Trying to find passive income from home can be a difficult task, but it’s not impossible.
Unlike traditional income where you work hard and get a payday, passive income is money that just keeps rolling in. Set it up and walk away, the money is still yours to earn and keep. If you can earn money in your sleep, you’re earning passive income.
With traditional jobs taking away 4 to 8 (or more) hours of our day, sleep taking another 8 and then adding in family time, meals, cleaning, adulting and chores, you’re left with hardly any time to squeeze in side hustles.
This is one big reason why it’s important to develop a good passive income strategy so that you can make money without dividing up your time even more.
Making money from home is a great way way to make a living while avoiding the high costs of childcare. But, finding a passive income means that you can earn that money from home, on the go, or even have money pouring in while you’re enjoying a nice vacation.
How to Get Started Making Passive Income
I want to be honest and upfront with your right away. Passive income normally requires a great deal of effort to set up and get running. Of course, having money come in while you’re unplugged from technology and enjoying a nice beach tan sounds worth the effort in the end.
If you’re willing to put in the time and effort to get these income streams set up and placed on autopilot, then you can keep at it until your able to be self-sufficient from these streams, quit the 9-5 and enjoy the fruits of your labors.
While it might take a while to get your passive income streams to be so well off that you can live comfortably from the revenue, it shouldn’t take nearly as long to simply get the income streams to cover your expenses.
Yes, most forms of passive income require a level of financial commitment, but with hard work, you can start making back that money, and building it up even more.
So while you may pay upfront, you get it back. Think of it as an investment in your future more so than you would think of it as saving money, because technically you aren’t saving money. You’re just taking money from yourself now to give to yourself later like a loan.
5 Ways to Make Passive Income
Here are 5 ways that you can choose to make money, but don’t worry, the available opportunities that you have to make passive income from home are so numerous, that this is just the tiniest fraction of choices available.
Make Money With a Blog
I’m not going to tell you that owning a blog is a guaranteed overnight success and that you’ll become one of the few that brings in 6 or 7 digits a year as a result of blogging.
I will tell you that In my first year of blogging I made back my financial investments and turned a profit (I spent about $2,000-$3,000 throughout the year paying for everything from a domain name to courses teaching me various things.)
I spent all day every day getting the coding set up, writing out blog articles, promoting the blog, etc. for months. Now I spend a few hours a month setting it up and pushing buttons, but the money comes in whether I spend countless hours or just a few.
You can make money with a new blog, and there are plenty of ways to do it including affiliate links, ads, products, and more. One of the ways to increase this amount is to increase your reach. The more your following and reach is, the better your affiliate marketing campaigns become, and the higher the income you can get.
Related Article: How to Start Your Own Money Making Blog
Make Money With a Rental
I’m sure you’ve heard of an Airbnb by now, if not you should really look it up because the idea is pretty great.
If you live in a high touristed area, near a military base, airport, or pretty much anywhere that isn’t in the middle of nowhere, this could be a great form of income. Although, some people might specifically be looking for the middle of nowhere locations to relax, so don’t knock it until you try it.
There are many different rental agencies that you can work with to promote and take care of your Airbnb property. They offer different packages including the promoting, ads, booking, customer service, cleaning, greeting guests at the door, and more. Most of the ones I’ve seen ask for about 20% of the nightly costs in exchange, which is very reasonable.
All you have to do is set everything up, and hire one of these companies to do all of the labor-intensive work for you. That’s a pretty easy way to make money if you ask me!
You can book your entire house and make yourself and family scarce during someone’s visit or you can rent out a single room and stay there the entire time if you’re comfortable with it. There are so many different options to choose from that it is really worth looking into!
I should note that there are several states with rules against renting homes for a short period like this, New York and Hawaii to name a few. For these unlucky states, I recommend actually becoming a landlord if you want to make money from real estate.
Make Money With eBooks and eCourses
Do you know how to do something better than anybody else? Derek Sivers once said, “What’s obvious to you is amazing to others.” This is possibly my most favorite quote ever when I feel like I’m talking about something uninteresting or mundane.
Chances are high that you may not even realize that the knowledge in your head is worth its weight in gold.
It could be something you’ve known how to do your entire life like crochet or knit, or it could be something you self taught yourself to do like extreme couponing.
But the point is that YOU are so used to doing it by now, that you don’t realize how unique of a subject it may be. But the truth is that there is somebody out there that want’s to know what you know. So why not teach them?
If you’re creative enough or knowledgeable about something, make it into an eCourse or an eBook. It’s as simple as typing something up on Microsoft Word or Google Docs and then saving as a PDF.
Download it to a platform such as Amazon Kindle, Ebates, or any other site for eBooks. Make sure your listing looks good and either promote it or let it sit there until someone stumbles upon it.
Teachable offers free membership for selling eCourses that you design, they take a small percentage of the sales in exchange. It’s a great website and many people use it (including myself).
The great thing about making passive income from eBooks and eCourses is that it is possibly one of the easiest ways to do it.
You spend your efforts at first, getting it completed and set up, and then as long as you keep your listings up and active, money can come in with purchases weeks r months down the road.
Make Money With Low-Risk Investing
Okay, so I know that investing isn’t a subject that many people are up-to-date and educated on, and I totally understand that.
With so many people having a debt to pay off and life expenses costing them their hard-earned money, investing is always thought on the back burner but without any real cash to do it, it just sits there.
I can’t recommend investing in anything if you find yourself struggling to pay bills and put food on the table, but if you’re in a better place in your life, then this could be a great form of passive income for you.
Investing in the stock markets should wait until you have enough money to make a difference and should be left to the advice of professional investors to help you make the smartest choices.
These investments are also very high risk, so I won’t touch them with this article and will stick with the little to no-risk investments.
Two examples of little to no risk investing are:
- CDs (Certificates of Deposit)
These are low risk because you put money in, wait, and then get your money back with interest.
Your average interest rates are pretty low, usually between 1.5% and 3% so it makes sense to put in as much money as you can to get the most back. The issues are that some require your cash to stay invested for 1 year, 5 years or even 10 years depending on what you choose.
Different banks offer different amounts, some allow you to withdraw cash early at an added expense, and it’s worth looking in to and doing the research before choosing a location to hold your money.
You will most likely find that the ones offering the longer-term solutions offer the best interest rates.
This is a big reason to wait until your debt-free before investing otherwise you might miss that $1,000-$10,000 while it’s locked away for a few years at a time.
Make Money With Phone Apps
You already spend so much time on your phone, you might as well make a profit from it, right?
With so many different phone apps paying you to download them or giving you points to keep them installed like Shopkick, Gigwalk, or the Panel app. You can redeem the cash or change points into gift cards. Free money gets pretty easy with these apps!
If you don’t mind a little effort, the Ibotta app is great for making money after you’ve done some grocery shopping, but you will need to scan barcodes and push a few buttons so it’s not technically “passive.”
If you’re super creative and willing to put in a lot of hard work in exchange for a better form of passive income, you can go a step above and beyond by making your own mobile app.
My husband created a mobile game called Block Blitz back in early 2019, and by the end of the year, he had made some passive money from it being on Google Play.
Towards the end of the year, he decided to give it a complete update to be released in 2020. Word Sloth became his new mobile game and it is so much better than the original. Because he did everything himself, he learned so many new skills and gets to keep all of the profits.
Mobile games have ads to make them money, and trust me, every ad viewed or clicked results in a great payday for the mobile game owner. The amount of passive income is virtually limitless and only gets better as more people play and enjoy the game!
So there you have it! 5 ways to make money
- eBooks and eCourses
- Low-Risk Investing
- Mobile Apps
I hope you enjoyed these passive income ideas and that they helped you with your search for money-making inspiration.
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