6 Ideas for Generating Passive Income

Creating a passive income can seem like a dream come true for many people. No more working 9-5, or at least not having to work a second job to make ends meet. It would be easier to save for a holiday or the car of your dreams or simply treat yourself to some of the finer things in life. It may sound too good to be true but, creating a passive income may not be as difficult as you think. Here are some ideas to help you get started. 

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Create Income on the Internet

Many people use the internet to create a passive income. There are different strategies you can use to do this. One option would be to create a SaaS offering, another is to create an online course or use affiliate marketing. You don’t need to be particularly IT savvy; you just need a computer and some free time and the desire to get started. You will need to put in some work to start with but, once you have done this, the internet is a great place to create a passive income.

Invest

Another popular way to generate a passive income is through investments. Again, there are lots of options to choose from to create this income. Crowdfunding is a popular choice, and you can invest in anything from property to business. You could try playing the stock market or invest in some company shares. A financial advisor can help you with this. However, you should always start small and never invest more than you can afford to lose if things go wrong. 

Write a Book

Writing a book may seem like a lot of work to start with but, if you can get published, you can sit back and let the royalty checks come in. This could generate you income for years to come and you would only need to do the work once. Of course, you may get the writing bug and decide to carry on producing books but, hopefully, this will generate an even greater passive income. 

Medical Research

Medical research is carried out all the time across America so that new drugs can be tested. Of course, the pharmaceutical companies need people to test them on and they are willing to pay good money. You must be tested to make sure you are eligible to take part in the research and you may have to take pills or undergo other research, but it isn’t hard work, and you will get paid for it. 

Selling Blood and Plasma

If you don’t fancy taking part in research, you can always sell your blood or plasma to clinics across the country. Traditionally, students use this to get some extra cash, but you don’t have to be a student to take part and you can earn money for doing very little work. 

Rental Income

If you have some space to spare, you can rent it out. This can be anything from a cupboard to store a few boxes in to a room in your home or even your whole house. Companies such as AirBnB are very popular with holidaymakers, and you can use this site to rent your home out while you are on vacation yourself. This may even pay for your trip. Another popular option is to rent out your garage or driveway – this is particularly profitable if you live near good transport links or in a central location.

Generating a passive income does not have to be something you can only dream about. With a little thought, you can create a source of your own and live happily on your profits.

About Carson Derrow

My name is Carson Derrow I'm an entrepreneur, professional blogger, and marketer from Arkansas, United States. I've been writing for startups and small businesses since 2012. I share the latest business news, tools, resources, and marketing tips to help startups and small businesses grow their bessiness.