Passive income is when you are able to earn an income without the need for regular work. Initially, it might require some effort or time to start, after which, these income streams begin building and maintaining themselves. You might have to look into your passive income opportunity business once in a while, but the requirement will be very minimal.
If you are involved in a 9 to 5 job for your daily expenses, then this is your active income and it may be tough to earn more money if you are solely dependent on your active income.
Passive Income Opportunity Ideas
Here are some easy passive income ideas, which can help you double your income and lead a less stressful life:
Start A Blog
Blogging is a great source of passive income. It helps you make money easily as people visit your website from the ads. This way, a blog or an article that you have written long back, continues to earn you money for months later as and when people read it.
You can also earn money by blogging if you become an Affiliate Marketer. This form of marketing is when you promote a service or product online and as soon as someone makes a purchase through your given referral link, you earn a commission. You can promote your articles and blogs on Pinterest and Facebook and you get money when your website is visited. There is a limitless earning potential from blogging.
Create an App
Although this requires some technical know-how, it is not rocket science. If you have an idea which you feel is brilliant, it should be enough to get you started. What you need is to learn coding yourself else you will be mounting your costs. You could create a paid app and get money for every download or even create a free app and earn money from iOS or Android for every download. When you are ready to promote your app, your main focus should be on getting reviews. The more reviews you get, the better reception your app will get and your passive income investment will rock.
Real Estate Crowd funding
Real estate crowd funding is a platform where a group of investors can pool in their money and share their profits. This requires a lot of upfront capital but it gives you a way to invest in real estate market, without having to put in a lot of money upfront. In this sort of funding, you are actually funding loans, which are then used to buy and improve real properties, and you get paid that in return.
Invest In Dividend-Paying Stocks
Dividends are also very helpful forms of passive income investments. You distribute corporate earnings to shareholders in the form of cash or stock. The actual cash dividend amount is determined by the board of directors of each organization. These amounts are paid on quarterly basis but the stock dividend amount is paid at frequent intervals. It is always wise to invest in companies who have been paying dividends for a long time and are quite stable.
Peer to peer lending is when you play the role of the bank and provide money to borrowers. In this platform, money is pooled together and so the risk factor is quite less. In this form of lending, you lend money to people for a small return in the range of 4-10% which is a lot higher than what you get from a typical saving account.
These above mentioned options for passive income ideas are really helpful when you want to get wealthy real quick. As the rich do not put all their eggs in one basket and have multiple sources of income, you too can follow the similar strategies and start with any of the above mentioned choices.