracking information so they can keep track on it along the way.
And the most interesting thing about this is, you will be invisible along the way.
This is how you can start dropshipping passively from today.
9. Sell E-Books
Also, you can sell them on your own blog if you have a good amount of traffic and earn a lot of money.
It depends on you what kind of book you want to publish.
It can either be business-related books or anything else like beauty-related books, jokes books, food books, etc. Depending on your interest and expertise.
Also, let’s talk about how much money you can make.
Your earning depends upon cost you set for your books, what your book is about and how many stocks have been sold.
It depends on you what price you want to set for your e-books, it can be $20, $30, $40, $100 or so on according to your mindset.
How can I earn money selling e-books?
Whether you are enjoying a holiday with your friends or on a world tour, no matter where you are and what you are doing.
You can earn money continuously after your books are published and started selling.
10. Sell Image Online
Multimedia creates a great impact on people’s lives.
Whether it is on Facebook, YouTube or a blog. We love to see high-quality images & videos everywhere.
And, that is why I always try to put best images on my blog post so that handsome and beautiful visitors like you will love it and share it with your friends.
But, sometimes I do not find images that are best to put in my blog post. Because of this, I had to buy images from Shutterstock, which cost me over $200, which is insane.
Not only me, there are millions of people who buy pictures online at this price.
I met a photographer, who makes $15K per month and runs his family by selling pictures online. This means, there is huge profit in this business.
How To Earn Money Selling Images Online?
High quality camera is #1 thing you need to start this business that you can easily get on Amazon.
After purchasing the camera, you can click some high-quality images of the person, bird, animal, flower, sky e.t.c and sell them on Shutterstock.
And, best thing about this business is that there will be no time limit for doing this job like on other regular 9 to 5 jobs.
11. Rent Your Vehicles
After knowing all my story, I don’t think you will be afraid to start an online business now.
But if you are the one who wants to make passive income offline, then this idea is best for you.
You can rent out your car, motorbike, airplane and earn cash without having to drive them yourself.
I rented my car for 1 month just to share my experience with you and, do you know, it made me $500 that month.
Therefore, renting a vehicle is the best way to earn a passive income that you may have ignored or unknown before.
12. Rent Out Rooms On Airbnb
If you have a spare bedroom’s on your building, then why don’t you use it to generate extra cash.
In Airbnb you can rent out your spare rooms whenever you want.
All you have to do is, set a schedule and only rent your house when you feel like it.
Not only your spare bedroom, you can also rent out your entire house when it is vacant.
If not, you can convert your entire rental property into a short-term vacation rental and list it on Airbnb to generate passive income.
13. Sell Secondhand Items
If you have unused items like clothes, furniture, jewellery in your house, then why not use them to earn extra passive income?
There are many platforms online where you can sell your secondhand stuff and earn money.
Related Article: 40 Best Online Consignment Shops To Sell Your Secondhand Stuff.
All you had to do to is, download their app, list your items & sell them to a potential customer’s nearby you.
How do I generate passive income?
You can generate passive income by investing your time and money on index funds, high dividend stocks, real estate e.t.c for which no further work is required and you continue to get passive money throughout your life.
Is passive Income real?
Yes, it is. Passive income can help you earn big money without having to work hard. And this is how rich people make money. They invest their time and money into a passive income source and once they make some money from it; They deploy it to generate more passive income.
How to make $1000 a month in passive income?
Investing in dividend stocks, mutual funds, real estate, peer-to-peer lending, selling online courses, blogging, affiliate marketing e.t.c are the best way to make $1000 a month of passive income.
How to create passive income with no money?
Although hard work and patience are required to earn a passive income without investing money. There are some passive income sources like YouTube, blogging, affiliate marketing, online surveys through which you can generate decent passive income with no money.