Best Ways To Make Passive Income
If you are on this page, then I am sure you want to know about the best ways to make passive income which we will get into soon.
Firstly, I want to start by congratulating you on taking this path to financial independence by looking into passive income!
Part of becoming financially independent is finding ways to multiply your income and use your time in more valuable ways.
Whether you are planning on FIRE-ing (Financial independence, retire early) or just being Financially Independent like me, having several sources of passive income will be greatly beneficial.
Before we get into the best passive income ideas, let’s first define what passive income actually is…
What Is Passive Income?
To put it really simply, passive income is money that you can make without putting in much effort.
Investopedia defines it as making money from businesses/enterprises where you are neither actively nor directly involved. It is a good definition, but this definition can make things confusing.
Simply, passive income is a way to make money without putting in much effort or reaping the benefits from work you did in the past.
Misconception About Passive Income
The main misconception that I hear surrounding passive income is that it requires no effort.
But that is actually not the case for true revenue/money generating incomes. It is rare to find free money and even harder to get a large sum of cash without putting in any work.
The truth of the matter is that passive income will require you to put in work, and yes possibly even money at the beginning before it starts making you money when you sleep.
But, the true path of financial independence will require time, energy, and money invested in order to be financially successful.
Having multiple passive incomes is great, investing is even better, maximizing your earnings and time is the best option.
Luckily for you, I have done the work of finding the best ways to make passive income so that you do not have to.
I have assembled here what I would consider being the ultimate list of passive income sources.
This assembled passive income is all-inclusive and each one is not like the others.
There are those that are highly profitable and there are those that will bank you a few dollars a year.
Then there are those that are simple and free and there are more that require both time and money.
Before jumping into any of this make sure you learn as much as possible, try a few options on this list to see which idea works best for you.
Let’s get straight into the best ways to make passive income right now…
Robo-Investing
One of the best ways to make passive income online is to use robo-investors.
Robo investing is pretty new in the investing world and it makes investing super easy, in fact, robo-investors do all the work for you!
What a Robo-advisor essentially does is create a diversified portfolio using different algorithms to get the best results.
So, if you are unfamiliar with the nuts and bolts of investing or you simply do not want to put in a lot of work then this is a great alternative.
You can use apps to automate your investment which will reduce the risks of human mistakes when the market goes through volatility.
If you want to invest with a robo-investing platform then I recommend checking out Wealthfront which is one of the best robo-investors on the market today!
With Wealthfront, all you need to do is invest your money (preferably on an automated schedule) and they will do all the hard work for you. I highly recommend checking it out!
Certificate Of Deposits (CDs)
A certificate of deposit is a great place to put your money and then forget about it.
Although, clinical, and boring it is one of the safest ways to make passive income.
This can also be a great way to minimize cash value loss that comes from inflation.
It is good to know that there is usually a minimum deposit period before you can withdraw your money.
The periods of time can range but for most, it is usually a minimum of one year. The amount of money you can early is fairly low with some barely reaching 2%.
You will not get rich from doing this at all but it can provide a nice avenue to put your money when compared to a checking or savings account.
For the best CDs, I recommend checking out CIT Bank which is a secure online bank that provides some of the highest CD rates.
With CIT Bank all you have to do is lock your money away in a CD for a set period of time and then wait to make passive income. It’s that easy!
High Yield Savings Account
A high yield savings account is essentially like a savings account but they provide higher interest rates so your money can grow faster over time.
Normal savings account usually have interest rates that are 0.05% and some major banks have a saving account that is 0.01% and sometimes 0%!
Although the interest rates offered by high yield savings accounts are really low at this time it is still better than a regular savings account.
Similar to the CD this will not make you rich by any stretch of the imaginations. However, it can be a good option and I recommend checking out CIT Bank for this as well.
Refinance Student Loans
If you are the average American you probably have several thousands of dollars worth of student loans.
And, no if you ignore them, they aren’t just going to go away. So, refinancing your student loans may be the best option.
The amount of money you could save could be in the thousands of dollars and I am sure you can find better ways to use those savings.
Companies like PenFed Credit Union, Laurel Road, Earnest, and SoFi are readily available to help you with this.
This may not seem like a way to make passive income and it really isn’t because you won’t make money but you are saving money, a lot of it!
So, it’s a really great option to do because you will save a good amount of money that you can use for other methods on this list to make more passive income!
Start A Blog
This is a big one if you are able to successfully execute a successful blog.
Blogs are especially successful if you have a particular niche and audience that you are trying to target.
You can pretty much create a blog about anything but the key to being successful with a blog is to make sure that you are treating it as a business.
Having a plan beforehand, outsourcing working, leveraging relationships, etc… As your blog audience grows and you gain more followers you can start monetizing it.
This can include ad revenue and affiliate product placements, if you are up to it you can even sell digital programs/courses and add to your income.
Being that you will be treating your blog like a business, would require you to invest a lot of time, energy, and yes even money.
There will be ups and downs but that’s part of it. Starting a blog is now easier than it has ever been.
The great thing about blogs is that you can write an article now and make money from it years after!
This makes it one of the best ways to make passive income online!
If you are interested in starting a blog then I recommend checking out my guide on blogging for beginners.
Start A Podcast
This is on the same line as the blog. If writing is not your thing, perhaps talking is.
Podcasts have sorrowed in popularity over the past few years and they do not seem to be slowing down.
The ways of earning passive income are similar to a blog. You can have ads, have affiliate placements, or sell products. The start-up fees are minimal and typically less than a dollar.
The anchor app is a great source if you are interested in going down this avenue. These options also allow your listeners to donate money on a monthly basis.
So, if you have 10 listeners giving $10 then you’ll have $100 a month. Not too shabby.
Starting a podcast can be confusing so I recommend checking out this awesome course if you are interested in starting a podcast.
This course will teach you exactly how to start and run a successful podcast to make passive income!
Make Passive Income With Airbnb
At this point, we have all heard of Airbnb, I hope. Airbnb allows you to rent out your whole home or a singular room.
The possibilities are quite varied. The ease of setup is pretty painless and the cash flow potentials are high.
If you want to make even more money then you can buy homes and use them for the sole purpose of Airbnb.
Airbnb is not the only platform out there to do this, but it certainly is the most well-known out there.
You can also check out Vrbo which is another popular platform like Airbnb.
It’s a really good way to make passive income, while there is some work to do such as setting up for guests or cleaning up after guests but most of the time you are just sitting back collecting money!
Rent Your Room/Sublease
Piggybacking off the previous idea, this method has almost the same benefits.
The main differential is that it is usually for longer-term rentals and facilitation usually does not occur through an app, although it can.
Facebook marketplace has several groups where you can sublease your whole place or a singular room.
This is a great passive income that can help you pay down your mortgage or cut down on rent.
Be careful, different cities and jurisdictions have rules concerning this, also make sure your lease/landlord does not oppose this.
Refinance Mortgage
Okay, so technically this is not earning you any direct income, but it can save you a ton of money.
At the time of writing this article, interest rates are at a record low, they are actually under 3%! That is a huge savings opportunity that could really benefit you.
Seeing as how mortgages are really expensive even a fractional decrease in your interest rates can save you hundreds, if not thousands of dollars in a given year.
This money can be used on other things that could help you generate even more passive income.
Use Neighbor For Passive Income
Neighbor is an awesome app that calls itself the Airbnb of storage.
What this app essentially does is make you money by storing strangers’ things.
So, if you have a spare room, closet, basement, garage, etc. then you can possibly rent out these spaces and rake in a couple of hundred dollars a month.
If you are in a really expensive city like New York or San Francisco then you can rack up several thousand dollars each year. All by renting out space, you weren’t using anyways!
The best thing about this business is that both the hosts and renters are insured.
The guarantee program means that you are protected up to $1,000,000 for personal liability and for the renters they can get back up to $25,000 if there is ever any damages.
This is one of the best ways to make passive income so I highly recommend checking out Neighbor!
REIT Investing
REIT refers to real estate investment trusts that usually pay good dividend amounts.
This is a great option to have because these accounts usually invest in high-income-producing properties or high-interest options.
This makes a great source of passive income with investment. The amount of money you gain from REIT will be determined by the real estate market.
So, if the real estate market is on fire, your investment will be on fire but if the real estate market is in the gutter then so is your investment.
This investment is not necessarily correlated to the equity market as well, sometimes they drop at the same time, sometimes one rises and the other falls.
The great thing about REIT is that it can be bought and sold as easily as index funds. This can be a great option for diversifying your investment portfolio.
You can invest in REITs with platforms like Webull, Robinhood, Vanguard, Fidelity, etc…
Private Equity Funds
I’ll keep this one short because it is mostly available for the wealthy.
Private equity funds occur when accredited investors pool a large amount of money into large projects, this can be real estate investing, a major start-up, or some other huge cash-hungry project.
This oftentimes requires investments that are longer terms.
Utilize Private Notes
This is another opportunity for you guys to jump into the real estate game.
This option allows you to invest in real estate without having to purchase a single plot of land or a single property.
With this particular option, you have the option to lend real estate investors money for whatever deal or project they are working on.
You have the option of directly investing in them with something called a “private note” and you can set up whatever interest rate is beneficial for both of you.
An example of this would be if you loaned money to Billy Bob in Atlanta for 12 months and you earn 2% per month.
This is an amazing deal, however, there is also a high risk associated with this.
If Billy Bob in Atlanta defaults on his loans then you may not have much leverage. So, make sure to keep yourself safe.
Make sure the debt is attached to the property’s deed as a lien. Make sure you trust the people/person you are giving these private notes to.
Sell Your College Notes
If you are a college student then selling your notes online can be really lucrative.
There are several websites out there that allow you to sell your notes as a means of passive income.
This is a really great option because you are essentially getting paid for something you already have and won’t be using again.
A bonus is that you can also sell old college entrance essays or college essays to companies out there that buy notes.
This is a great passive income idea because all you have to do is list your notes for sale and then wait for someone to purchase them!
Publish A Book
This actually requires you to put in work or have some sort of social cache.
If you have a great story to tell, or you are an expert in some subject manager then this option will be great for you.
Physical books bring in some extra level of authority and if you are successful then it will bring in some great passive income.
Yes, you have to put in a lot of work to write the book but you just need to write the book once and you will be collecting money for years to come!
Publish An eBook
Ditto the information above. However, eBooks are significantly easier to publish than physical books.
Amazon has a really robust program to help you self-publish your books. The start-up cost is minimal to nonexistent and you are not at the mercy of any major publishers.
Whenever someone downloads your book you get a portion of the proceeds and royalty fees.
Just make sure you promote your eBook to get maximum exposure and more sales!
Create A Course Online
As technology advances, more and more courses are being taken online and you can get in on the action to make some passive income easily!
If you are really knowledgeable about a certain topic this could be a really lucrative path for you and a perfect passive income stream.
There is an abundance of sources and software that are readily available out there for you to sell your courses.
This can be difficult to profit from if you do not already have an established audience, clout, or just plain authority.
Coursera and Udemy are some of the most popular platforms that are available out there however there are many more options.
If you are interested in creating online courses then I recommend taking this course to learn all about creating courses online.
Yes, it’s strange to take a course to learn how to take courses but trust me there is a lot to know and this course has you covered!
You can create a course and post it online and whenever someone purchases your course you will get paid, yes, even when you are sleeping which makes this one of the best ways to make passive income online!
Lend Money To Your Peers
Websites like LendingClub and Prosper have made it easier to “lend” money to your peers in exchange for some benefits at the end.
These loans tend to be personal loans made to individuals. You have the option of picking both the loan amount you want to give as well as the borrower you want to give to.
If you think this is a great option for you then start off with an amount of money that you are comfortable losing. The amount you can earn can range from 6%-10%.
This is a significant amount, let me remind you that the stock market returns 6% to 7% on average in a 10-year period.
As you get used to it and become more comfortable then you can lend more money.
Flip Websites For Income
Take the concept of flipping houses and make them websites instead. There are burgeoning marketplaces for website flipping out there.
What you essentially do is make a website that is being sold, purchase it, upgrade it, increase traffic, readership, etc., and then resell it at a higher price. Bam!
Sites like Flippa and Trademysite facilitate this transaction.
Websites are the “real estate” of the internet and they are extremely valuable so this is one of the best ways to make passive income online.
You can make a lot of money flipping websites but it does require some work to get done and you need to learn the strategies to do it, so I recommend checking out this course.
With this course, you will learn exactly how to flip websites for a profit so definitely check it out!
Buy An Existing Business
If starting a business is not for you, then consider buying one instead.
This gives you the business without having to go through the hurdle and struggles of establishing a business, coming up with an idea, getting partners, investors, etc.
By buying an already profitable business you can avoid all this messiness. This can be a digital business, an eCommerce, or brick, and mortar.
Websites like BizBuySell allow you to browse through several options and see what is readily available.
Remember that buying a business is a major commitment to make sure to do your research before making a final decision.
Buy An eCommerce Business
You also have the option of starting an eCommerce business but that requires a lot of “action.”
In this instance, you are essentially selling physical products here without having to hoard and store them.
You can use the dropshipping strategy to get rid of the hassle of storing products somewhere.
This can be fairly low maintenance if well organized and established from the very beginning.
The best way to stand out and make money is to have a niche product that is not readily available out there.
I have seen some interesting eCommerce stores out there, everything from utensils to bird cages, to outdoor gear.
Take And Sell Stock Photos
If you are really great at photography then you can monetize these photos for some passive income.
There are websites out there that will pay to have your photos and use them for their business.
Your photos can be sold on online platforms but they can also be sold at local art shows and art exhibitions.
This is a great way to make a passive income because all you need to do is post your photos online and then people will purchase them, it’s that easy!
Buy And Sell Domain Names
The online business world has exploded in recent years and more and more people are creating a really interesting and niche website that requires very niche and interesting names.
We already went over flipping websites earlier but flipping domains might be a better option for you.
With websites, you have to manage them and even grow them before selling them but with domain names, all you need to do is wait for someone to purchase them from you!
You have to do some research to find out the kind of names that corporations, businesses, and individuals might be interested in buying.
Some domain names are not worth anything much but others are worth a lot of money so it does require some work to find good domain names.
If domain flipping sounds like something you’d like to do then I recommend checking out this awesome course.
This course will teach you everything you need to know about domain flipping so it’s a great investment!
Use The Acorns Investing App
You might have heard of the saying that every penny counts, well it’s true and that’s why you should use the Acorns investing app.
Acorns is an investing platform that takes your spare change and invests it for you in stocks to turn your money into more money!
The way it works is like this…
You link your debit/credit cards to Acorns (which is safe) and then when you make a purchase, let’s say you bought a coffee for $3.60, Acorns will round up the purchase to $4.00 and invest the $0.40 for you.
There is nothing you have to do other than set up the account initially!
You won’t miss your spare change, so I highly recommend signing up for an Acorns account so your money can be invested automatically.
It’s one of the best ways to make passive income!
Watch Videos For Passive Income
There are survey sites that allow you to make money to simply watch videos!
Some companies commission these sites in order to have you watch different ads to earn some extra cash.
Yes, you technically have to do something so it’s not truly passive but you can let the ads play on mute while you watch TV, work, etc…
Check out survey platforms like Swagbucks, ySense, MyPoints, and InboxDollars to make money by watching videos.
Start A Youtube Channel
Another great way to make some passive income is to start a YouTube channel.
YouTube is a large platform with a lot of creators but before you think it, no, it is not too late, it is never too late if you think you have something to offer.
Starting a YouTube channel can be very lucrative even if you do not have a million subscribers.
You need at least 1,000 subscribers and a certain number of views before you can join YouTube’s ads revenue program.
But ads are not the only way to make money on YouTube you can have sponsorships, promote certain products, and yes also have affiliate links.
Being a YouTuber is a lot of work but it’s one of the best ways to make passive income because you can still generate passive income from videos that you posted a long time ago!
If you want to start a YouTube channel then I recommend checking out this course.
The course is taught by a very successful YouTuber so you will learn exactly how to start and run a revenue-generating YouTube channel.
Make Money House Sitting
This is like regular babysitting but for houses. This is probably the easiest passive income you can ever make, ever.
If you have friends, colleagues, co-workers that are out of the town for a vacation or work then you can babysit their house.
This might require you to occasionally water some plants, look after pets. You can work and do your regular jobs, extracurricular while staying at someone else’s house.
Check out sites like MindMyHouse and TrustedHousesitters for house-sitting gigs to make some passive income easily!
Start An Etsy Store
If you are the crafty type then starting an Etsy store might be the perfect solution for you.
This website essentially lets you sell handcrafted items to millions of people online.
The best way to generate passive income from Etsy is by selling digital prints or something that can be quickly multiplied with minimal effort.
You will have to put in the work initially to create the products but after they are made you just have to sit back and collect money when you make sales!
If you are interested in starting an Etsy store then I recommend taking this in-depth course.
This awesome course will teach you everything you need to know about starting a successful Etsy store!
Sell Your Clothes For Cash
This is fairly self-explanatory. If you have clothes that are lightly or never worn then selling it might be a great option.
Different apps are available out there to help facilitate your transaction.
You can sell individual items or some sites allow you to sell your items in bulk if you do not want to sort through.
There are also niche sites out there that allow you to sell specialized items, such as designers or vintage.
Check out apps like Poshmark, Mercari, and Tradesy
Rent Out Your Items
A great passive income idea is to rent out your items to other people to make money.
If you have some items that you don’t use frequently then you can turn them into income-generating items by renting them to other people.
Several marketplaces have popped up to help you rent out those items that have been collecting dust in your home.
A variety of equipment can be rented in this marketplace.
For example, Babyquip lets you rent out large baby gears for families on the move.
Another example of this marketplace is ShareGrid, which allows you to rent out expensive high-end cameras.
And for those who think these two marketplaces are too niche then FatLlama might be the perfect place for you!
Vehicle Ads For Passive Income
You have probably seen this on television as a comedic gag, but this option also exists in real life.
Companies will pay you to act as a billboard!
This is a great way to make passive income because you don’t have to do anything except for tacking advertisements on your car.
You can make a couple of hundred dollars a month doing this. Websites like Wrapify and Carvertise allow you to make passive income from car advertising.
This is one of the best ways to make passive income because you don’t have to do anything but drive like you normally do!
Become A Brand Ambassador
If you have a large number of followers on social media then becoming a brand ambassador can be a good money-making strategy.
You also do not have to be a major celebrity, Instagramer, or YouTuber to make money.
All you have to do is partner with companies and post ads on your social media accounts to make money.
Become An Angel Investor
Angel investors are those that are willing to invest in early-stage startups.
This essentially means that you are lending these companies, start-ups, businesses, etc… money in the form of capital and then once they make it big, you also make it big.
This exchange involved can be cash/money/capital in exchange for equity or future profits.
You have to have a lot of faith in the success of the business. It is a high-risk investment but has high rewards.
Lose Weight & Make Money
You are probably wondering what I am talking about but hear me out…
There is a platform called HealthyWage that you can use to actually get paid to lose weight!
With HealthyWage, all you need to do is wager money on how much you would lose in a given period of time.
If you meet your goal then the app pays you, if you don’t then you lose the money.
So, if you are trying to lose weight then why not use HealthyWage?! You will get a chance to earn money for your weight loss journey and the results are totally in your control.
I highly recommend checking out HealthyWage, it’s one of the best ways to make passive income if you already trying to lose weight!
Sell Graphic Designs Online
With this, you have a variety of options. You can go down the Etsy route spotlighted in this list by creating prints.
Or you can work with local businesses and brands to create content for their websites, social media, etc. Regardless, you can flex those creative juices.
Invest In Bonds
If you are not a risk-taker nor someone willing to dip their toes in the investing well then purchasing bonds may be for you.
This is probably one of the safest treasury options that are available.
With bonds, you essentially loan your money to a government or a business for a period of time, and during that time they pay you interest on that loan.
There is a potential cost associated with bonds and that’s the money you lose due to inflation.
So, you have to make the choice as to whether this is the best option for you.
It is definitely less risky than stocks, but studies have shown that the average return is only about 2.5%.
Use Email Marketing
There are many small businesses out there that do not know how or do not have the time to do their own email marketing.
This is where you come in by using technologies like Mailchimp, Constant Contact, and ConvertKit to automate the entire process.
There are email templates out there that are readily available and can simplify the work that you do. Emails can then be scheduled and sent out based on business needs.
There are plenty of small and local businesses out there that need help with this particular service, and while It is certainly not exciting it can be good for passive income.
Design Logos For Money
If you have a creative bone then this might be the best way to flex that muscle, make money while also creating a portfolio.
You can create generic logos and then customize them with specific customer needs.
Then all you need to do is sell these logo templates to different digital print reselling websites.
It takes some work in the beginning but it can be a great passive income method!
Make Money With Affiliate Marketing
This is along the same branch as the blog idea; however, this is a little bit more specific.
Affiliate marketing can be set up in almost all mediums including non-writing ones.
With affiliate marketing, you earn money every single time someone signs up or purchases a product or service.
You usually have to sign up to receive a personalized affiliate link however it is usually free to join these programs.
Like I mentioned before you do not need to have a website to have an affiliate code although this is often the most popular and successful option.
If you are interested in becoming an affiliate marketer then I recommend checking out this awesome course.
This course will teach you all you need to know about affiliate marketing so I highly recommend checking it out!
Each affiliate program has different rules and terms of conditions. Make sure you review them thoroughly before beginning.
Utilize Credit Card Rewards
There are several credit cards out there that offer rewards, cashback, and cashback matching options.
So, you can receive passive income while completing your normal tasks. My biggest warning with this is to be careful and pay off your full balance at the end of the month.
You should not be spending more in order to get these benefits or these cashback amounts.
The cash backs are usually 1% to 2% whereas the interest rates on credit cards if you do not pay it off, can rise to 28%
Checking Account Interest
Yes, you read that right. There are some companies out there that offer interest rates for checking accounts.
This is not going much, and by not much I mean it is barely anything but it is something, so it’s worth considering.
It’s better than nothing so definitely check it out!
Make Passive Income With Vending Machines
Vending machines are a great means of making passive income. They can be installed at several local businesses at an affordable price.
The only thing needed for the vending machines is cheap inventories and a dedicated supply and maintenance chain.
Start loading up on those Costco, and Walmart snacks!
The initial upfront cost of obtaining a machine can be a few thousand dollars depending on where you purchase it from.
After everything is set up then all you need to do is leave it there to collect your money!
There will be some work involved such as going to the machines to re-stock them and collect your money but it’s a really great passive income idea.
Music Licensing
Remember how I talked about making money from stock photos earlier? Well, this is a very similar process for my musically inclined readers.
You can license out generic music or any music that you create. There are major media companies that are always looking for affordable music.
With the rise of several different media platforms the demand will only continue to rise and with that your passive income.
Voice Over Royalties
If you like and have some technical skills related to audio engineering then this passive income might be straight up your alley.
You will have to read people’s work in order to get paid.
You’ll be like the producer of your own media company. There are different payment options one is a fixed rate for a project and another is royalty.
In the latter plan you will not get paid upfront but instead, receive a share of the royalties for the project. If you are interested check out ACX.
Sell Your Videos
Quite frankly you can sell just about anything on the internet nowadays and that includes videos!
Streaming videos is a massive enterprise with plenty of opportunities.
There are several companies that exist for just this reason the main one being Uscreen.
So, for all my burgeoning filmmakers your time has come to shine. Just make sure that the videos are good qualities.
Check Out Roofstock
Roofstock is another entrance into the real estate game. This is more so for hardcore investors that are hoping to significantly invest in the real estate market.
They match real estate investors (you) with turnkey rental properties all over the United States.
Roofstock facilitates your real estate empire one house at a time.
Use Cash Back Apps
One of the best ways to make passive income is to use cash back apps.
Cash back apps are simply apps that you shop through to get money back on your purchases.
So, you can think of it as discounts on your purchases but instead of getting money shaved off the price, you get the money back into your pocket!
These apps are super easy to use, all you need to do is sign up for an account and link a credit/debit card for in-store purchases, and shop through the app or site for online purchases.
Then for items/stores that partner with the cashback app, you will get money straight into your account after you complete your purchase.
Some of my favorite cash-back apps are Dosh, Drop, Rakuten, and Ibotta!
All you need to do is shop like you normally do and you will start earning cashback, it’s that easy!
Plus, you can even double-dip in cashback so definitely start using cashback apps, they are free so you have nothing to lose.
Rent Out Your Car
I stumbled upon a platform called Turo a few years ago when trying to figure out how to run several errands without a car.
It’s actually a really neat service that you can use to make passive income easily!
Turo essentially allows people to rent their cars out on a short-term basis, usually a few hours.
The best thing about this is that insurance is included in the booking process, there are also other options that car owners can opt to gain more protection.
This is a great option if you do not use your car often, and if you are like the majority of Americans then you’ll know that the average car is immobile more than 90% of the time.
If you are a real business person this can be turned into quite a lucrative endeavor. You can buy multiple cars and rent them out on Turo!
It’s a really easy way to make some extra cash so I highly recommend checking out Turo.
Rent Out Your Parking Spot Or Driveway
On the same car theme, you can rent out your parking spot.
This is a great passive income idea if you are in a major city that is often tight on space.
If you do not need your parking space then rent it out!
In major space-restricted cities like San Francisco, this could fetch a few hundred dollars a month. Websites like Pavemint and SpotHero help facilitate this process.
Make Money With Referrals
One of the best ways to make passive income is to refer people to services and get paid for simply referring them.
For example, survey sites like Swagbucks, PaidViewpoint, ySense, etc… will pay you money when you refer people to their sites.
Usually, the person you refer will have to complete a certain action such as completing a survey or for cash back apps, getting cashback for the first time for you to get paid.
The process is really simple, when you sign up for the service you will get a unique referral link and when someone signs up with your link you will get paid!
If this sounds like a passive income idea that you would like to try out then I recommend checking out my post on the best referrals to use.
Become A Pet Sitter
This is similar in line to house sitting except it requires a little bit more work.
You can take care of the animal while its owner is away and make some money.
Most animals are fairly independent unlike children so you can leave them alone after feeding, taking them out for a walk if need be, letting them relieve themselves, etc…
My favorite animals to babysit are cats and reptiles since they are very low maintenance.
If this sounds like something you’d like to do then I recommend using Rover.
Rover is a very popular platform that you can use to find high-paying pet-sitting gigs.
It’s minimal work which makes it a great passive income idea!
Create Audiobooks
If you took my advice above and wrote either eBooks or a physical book then creating an Audiobook might be the next step.
If you aren’t too fond of your voice, that’s fine. There are companies like ACX, that allow you to hire professional narrators and audiobook artists.
In some cases, these professionals will do the reading free of charge in exchange for some royalties.
It will take some work to create an audiobook but after it is finished you will get money for years to come when someone purchases it!
Conlusion
These are the best ways to make passive income right now!
I know this is a very long list but I wanted to give you all the best passive income ideas I can think of.
You don’t have to use all the options on this list, just find the best ones for you. Try out a few and you can also use multiple methods to increase your earnings!
Remember, passive income still requires some work to get going so be prepared to put in some work but it will greatly benefit you later on.
If you like this post then I recommend checking out my posts on 29 Best Free Money Apps To Earn Instantly and How To Make Money Without A Job.
Have you tried any of these passive income methods before? What are the best ways to make passive income that you know about? Let me know in the comments below!
Excellent article, having passive income is a smart way to manage money. I loved these ideas!
Passive income is definitely great to have! Thanks for reading!