By R.L. Adams
Before covering some of the best passive income ideas that you can use to automate your revenue, it’s important to understand specifically what the concept means and what it doesn’t. You’ll likely find countless posts on the web covering dozens of passive income ideas, whether online or in the real world.
When an income stream is passive, it means it requires little to no maintenance to keep the money flowing. Now, that doesn’t mean it can simply be completely ignored or forgotten about. No. Quite the contrary. It’s important to track every passive income stream and watch it like a hawk, no matter how automated it might be.
- Write and publish an ebook:Another great method for generating a respectable amount of passive income is to write and publish an ebook. Non-fiction ebooks that help to educate your audience on topics such as online marketing, business or other self-development areas, are going to sell far better than fiction books at the outset.Clearly, fiction can make tremendous amounts of money, but it’s also highly competitive if you’re not an already-established writer with an existing following. Utilize the Amazon Kindle Direct Publishing platform and publish ebooks that will fill an existing need in popular niches where you have some level of expertise.
- Create an online course:Have a technical skill? Want to convey that skill to others out there while generating a healthy passive income stream? Creating an online course on Udemy is a great way to automate some of your cash flow. However, like any other income stream that’s passive, it takes a significant amount of effort on the front end.There are so many things that can be taught through an online course. I opt to teach technical skills in my courses such as how you can become a web developer or learn search engine optimization, but you can also opt to teach other skills such as playing an instrument, learning a new language, becoming a photographer and so on and so forth.
- Develop a smartphone app:Okay. Okay. I know it’s not easy to develop a smartphone app. You either need a lot of skill or a bit of money to get someone to make your vision into a reality, but it is still possible. While the overnight gold rush to app riches might be over, you can still earn a respectable income if you develop the right app.If you can create the next Uber, then great. If not, you can opt for some niche app that will help to solve a problem or fill a need that might not have yet been properly covered. Think you can do something better? Why not give it a shot? If you’re at all technical and understand the dynamics of business and smartphone applications, this is definitely worth your while.
- Earn real estate rental income: Real estate has long been the source of passive income for ages. Investors and owners have opted to rent out homes, apartments, condos and office space to generate a healthy monthly revenue. Clearly, real estate is a great source for generating some automatic income, but it also requires a sizable upfront investment.
- Sell photos online:Another avenue for passive income is to leverage photo-selling websites such as iStockPhoto and Shutter Stock to earn money while you sleep. Clearly, you need to understand photography and things like Photoshop if you’re serious about succeeding in the photo-selling business.There’s a lot of competition when engaged in this line of work. However, if you have a knack for photography, then selling your photos online should come almost naturally to you. Get really good with photo-editing software and find your niche. Whether it’s portraits, landscape photography, business photography, or something else, find it and stick to it.