20 WAYS TO EARN PASSIVE INCOME IN 2020
Imagine making money while you are sleeping or playing with your 2 months old cute little baby. Or let’s assume you are on the beautiful beach of Bali with your lovely beautiful wife enjoying every moment and yet money is flooding in your account.
Yeah, I am sure it must be and looks so fascinating but how is this possible? You are not in office not beating your head to the desk or not in that rat race of 9-5 but still making money…
Here comes the concept of passive income. Passive income is the income that requires little to no effort to earn and maintain. It is basically the indirect mode of earning income without being directly into action. Require much lesser efforts as compare to active income and have longer cash-flow.
Passive income has become one of the major source od income for wealthy people. You become financially free when your passive income exceeds your expenses. There is a very famous saying and that is :
“IF YOU DON’T FIND A WAY TO MAKE MONEY
WHILE YOU SLEEP, YOU WILL WORK UNTIL YOU DIE”
WHY IS THERE EVEN A NEED OF PASSIVE INCOME?
You, me, or your Lilly aunt everyone, everyone wants to earn some extra grand to help improve their financial status, to pay off their debt, or to buy something they always desired for. And you are not trading your valuable time for that income, all you need is to put some extra effort in the initial phase and passive income will then generate automatically by then.
HOW TO MAKE OR WAYS TO MAKE PASSIVE INCOME?
Making Money passively is never that much easy as it is now. Everyone yes I said everyone can earn passively with little to no efforts and yes discipline is also important. So the following are some of the proven ways to make money passively.
20 Ways to Make Passive Income
Needless to say what business can do. Business is often considered as the fastest way to become rich. Being your own boss with no limit to earning passively. You need to establish your business and earn lots of money passively.
Real estate made more millionaire than any other assets and it is one of the 4 prominent assets that make you rich fast. It is one of the highly reputed sectors in the business market. Real estate is basically dealing in land and housing properties.
Investing is a dark horse in the race of passive income because we have seen so many people who become wealthy by investing and the epitome of this list is WARREN BUFFET. He is one of the richest men in the world and started investing when he was a teen. Investing in mutual funds, stocks, real estate, dividends, and so on are some few ways to earn passively But remember one must have basic knowledge of investing before trying it.
DIVIDEND is basically returned on investing in share. It is a reward shareholder receives from the company they invested in. The dividend can earn a serious amount of money while you are on vacation but you have to do research and analysis for good stocks and should invest a certain amount of money to get large dividend checks.
5. PEER TO PEER LENDING
P2P Lending is a method of providing loans to a borrower from a private company or private institution without the interruption from the Bank. These borrowers are typically those people who don’t qualify for a traditional loan system. Borrowers get loans even if their credit score is not good. P2P Lending is often beneficial because the lender can get an interest higher than that of the conventional method.
6. NETWORK MARKETING
Network Marketing is the boon in the 21st Century and is among the fastest-growing sector in the world. It is also known as MLM or DIRECT SELLING. AMWAY, AVON VESTIGE, HERBALIFE are some examples of MLM. In-Network Marketing a mentor (also known as upline) has to build a team underneath him (refers to as downline). Whenever downline purchase some product upline get sum amount of commission passively. Larger the team greater will be the passive income.
7. AFFILIATE MARKETING
Affiliate marketing is basically a method of marketing and earning money. In this method in simple words whenever someone buys a certain product from an eCommerce site by your affiliate link you will get a fixed amount of commission on selling of that product. Earning from affiliate marketing totally depends on your audience and to earn a handsome amount of money you need to have a good amount of following. Blogger and website owners also make money through affiliate marketing.
8. USE CASHBACK SITE
Getting Cashback is both earning and fun as well. There is a number of sites that provide cashback services in order to avail of their service. Not only site but often some apps like GOOGLE PAY, PAYTM, PAYPAL, and so on are proving cashback on the transaction whether to pay bills or shopping.
9. YOUTUBE AND BLOGGING
Biggest platform to turn your passion into money. Youtube and blogging both provide you the platform where you can earn a handsome amount of money by providing valuable content to your viewer either via video ie YOUTUBE or via written content ie BLOGGING. Both have huge potential and these two are going to grow in the coming future.
10. APP AND WEBSITE DESIGNING
Most probably you are reading this article on an app or website. From our music, entertainment, and above all our social media, for almost all things we are using apps. And every day lots of apps are creating even more then we could imagine. Similarly, You can develop an app or website or hire some individuals to do it for you and can sell it on the app store and you can earn lifelong passive income.
Freelancing is a boom to those people who want to earn extra money as a part-time. Freelancer is an independent employee who is not under any company, they provide their service on a contract basis. Freelancers can earn a good amount of money from their homes working for multiple clients.
12. RENTAL PROPERTIES
People often confused rental properties with real estate, although both have lots of similarities there are few differences also. Let’s not getting into the differences but yeah rental properties can earn for you a good amount of income. Renting is a process where we pay someone in order to use their home, car, bike, etc. You can make money by renting out your free space, or your free apartment or anything that is not in use.
13. WRITE A BOOK/eBOOK
If you are a good writer or you love to write you can turn your passion into dollars, writing a book or ebook, and publishing it can really make you a good amount of money. Book reading is coming back in trend and you can monetize your passion.
You can also write an ebook and publish them on a platform like a kindle and likewise. Whether a physical copy or an ebook you get a certain amount of royalty on every book that reader purchases.
14. VENDING MACHINE
Do I need to say it? Vending machines as we sometimes relate them to Warren Buffet also a good source of earning money passively. All you need to do is buy a vending machine set up it at a great location and then your only concern is to keep it stocked and take out the money.
15. SELL ONLINE COURSE
One of the most common and rapidly growing methods of earning passive income is to provide online courses according to your preferable niches. You can provide online courses in any of your chosen courses be it social media influencing, digital marketing, relationship coach, data science, machine learning, c programming, and many more. You have to create a course initially and every time someone buys that course you would be making money.
16. SELL STOCK PHOTOS
There are lots of online sites that buy stock photos and in return, they even pay you for that. Photography enthusiast can sell their photo and earn a good amount of passive income. Some of the stock photo websites are given below:-
17. SELL YOUR PRODUCT ON E-COMMERCE SITE
You name it and you have it, It seems like everything I repeat everything is available on eCommerce sites like AMAZON FLIPKART OR EBAY. Such a site provides not only the chance to purchase whatever you want but also you can sell your stuff and make money. You can sell your old or used stuff on eBay in order to earn a good amount of money. Sell your unused or new stuff and make money. It seems like that making money was never so easy.
18. PAY OFF YOUR DEBT
Paying off your debt will eventually reduce the extra amount of money you were giving as debt as a result of it you now have that income as your extra income and you are not putting any extra efforts for that, therefore paying off or reducing your debt is a great idea to make money passively.
19. LAUNDROMAT SERVICE
Certainly gaining popularity among the new business market, laundromat service or laundry service is another fastest growing method of earning passively. A self-laundry service provides the facility of washing of clothes and within no time this industry gaining new heights. As a result of that, you can earn a good amount of passive income from laundromat services.
20. MEMBERSHIP SITE
If you own an online store or subscription-based site, and you are providing some valuable services you can earn money. All you need to do is to set up that service and consequently every time someone buys that service or gets membership of that site you are getting some money in your wallet. therefore it is growing at a good pace.
Certainly, there are lots of cherry points of passive income, but it is not as easy as some people think of it. Passive income also requires efforts, it also requires that initial hard work. Passive income can work for you.
While in the initial phase it requires funding and a bit of investing but as a result, it can offer much more, and sometimes it can serve you lifelong. Similarly, there are cases where your passive income can actually be more than your active income. therefore it is and it will always be a better option to invest in passive income.
I hope some ideas from above would inspire you to give it a try. I am quite sure you have even more ideas and they are certainly noteworthy so comment down your ideas of passive income and you can also give suggestions so we can improve our service.