It is very difficult nowadays to live paycheck to paycheck. Passive income can make your life lot easier by paying off your daily expenses or to say monthly expenses. It can pay off your debts and you can have a great percentage of your primary income saved in your pocket rather than spending it off on liabilities. So here we are, Listing out some of the Best Passive Income Ideas That will actually Pay off your Daily Expenses.
BEST PASSIVE INCOME IDEAS THAT GENERATE A LOT OF MONEY
#1. Become a Freelancer
Doing Freelancing work is one of the best ways to make money online. In fact, Most of the people have made this as a primary source of income rather than a passive one.
Freelancing basically means providing services to the end customer. Now providing services means you must have relevant skills so that you can provide value to the customer.
There are more than thousands of freelance jobs that you can do. The Only Question is to find your relevant skill, mastering it and then applying for freelance jobs.
Here are some of the Top skills that are in demand in the freelancing world.
If you are interested in writing articles/blogs, then you can do freelance writing. There are a couple of things you must consider before you consider freelance writing. They are:-
- Do I have a command on the English language?
- Can I write Unique Content Consistently?
- Can I invoke curiosity while writing contents?
- Do I have any other skills that can improve my writing journey?
If you want to start freelance writing, You should definitely read my article on:- The Ultimate Guide For Beginners to be a Freelance Writer.
In Writing, there are many categories you can start out with such as Technical Writing, Research Writing, Legal Writing and So on.
Fiverr is one great website to start on with. You can search a ton of services people want, master any of the skills and start earning right away.
Like Fiverr there are many websites like Guru, Upwork, Gigbucks, Zeerk, Freelancer, PeoplePerHour. You can check them out too.
Here are some of the skills that you can master to enter freelance market other than writing.
Graphics and Designing
Good in Designing Graphics and visual arts? One of the best Passive Income Ideas to try!
- Logo Designing
- Packaging Designing
- Portraits and Caricatures
- Presentation Design
- Photoshop Editing
And the list is too big… Explore some freelancing websites to take a gist of such ideas and start mastering your favourite one.
Digital Marketing is a vast field. It is a service that creates awareness, consideration, purchase and loyalty through a digital medium. If you have relevant skills for Digital Marketing, Start freelancing around the many services that Digital Marketing provides.
SEO ( Search Engine Optimization).
If you want to learn SEO Specifically, I recommend you to read my review on one of the online courses available on UDEMY (It is a learning website ).
Read Here:- The Best SEO Course on Udemy.
Some of the other skills in Digital Marketing that you can start off in freelancing are these:-
- Social Media Marketing
- Email Marketing
- Content Marketing
- Video Marketing
- Generating Web Traffic
- Mobile Advertising
Do you know languages other than English and have a great command over it? Start Translation Services as a Freelancer.
Video Editing & Animation
Are you good with video editing software? Do you know how to make great visual effects? Or are you good at making animated videos and GIFs?
Definitely one of the most popular passive income ideas around the freelancing world because of rising YouTube Creators and Videomakers.
Do you know how to edit soundtracks, design and mix audio files? Then what are you waiting for? Register on one of the freelancing websites and start making some hustle.
Expert in WordPress? Know how to make websites on WordPress, Customize and Improve Performance of websites? SEO Skill which I talked about in the above section, will be a life saver here!
#2. Start Your Blog
One of the Best Passive Income Ideas that you can Imagine. Infinite Possibilities to earn via Blog. In fact, Many people have made this as their primary source of income like freelancing.
Buy a domain name and a Hosting, Install WordPress and start writing your ideas. Again SEO is going to help you in making money via Blogging.
That is why SEO is such an important skill to possess.
There are numerous ways you can earn by means of Blogging. Some of them include Google Adsense, Affiliate Marketing, Selling Your E-book, Selling your own service, Paid Posts, Custom Search Engine, etc.
P.S:- I am going to write a separate article on How to Start a Blog. I will be discussing it in a detailed way. So stay tuned.
#3. Become a Virtual Assistant
Many people are so busy with their daily schedule, they can’t complete their work on their own. They need some kind of help either physically or virtually.
To hire someone physically can be a tedious kind of job. The only easy option remains is that to hire a virtual assistant meaning, helping over the internet.
That is where you come into the picture.
Basically Virtual Assistant does all kinds of activities that can be done over the internet.
- Data Entry
- Topic Research
- Data Collection
- Accounting or Managing Finances Through Online Mediums
- Creating Content for Websites
- Managing Social Media Accounts
- Scraping Emails and Data
Apart from this, there are many things that can be done. You can explore the websites that I mentioned above.
So what are you waiting for? Become a Virtual Assistant and start making money.
#4. Start selling your Photos Online
Do you click great photos? Instead of keeping them in your PC or Mobiles, sell your photos online and start earning right away. The only condition is that it must be unique and have high quality.
These are the websites that you can start off with selling your photos online.
- iStock Photo
That’s not all…
There is an app called Foap, where you can share your videos and photos, and when anyone finds it and makes a purchase, you will get 50% of the revenue and the other 50% of it will be taken by Foap. You can explore it and see for yourself.
#5. Sell your own handcrafted products
Do you have any handmade goods such as toys, phone accessories, arts and collectables, vintage products? Well, you can sell them online on the website named Etsy.
Only catch here is that every product must be 20 years or older.
You can always try eBay and Amazon to sell your own products. Just list the products that you want to sell and for eBay, you need to box it up and send it to eBay and they will do the rest of the things.
Regarding, Amazon either you can ship your product yourself or connect with Amazon.
Here are some other sites like Etsy that you might want to check out:-
#6. Start Transcribing From Home
Let me give you a heads up before telling you what transcribing is.
This can be very boring work to do. It is up to you How important it is to make money as long as it takes to do boring work.
Transcribing simply means converting an audio file into a text file. Now, these audio files can be as long as 10 seconds to several minutes. You just need to convert them into text files and you are done.
This type of transcribing jobs are available on almost all the freelancing websites. There is one particular website that you check out is TranscribeMe
You can earn $15-$22 for 60 minutes of transcription job. Of course, the number may vary but that’s the approximate earnings.
#7. Review Websites & Apps and Start Earning
Do you know that you can earn money just by reviewing or giving feedback to the websites and apps?
Yes, You heard that right!
You really can.
But you need to give them quality feedbacks and reviews. It can be anything related to navigation of the website or the Logo or maybe even colour style used on the website.
There are many platforms out there which helps you earn through this idea. Some of the platforms are:-
As per TestingTime.com, you can earn up to €50 per test and you can get paid via Paypal.
#8. Design and Earn
Design your own T-shirts, Blankets, Home decors, I-phone cases and you are done. Whenever a customer purchases your designed product, you will earn a profit.
Teespring is a website that can make that happen. You don’t need to print or ship it. Teespring will do it on your behalf.
Once you start designing your own products, you will get a web address of that product. Then you can use that web address to advertise on Facebook and drive traffic.
Another thing is that,
If you think you are not that creative, Hire a Freelancer and let him design great products for you. As simple as that.
Some other websites that have the same concept:-
#9. Teach Online Course and Make Profits
One of the most profitable passive income ideas on the Internet.
If you have experience and knowledge in any specific fields, start teaching online courses and make huge profits. This is one of the passive income ideas that may become your primary income.
Skillshare and Teachable are some websites that you can turn to for this venture.
Skillshare pays you according to the minutes watched.
Here’s how it works.
It collects subscription fees from its users per month. If the monthly pool is $2000 and the overall watch time is 200 minutes and 20 minutes were spent watching your courses, then you will get $200.
You can also start teaching on Udemy.
#10. Get paid for giving solutions
People often need expert advice to the problems that occur in their day to day life. You can help them overcome their problems by giving your advice ( Expert Advice as they call).
Are you a computer expert? or a Lawyer? There are more than 175+ categories that you can enrol for.
JustAnswer is the website that provides this unique platform to earn.
#11. Write Poems and Earn
If you like to write poems in your meantime, why not register to those websites that can actually pay you if your poems get published.
There are many websites out there which pay you for writing poems and essays.
Some of them are:-
- The Sun
- Poetry Foundation
- Boulevard Magazine
#12. Sell Your College Notes and Get Paid
Are you a College student? Or Do you have any educational material that is handwritten by you? You surely must have made notes before going to exams right?
Well, you can sell them online and get paid for it. How cool, isn’t it?
Just set your prices and when someone purchases it, you will get 50-70% commission and the rest of it will go the website that provides the services. They should also be making some money, right!
P.S:- The commission rates will vary according to the websites. Just Double Check it with the website’s FAQ Section.
Here are some of the sites that you can try out with:-
|Oxbridge Notes||United Kingdom
|Nexus Notes||United States
#13. Publish Your own E-Book and Sell Them
Write an E-book on a topic that you know in-depth. For Example, If you know how to make a different variety of food items, then create an E-book and publish it on your website or there are many websites that let you sell your E-book.
Steps to create E-book:-
- Choose one topic that you are very familiar with.
- Start writing on it using online web apps such as PressBooks, Google Docs, etc.
- Create a cover for your E-Book using Canva.com. It is totally free of cost.
- Convert it into PDF formats or KDP Format( Kindle Direct Publishing Format)
- Sell your E-Book on Amazon or sites like PayHip, Blurb, Lulu, TradeBit, etc
#14. Enrol in Medium Partner Program
This is related to writing. Medium is a site where you can write interesting stuff. It works on claps system. So basically if somebody likes your article, they will clap.
Higher the claps, more popular it will be.
Medium Partner Program works on this system only.
What you can do?
Enrol yourself in a Medium Partner Program which is free of cost. Start writing your articles and eventually you will get claps for it.
More the number of claps, the higher you will get paid. It also depends on how much time the reader reads your article.
But the question is who pays you?
Well, the reader who subscribes to Medium partner program pays the subscription fees. Those people who clap on your article, the medium will take out a fraction of his subscription fee and it will pay you.
That’s the whole process. Writing is free but for the readers who want to read more interesting articles pay the subscription fees.
But Here’s the catch,
Medium pays only through Stripe. Stripe is available in 26 countries. So if you are from those 26 countries, you are fine.
Here’s the list of countries supported by Stripe:- List of Stripe Countries
#15. Post on Social Media and Get Paid
Do you know that you can get paid for posting valuable content on Social Media? You always post on Twitter and Facebook but you don’t get paid for it.
There’s something in store for you.
Steemit is a website that is powered by the most disruptive technology in the world- Blockchain.
You can earn on Steemit just by posting, voting and curating.
If you vote for a post ( Just like upvote on Quora), that you think it is valuable content and it might get popular in the near future, you will get the fraction of the reward pool.
You will get steem coins or steem dollars then you can convert into various cryptocurrencies including bitcoin. Thereafter you can convert that cryptocurrency into local currency.
There are many websites that let you convert cryptocurrencies into local currencies.
Here’s one of the screenshot from the Steemit Website.
#16. Get Started with Peer-to-Peer Lending
Basically, in the Peer-to-Peer lending, you will be giving money( investing your money) to those who are requesting capital for their venture and business. What you will get in return is the principal amount + higher interest rates per month.
You will get paid per month just as you keep your money in the bank and bank provides you with the interests per month. The only difference is the returns and the risks associated with it.
You can get up to 20-30% returns approximately from peer-to-peer lending. But of course, there’s a risk involved in it. There are many peer-to-peer network websites available out there.
You get to choose where to invest and for what time. You can assess your risks involved by checking the background of the borrower. Some peer-to-peer networks even make compulsory to meet your borrower physically to remove trust issues.
One can call Peer-to-Peer system as a crowdfunding system but the only difference here is the lender also get paid.
For more information, you can explore this link.
#17. Start Trading/Investing in Stock Market
Now, this is the Best Passive Income Ideas ever from the entire list I mentioned. I personally do trading. First, you need to understand the difference between trading and investing.
Day Trading means buying and selling stocks on the same day. It requires altogether a different mindset rather than investing.
If you want to day trade, I have written a complete article on Why day traders fail and what you should do to avoid these mistakes!
It’s a must-read for those who want to enter trading!
Investing means buying today and selling after a period of time. Some people even hold their stocks for 40-50 years.
When you invest in shares, you also get dividends each year. When companies make huge profits, they often provide dividends to their shareholders. Dividends are also a huge source of passive income if you hold your stock for a long period of time.
The returns here are insanely high as compared to everything I mentioned. And, it is only due to one factor that is the Compounding Factor.
Let’s take an example,
Everyone knows Amazon, right?
Amazon went public in the year 1997, and its share price was just $18 at that time.
If you had purchased $100, you would have got 5 shares. What astounding is that Amazon was $2013/per share in Aug 2018. That means you would have nearly $120,000. It’s because of the stock splits.
A huge 120,000% Returns in the span of 21 Years. That’s the effect of compounding.Compounding Effect if Leveraged the right way can do Wonders! Click To Tweet
Before Trading or Investing, I highly recommend to research, take advice from someone knowledgeable and assess the risk associated with it.
Let me tell you one hard truth, If you want high returns, you got to take the risk.
As Warren Buffet has said, you will never lose your money in stock markets, if you invest it in a proper way.
#18. Start out your own Dropshipping Store
Dropshipping is an online E-commerce business model wherein you will create your own E-commerce store. But don’t worry! You don’t require any inventory nor you have to make any products to sell.
You just have to import products from various E-commerce Giants or suppliers or wholesale traders and put that product into your store for a higher price than what it sells for.
The most popular drop shipping model is Shopify+Oberlo+Aliexpress.
Shopify is where your store will be built. You will get your own web address too to promote or advertise via Facebook and Google Ads.
Aliexpress is the website from where you will be importing products to your store. Aliexpress has a huge variety of products at a cheaper rate than Amazon.
Oberlo is the automation tool from where you will import products directly from Aliexpress to your Shopify Store.
The process is simple, you look for popular products if that product is for $5 you will sell it for $18-$19. The margin profit here is $13.
But you will ask me, why will people buy it for $18 instead of $5?
Well, most of the upper middle class and rich people, buy products on impulse. That means if they like it, they will purchase it no matter what.
One advantage here is that many products that Aliexpress has, can’t be found on Amazon. Therefore, it makes our product unique when we advertise on Facebook or Google.
P.S:- I will be writing a detailed article on How one can start your dropshipping store in a few days. So stay tuned.
I have listed out 18 Passive Income Ideas here. You can start off with anyone depending on your likes and interests. I will be constantly updating these passive income ideas as and when I get to know anything that will provide value to you.
The Internet is such a Technology which when used to the full potential can impact your life in a very positive way and may even pay off your daily expenses as I mentioned some of the best passive income ideas here.
So make sure you try one of these income ideas and let me know how it goes.
Last but not least, here’s the summary of what you learned from this article in a form of Infographic. Make sure you pin it on your Pinterest board or share it on Facebook.
If you have any query or problems related to any of the ideas I mentioned above, comment down below and I will be happy to help you out.
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