Passive income is money that is usually (but not always) received regularly without any or only little effort. You either have to do much, in the beginning, to set up your passive income stream or/and you regularly have to invest at least a bit time, effort or money to maintain that income.
1. Income Idea Through Drop Shipping
With the blast of eCommerce, drop shipping has turned out to be extremely famous. Here is how it works: you make an online store that offers items from certain manufacturers. A person visits your site, orders an item, and your system sends the order request to the manufacturer of that product.
2. Writing Books For Passive Income
Selling books can be an incredible way to create some genuine passive income in the form of royalties. In today’s day and age, once your book is accessible on a site like Amazon, you could get a check every month for doing nothing. The more time you spend promoting your books, the more cash you’ll make online and offline.
3. Income Through Cash Back Websites
This may not be considered as something that will help you go to early retirement. But you can still earn money with no effort required from you. Not to mention that this is completely free. All you have to do is sign up in cashback on shopping websites. They will give back a portion of the total amount that you spend on your purchase.
4. Vending Machine Business
This is one of the often underestimated passive income ideas. But it is a great way to make money especially if you have found the right place to install your vending machine. Consider the number of people going in and out of that place, you will stand a big profit if you have placed the machine in a strategic area. A well-placed vending machine can potentially earn $100 per week or even hundreds of dollars per day.
5. Income From Lending Money
One of the best passive income ideas is to loan money to others and get paid in the form of interest. We’re not saying to loan money to a broke friend who never pays you back. As a private lender, you can lend to anyone in your social circle. For example, many home fix and flip investors need access to a source of capital they can tap into very quickly to fund the initial purchase of their properties.
6. Time Deposit Is A Good Passive Income Idea
You can earn passive income by investing money in fixed deposit accounts. This is one of the best passive income ideas that present very minimal risks. Unlike other savings account, a time deposit has a stated date of maturity. You cannot withdraw such a deposit before the maturity date. The interest rate of this type of savings account is considerably higher compared to other accounts, but it depends on the term and amount placed.