Passive income is not a scam or a fairytale; with a few wise choices, you can begin earning in a less straining way. These types of side hustles or side projects are all about seeing profits after a minimal investment (time or money) and little need for maintenance.
Thus, it’s natural for people to be wary of these opportunities, especially on the internet. This article introduces some trusted approaches to passive income without putting yourself at risk.
Create once, sell forever
The first option on our list focuses on various digital products available online. You likely have purchased an ebook or an online course at some point. These goods represent passive income for creators who build and continue to sell these products for years.
Thus, if you have the skills to release any of these products, they are an excellent option. However, you might be thinking: I’m not exactly sure how to do that, nor do I have the expertise. Fret not: nowadays, basically, anything can become a digital product, such as:
Templates for budget tracking, planning, grocery shopping, expenses, travel, etc.
Coloring books.
Wall art printables.
Meal plans.
Unique board games.
CV or cover letter templates.
Social media templates.
Presentation slides.
Checklists.
Most of these options don’t require highly advanced skills and can be achieved through helpful software like Canva, Prezi, Visme, Figma, or Google tools.
Blogging and other content creation
Not all projects can be wrapped and sold immediately. Sometimes, it can involve an ongoing process, such as starting a wellness blog and sharing tips on healthier meal options. On its own, blogging might not bring you any monetary gain. However, multiple passive income strategies can be applied to monetize your content.
You could write sponsored product reviews or even sell digital products. The latter could include guides or locking some exclusive content behind a paywall. Besides this, most blogs rely on advertisements to generate income. Another option for bloggers is to accept guest posts from other writers, which might include some rewards for having their work published.
Most of these recommendations apply to applications, YouTube creators, Twitch streamers, or other digital creators.
Open savings accounts
Savings accounts allow you to earn without doing anything, just by storing your money in that account. Of course, it’s not a quick process, but it’s better than having your money sit and do nothing. High-yield savings accounts usually have higher interest rates, but it’s always best to shop around until you settle on the best option. Also, pay attention to other conditions of the high-yield savings account. For example, you might not be able to touch or withdraw the money for a specific time. Thus, always look for the best offers that suit your needs.
Lend your money for potential growth
Nowadays, becoming an investor in a business or people is easier than ever. Various peer-to-peer lending platforms facilitate these relationships, and you get to pick which investing opportunities suit your interests. Additionally, some trusted platforms allow you to invest at your preferred level.
For example, you can focus on manual investing, choosing which opportunities suit your needs. In other cases, you can opt for the automated version, which allows the service to find options that work for you. The latter is desirable for beginners since you don’t need much experience. All you will need to do is specify your conditions, such as the potential risk, loan duration, and interest rates.
The truest form of passive income
Of course, many of the options discussed require some level of work. However, we also have some options if you’re ready to start earning money for free. These methods also usually take longer to generate profits, but since no additional work is required, most people don’t mind.
The first example is sharing unused computer or internet resources. Both represent passive income: you enable sharing, and services pay you for your contributions. In terms of computers, it might mean renting idle storage space on them. For internet bandwidth, it means sharing your connection with others. While possible, it’s crucial to pick trusted providers that ensure no interruptions or unwanted behavior occur.
Another option is affiliate marketing, which does involve some preparation, but it can generate profits without much management. For this option to work, you need a platform to share affiliate links, preferably one that attracts potential customers. The most common options include social media channels or personal blogs.
Conclusion
Although passive income might not be the quickest way to earn money, its low maintenance and entry costs make it a worthwhile option. In most cases analyzed, you dedicate your time instead of any financial investment (like writing content for your blog). Of course, sometimes it can be as easy as turning a switch on and off. So, pick one or multiple ones that suit your needs and skills the best.
