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By Jeff Rose
Passive income ideas
Is there anything better than making money while you sleep? I mean, wouldn’t you love to wake up with an influx of cash creeping into your bank account?
I know this concept sounds crazy, but passive income is more than a pipe dream. Forbes contributor Brianna Wiest calls it an infinite potential income stream for a reason. The point, she says, it that “there’s always a possibility.” A few remarks from my side. If you do a 9-to-5 job, your income will be limited to that amount. So it is a good idea to have an additional income stream, which does not require much more time to make money. Here are a few opportunities for you.
Passive Income Ideas to Try in 2019
Before I dive into my favorite ways to earn money without a lot of work, I want people to know the two reasons I love this topic so much. First, passive income seems to be insanely controversial for some reason. Whenever I write an article or post YouTube videos about the prospect of earning money passively, people in the comments go insane.
They often tell me I don’t know what passive income means, or that I have no idea what I’m talking about!
The second reason I love passive income so much is the obvious one — it’s had such a dramatic impact on my life. Earning passive income has helped my family reach so many goals. We’re able to give generously and live life on our own terms due to the freedom passive income provides.
To prove what I’m saying here, I want to introduce you to ten passive income ideas to earn at least $1,000 per month. If you’re ready to set yourself up for life, you’ll want to pay attention.
#1 Passive income ideas: Dividend-paying stocks and other investments
The first one of many passive income ideas on this list does take some start-up cash, but it absolutely helps to earn more than $1,000 per month. Dividend-paying stocks, ETFs, and other investments like Fundrise and Lending Club are helping me earn money around the clock and all with no work on my part. While the amounts invested in these accounts vary, they’re all paying more than $1,000 per month.
Dividend investing in particular has been a profitable endeavor for me and for many other investors. According to Forbes contributor Brett Owens, dividend investors who look ahead have the potential to score annual returns of 15%, 20%, or even 25%, if only they pick the right dividend-paying stocks and stay the course. Obviously, it takes time and consistent investing to build up your portfolio where you’re earning $1,000 per month. But you have to start somewhere, right?
#2 Passive income ideas: Display ads
Another way to earn more than $1,000 per month passively is by using display ads. Once again, this is going back to the blog and if you want to start blogging, you will need web hosting. One of the best web hosting out there is Bluehost! It has e.g. CDN included to increase your website performance and so much more! Check it out! The beauty of having online property is the fact that you can monetize it in so many ways.
Display ads work like billboards you see on the side of the highway, only they’re featured on your website instead. The point is that advertisers are paying to promote their products. Their ads just so happen to be on your website.
Most display ads are set up by ad networks that work as the middlemen between you and advertisers who want to pay you. The best part about display ads is they are entirely passive. You can get paid a ridiculous amount of money based on your traffic. Even while you sleep! And I like sleeping! And money of course.
#3 Passive income ideas: Sell leads
After I launched Good Financial Cents, I launched a niche insurance site called Life Insurance by Jeff. Believe it or not, but I was able to generate $100,000 in income within just nine months of launching this website.
While building the website wasn’t passive at all, we made a lot of changes to the website over time to make it much more passive. Eventually, I even decided selling the leads my website generated was a lot better deal than earning commissions when a purchase was made.
While selling leads is a lot less lucrative than earning life insurance commissions, I realized over time that selling life insurance was way too much work. If I was going to keep things going, I would need to hire people, manage a team, and put in a lot of hours. I wasn’t really interested in doing any of that, which is why I opted to start selling leads instead. Now that I do, I’m bringing in passive income with hardly any effort on my part.
#4 Passive income ideas: Course Sales
As of right now, the only course I sell is an online marketing course for financial advisors. Even though I hardly promote it at all, I still get plenty of sales. The course isn’t cheap, either — it’s $2,500! While it took a ton of work to create this course three years ago, really all I’ve done since then is sit back and collect money off the occasional sale. I easily make over $1,000 per month with the course now, and that’s on top of the hundreds of thousands of dollars I made when I was actively promoting it every week.
With this in mind, earning money with course sales is not as easy as turning on a switch! You have to create the course first, which can require weeks or months of your time. Once you’re done with the work required to create your product, however, the income can become passive.
Holly Johnson, a professional freelance writer who earns over $200,000 per year creating online content, is another successful entrepreneur who is doing well with course sales. Johnson launched her Earn More Writing freelance writing course in 2017 and has sold over 700 courses for $199 each since then. In January of 2019, she also launched a “Pro” version of her course that retails for $349. She sold 40 on the first day.
“Selling 700 courses doesn’t sound like a lot,” says Johnson. “But when the price of a course is a hundred dollars or more, you don’t have to sell thousands to earn considerable income.”That’s a good point, and it’s one to consider if you have skills to teach that people will pay $100 or more to learn. If you can get enough people to buy or your price is high enough, courses can bring in plenty of cash flow over time. Last but not least:
#5 Passive income ideas: Affiliate Marketing
Where investing is a wealth-building strategy that has been around forever, the passive income idea on this list is fairly new. Affiliate marketing is an income idea that requires you to have a website or platform you can use to promote other companies, or “affiliates.” When someone uses your affiliate link to purchase a product or sign up for a service, you get paid.
My main website, GoodFinancialCents.com, earns all kinds of affiliate income through relationships we have with investment firms, insurance companies, online banks, and more. But you don’t have to do things the way I did. You could start nearly any type of website and find affiliates that work in your niche.
And remember, you don’t necessarily have to start a blog per se. I know people who are crushing it with affiliates using YouTube, podcasts, and other avenues. You can even build an affiliate business using social media! Of course, it is way more professional to own a blog and website and you have more options to monetize it. A good web hosting service for a blog and a website is Bluehost! Check out their services!
Of course, there are more passive income opportunities like renting out your property, but in this article, I focus more on different ways to make money online, because it is scalable! If you like this article about passive income ideas, just like my Facebook Fanpage: The Doan’s Blog. If not, just write me. Most popular blog article: What is SEO?