Small Gigs to Build Multiple Income Streams
There are two basic ways to earn money. The first is the traditional way: getting out of bed in the morning and going to work for it. But the second way is a lot more fun because it means you get to earn money while you're sleeping, or reading a book, or on vacation. Once you've got them set up, the best passive income ideas require little to no active effort from you.
Most of these passive income ideas require a bit of startup capital, so your first step will be building up some savings. After that get ready for your money to start making you money!
Investing is one of the most common ways to make passive income. Over the long term, the stock market has consistently generated steady returns, even if it has ups and downs in the short term.
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Owning rental properties
Rental properties are one of the best passive income ideas. If you own an apartment or a house you can rent a room or portion and earn a steady income. But if you're not up for the job of screening tenants and being a landlord, you can turn this into a passive income strategy by hiring property managers. Of course, this costs a fee, but it takes a lot of work off your hands.
When it comes to how to create passive income with no money, you'll have to invest effort upfront instead. Passive income ideas like this and the next few only become passive over time. Self-publishing books on Kindle is one popular way to monetize fiction or nonfiction writing. Actuall, writing the book will require the most time and effort of the process, of course. You'll probably also want to research some marketing strategies to get your title out there.
Creating apps or software to sell
If you already have tech skills, think of a program that would improve people's lives or be fun to use. Even simple apps can be successful. For instance, look at the story of Flappy Bird: an extremely simple yet addictive game that went viral and at one point was earning its creator $50,000 a day from ad revenue.
You don't have to build the fanciest, most complicated apps to earn a profit. Once your app is available for sale, there's little ongoing work besides making any necessary updates.
Selling stock photos
One of the easiest passive income streams to start is selling stock photos. Although this isn't a passive income idea that will usually make you rich, it is relatively easy. Once you've done the work of taking photos and listing them on a stock photography site like Shutterstock, your photos can bring you a little cash on the side for years to come.
Think about the types of photos companies might want to use for websites, articles, etc. The subject matter might not always be the most exciting, but getting paid is exciting, right?
Selling a course
Did you know you can create your very own course to sell? Whether you are a fantastic cake decorator, have a unique skill or know how to play an instrument, you can create and sell a course for it!
Selling courses is one of the best ways to make passive income. Once you create your course, your earning potential is unlimited. There are many platforms you can use to get started, but Udemy and Teachable are among the most popular to use.
Who doesn't love printables? Printables are those adorable print-outs you can download and use for just about anything. You can design your printables on sites such as Canva or PicMonkey. You can start your very own store and not even carry inventory, thanks to print-on-demand platforms. Whether you want to sell coffee mugs, t-shirts, journals, or stickers, sites like Printify and Printful make it possible.Once you design your printables, you can either sell them on a platform like Etsy or on your very own website. Printables are one of the easiest passive income streams to create that continuously earns you cash!
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