One of the best ways to make money is via passive income. It can help you retire early or give you additional income when you do retire. After all, we should all have ways that our money works for us instead of the other way around. This way when we are unable to work we still have income machines providing pots of cash for us. There are many ways to make passive income and the internet has created some viable options with little upfront cost. These ideas are not get rich schemes they are genuine ways to make a passive income over time.
What is Passive Income?
Passive income is a recurring income that does not require you to do anything for it. It is questionable whether there are really any passive income ideas as everything takes some sort of effort, to begin with at least. But when you have built up the income stream it requires little to no daily effort to maintain it. So you do the work once and then can earn a passive income from it.
Blogging is a long game. It can take a long time to build up enough of an audience to make it a viable option. However, with consistent effort, you can create a successful business with a blog. You write the blogs once and they can create a passive income for you over time with the placement of ads, affiliate links, or the sale of your own products.
Investments pay you in ways such as interest and dividend payments. For example, when you pay into an ISA you receive extra money that you didn’t need to do anything at all to earn. This all adds up over time and creates a nice chunk of money that essentially you got for free.
If you own a property and rent it out then this creates a regular monthly income for you. Of course, there will be landlord duties but you could outsource these to a management company to take care of for you.
You could write a book or a selection of books and continue to collect the royalties forever. With self-publishing available to everyone there has never been a better time to become an authorpreneur. Have a look at Kindle Publishing if you are interested in setting up a publishing business.
You will need to provide regular content but you will continue to be paid in several years time for videos that you create today. There are some Youtubers that are making 6 figures a year plus from their Youtube channels so it can be a very lucrative idea.