Passive income is the opposite of active income, which is money earned when you perform a service or when you work full- or part-time and earn a salary, a per-hour paycheck, or earn commissions (like a salesperson) or tips (like a bartender.) While there are dozens of ways to earn passive income, from building a mobile phone app to owning a vending machine, let’s stick to the passive income models at the top of the list of the best money-making opportunities.
1. Sell items on eBay
There’s money to be earned by selling items you buy at a lower price, and selling them for a higher price on sites like eBay (EBAY) – Get Report and Amazon (AMZN)
2. Sell stock photos
There’s a big demand for stock photos online (individuals, organizations, and businesses use them when they create content online.) If you’re a photographer with a backlog of great photos, sent them to stock photo sites like DepositPhotos, who’ll pay a commission for any photos sold.
3. Create a mobile app
Maybe you have a great idea for a mobile app that brings up the best French recipes or the best golf putting tips at the tip of a finger. Hire an app programmer to put it together and sell it on an app store and trigger some passive income.
4. Design your own T-shirts
People love T-shirts, and they like making a statement wearing them. Take full advantage with a tee design-service that caters to a unique demographic, like pet owners, beer drinkers, or home gardeners. You can earn royalties on good tee designs using online sites like Amazon Merch.
5. Rent out ad space on your vehicle
An emerging market these days, companies will pay you to advertise their products and services on your car, van or truck. Connect with a local or national company on a specialty web site like Wrapify and get your logo on your vehicle.
6. Earn cash-back rewards
Make money using your credit card via cash-back rewards, which actually pays you to use your plastic when making purchases. For example, the Chase Sapphire Preferred Card pays you 50,000 points – worth $500, for spending $4,000 in 90 days using the card.
7. Pay down your debts
Money you’re not paying credit card companies and lenders is money you stash right into your savings account. By not paying interest to lenders and using the money to have others paying interest to you, you’re engaging in perhaps the purest form of passive income – and enriching yourself in the process.
