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Are you looking for passive income streams so you can make money in your sleep? It’s a dream for many and if you’ve tried in the past, you know that it can be a challenge.
A lot of people get overwhelmed by the thought of making money passively but in this article we’re gonna show you the easy way to do it. Keep reading for these 13 actionable passive income stream strategies to kick into gear starting today!
What is Passive Income
Passive income is the opposite of active income. With active income, you are doing something to earn money, like working your 9 to 5 job, freelancing, running a business, etc.
Passive income is where you do little to no work to create income that keeps reproducing itself in the future.
It’s like putting in a few hours of work for setup of a project and then being totally hands off for months and years to come, making money consistently month after month.
When you hear folks talking about making money in their sleep, it is usually from passive income. And, we’re going to show you how to create passive income for yourself easily and with success.
Ok, take a look at these 13 passive income streams to increase your income!
Why Are People Going Nuts Over Passive Income?
Today, the name of the game is passive income. And, more and more people are looking at diversifying their income streams, whether they are employed or running their own business.
Many people want to make money in their sleep and passive income is a route that can take you there.
Think about it, making money every week or every month for doing nothing or very minimal work.
Who wouldn’t want that, right?
Check out these passive income ideas to get you started.
13 Passive Income Streams to Start Today
1. AirBNB Hosting
You might have heard of AirBNB. It’s the service that connects hosts (homeowners) with guests for short term rentals.
AirBNB is a great solution for many people.
Families that travel need a space to accommodate themselves and sometimes a hotel room or suite just doesn’t cut it. An AirBNB is the perfect space.
Or, for work purposes, sometimes a professional needs a space to host a luncheon or work event, do film and videography, shoot photography, and more.
It’s beneficial for hosts because they make money renting out their space.
As an AirBNB host, you can make money renting out a room or rooms, or your entire place. And, you don’t even have to leave the property. Many hosts live in the master bedroom and rent out the rest of the house to guests.
This is a great opportunity to make money passively and tons of hosts are making a killing doing this. It’s flexible, you can choose when you want to rent out your home, whether it be seasonally, during vacations or all year round, and it’s free to start!
It’s free to list your space on AirBNB. This is awesome but consider startup costs to make sure this is feasible for you:
Towels and linens
Think about your experience when you visit a hotel.
The hotels I visit have a mini bar, free bottled water, towels, toilet paper, blow dryer, iron, ironing board, and the suites come with even more so keep this in mind when you are preparing your space for guests.
AirBNB is really perfect for everyone.
By the way, you don’t have to be a homeowner to be a host!
AirBNB supports renters renting out their space. So, if you rent an apartment, you can do the same thing as homeowner and rent out a room or rooms, or your whole place to guests. So, as a renter, you are NOT excluded from this money making opportunity.
Check out this detailed post on AirBNB rental arbitrage.
Join AirBNB to learn more and get started.
2. Become an Author
This might sound like an unachievable goal but with the prevalence of ebooks and eguides appearing everywhere, Amazon especially, more and more authors and earning money passively writing books.
This story talks about how Amazon pays this self published writer $450,000.
This post shares how this 26-year old makes millions selling ebooks.
This could be YOU!
You don’t have to be a fancy writer or even a New York Times bestseller to make money passively as an author.
If you have a budget, you don’t even have to do the writing!
You can outsource it and hire a ghostwriter.
If you are a writer, you can make money with short stories, roundups, or low content and no content books like journals, notebooks, and planners.
Amazon is the platform I recommend you start with.
It’s huge with tons of exposure, a big audience and a great way for you to earn as much as 70% royalty on your book sales.
Click here to learn about Amazon’s Kindle Direct Publishing (KDP for short) program and how you can get started doing this!
3. Become a Digital Course Creator
This is kind of like book authoring but it’s for digital courses.
So you will get paid to teach courses online as an online instructor.
You will create a curriculum, lesson plan, write out the entire course and publish online.
Then, sit back and watch your sales come in.
This is a total passive income opportunity.
What is the key to success with digital course creation?
Marketing. This is a passive income stream that will require work in the beginning. You need to drive attention and traffic to your course so you’ll need to invest your time into promoting your course early on.
From there, little to no promotional work or effort will need to be put out to continue sales.
If you really want to push yourself and make the most money possible, consider creating multiple courses so you can amplify your income that much further.
Platforms to Build Your Course
Places to Market Your Course
Paid social media marketing
4. Renting Out Your Space
Like AirBNB, there is another new opportunity to monetize your spare space but you don’t have to deal with people much.
The company Neighbor works with you to get matched with people who need their stuff stored.
This can be automobiles, motorcycles, boxes, clothes, furniture, etc. that need to be stored.
A great opportunity for those who save money on storage space.
And, for hosts who want to make extra money, it’s a cool way to make money passively.
If you have extra space like an empty bedroom, attic, garage, etc., then this might be the perfect opportunity for you.
Up to $15,000 per year can be earned as a Neighbor host.
It’s super easy to get started. Click here to learn more.
You can make money passively as a blogger.
Bloggers make money in several ways:
Start your blog, monetize it, then make money.
Keep in mind, the start to making consistent, recurring income through blogging is slow but if you see it through then it could help you increase your income substantially and it can make you rich.
This blogger started making up to $4,000/month in the first 6 months of starting her blog.
This new blogger makes $5,000+ per month on her blog from one affiliate program alone!
Learn how to start your own money-making blog.
6. Lend Out Your Internet
You can sign up for free with Honeygain and get paid to lend out your unused internet from your cell phone data plan.
This is a very real opportunity that can make you around $50/month, though some users earn much more.
Not full-time income you can see but a little extra to grow your savings account, contribute toward a college savings plan, or enjoy a more fruitful lifestyle month after month.
Learn more about Honeygain.
7. Have Your Internet Activity Evaluated
All you do is sign up, install the app on your cell phone, and start getting paid.
One of the easiest ways to make extra money every month passively.
8. Start Your Own Digital Agency
Now, this is a cool way to make a lot of money but more semi-passive in nature.
You run an agency in a field of expertise like content, social media marketing, digital marketing, etc.
Then, outsource the work to contractors.
For example, you land a gig for $3,000/month for staff writing and you outsource to a freelancer for $1,500/month, keeping the difference for yourself, or $1,500/month in semi-passive income.
The work comes in finding clients but you can actually outsource that too! You can hire someone for lead generation, to find clients to keep your agency running.
I see more and more entrepreneurs doing this and recently saw a video case study where one woman got her agency to $30,000/month in the first 6 months!
If you’re looking to make more money, in a full-time capacity and don’t mind doing a little more work, check out this opportunity.
Invest your money in vehicles that will grow your money.
Here are some places to check out:
Just Google “robo advising” to learn more.
Read these 9 best robo-advisors of October 2019.
10. Rental Properties
While AirBNB is short-term renting, investing in rental properties is a long-term rental strategy that can make you money passively.
First, buy a property.
Next, rent it out to tenants.
Then, enjoy rental income every month.
Capitalize on this with more rental properties to duplicate your recurring monthly income.
To get more of a sense of how this works and how much you can make, check out these resources:
A Landlord Blog for the Passive Income Obsessed
Seven Tips About Rental Income
11. Affiliate Marketing
This can be done with or without a blog.
Basically, it works like this:
You join an affiliate program, refer products to your network and earn a commission if your referral results in a sale.
You can promote to family and friends, on social media, and other places.
Affiliate marketers can earn a part-time or full-time income. You do some work upfront and then those links live on forever, for the most part, earning you income in the future.
I have affiliate links on the web from 4 years ago that I haven’t touched and still make me money today!
Check out these affiliate networks you can join for free and find products to promote, easily:
12. Merch By Amazon
You can design products and sell them on Amazon.
Amazon fulfills the order, including printing the product and you earn a royalty.
There is work required in the beginning to get everything set up but after that, you can sit back and enjoy sales in the future.
Examples of products:
13. Selling on Fiverr
Fiverr is a marketplace where you can buy services at $5+ each.
This includes services like voiceover, products like templates or ebooks, printables, and much more.
To put a passive income twist on it, you’ll want to stick to selling information products like ebooks, templates, guides, etc.
This way, when you make a sale, Fiverr will digitally deliver the goods to your customer. It’s completely hands-off for you.
Fiverr is free to join and you earn a percentage of each sale as a part of selling in their huge marketplace.
There you go, I just shared 13 passive income streams that can help you make money in your sleep.
There is a little bit of everything in this post, from small business-related ideas to information products, e-commerce and more.
I hope you enjoyed.
Don’t miss our part 1 in this series, 22 passive income ideas for lazy people.
What are some ways you think you can make money passively?
Comment down below so we can continue the conversation.