The average millionaire has a minimum of seven streams of income. Many of their sources of income are passive. Passive income is when you do the work upfront and once your creation is launched it makes money without you having to lift a finger. It continues to make you money while you go on living your life and even while you sleep!
Anyone can start earning 7 Passive Income Ideas. The first step is brainstorming products. Once you’ve created your product, simply upload and forget about it. The products can be a myriad of different things, such as books, digital courses, eBooks, etc. Products are not the only sources of passive incomes. In the overview below you will read about others.
The 7 Passive Income Streams
I decided to share a few of my sources of passive income sources. Hopefully, my list can inspire you. It should give you a few ideas on how you can add another source of income into your financial situation.
I’ve written two books about personal finances. My two books are titled It’$ My Money: A Guided Journal To Help You Manage Your Finances by Patrina Dixon. There is a volume 1 and 2 and can be purchased on my website and through Amazon. I took my knowledge of finances and created a guide to educate readers. Volume 1 was published in September of 2016 and Volume 2 was published in 2021.
Both are purchased on a regular basis without little or not effort from me. Volume 1, for ages 13-18, still get ordered in bulk by schools even today. Volume 2, for ages 19-25, I post about on social media every now and then and run sales on it but no heavy lifting and it sells from my website and Amazon all of the time.
I also have been a co-authors in 3 other books. These do not get purchased as often but they are also available on my website and Amazon.
2. Digital Products
I sell a section of digital products on my website and my etsy shop. Digital products are a great way to start making passive income. It starts with an idea for a digital product. You create that product, upload it, and people can start buying it. You don’t have to ship out a physical item. The purchaser receives an email which thanks them for their purchase and a link to the digital item or a PDF of it.
Either way it can be downloaded for their use.
I’ve created a selection of digital products. I have:
- A mini financial planner
- An e-book on how to start a podcast
- A workbook to help you manage your money
When you think about a digital products, thing of things like:
- How to guides
Guides are a good thing to be an eBook, what comes to mind are things like 10 steps to effectively home school children ages 6-10, then maybe 10 steps on how to homeschool middle school age, then maybe tips on how to homeschool teenagers.
Another idea can be 10 steps to run a cleaning business, or a landscaping business, at -shirt business. The topics are endless.
I also have a lot of great free resources on my resource page that you can use to help you budget! They are great if you’re looking to save a little money. You can check them out here.
3. Online Courses
If you’re knowledgeable in a certain subject, find a way to monetize these skills of yours! Consider sharing your knowledge with others by setting up an online course. All you have to do is design a course, upload videos explaining each section or create a schedule for your live classes, and people can purchase it. They’ll have access to all the information you’ve curated into your course materials.
You can make the material accessible lifetime or limit the time they have access to it. I have an online course on a platform called Gumroad. My course revolves around how to become an affiliate. I teach people ways to make money by becoming affiliates of popular brands. It is called Master Being an Affiliate.
4. Affiliate Marketing
This is one of my favorites. What I loved about this one is you don’t have to have a product, book, course or anything like that. It is very easy, you simply promote other folks or companies products or services and you get a percentage of each of the sales. This is not Multi Level Marketing (MLM).
I have an online course that teaches people how to do this and do it effectively. My course revolves around how to become an affiliate and begin earning money as soon as they complete the course. If the tips on how to become affiliates of popular and highly used brands. The course called Master Being an Affiliate.
5. Amazon Storefront
You would have to apply to have an Amazon storefront. Once approved, which can take a bit, you set up your storefront by creating a profile then adding items that you know people commonly order from Amazon and ask them when buying to do to via your link. You can send you link via social media, via email if you have an email list or simply by texting it to family and friends. See my Amazon storefront here as an example.
I have a few categories that I know the It’$ My Money community may enjoy in a curated listing. When someone uses their link it will route them to them to your Amazon storefront and then when they go to search for more items or go to their cart it will be their specific Amazon account. Once they complete a sale, Amazon will know they entered the site via your link and you will get credit for the sales as they traffic came from you. You can certainly use my Amazon page as an example.
The categories I have my store align to things that fit my business brand and me personally but more importantly what I believe the It’$ My Money community would enjoy or benefit from. Check out the categories:
- Money and Business Books
- Working From Home
- Planners and Calendars
6. Dividends From Stocks
A dividend is a share of a company’s profits. These profits are issued to their shareholders as stocks or cash. Usually it is paid out quarterly but that can vary by stock or company.
Dividend stocks can pay out to you pretty regularly so it’s a great source of income that you don’t have to do a lot of work for. The more you invest the more of a payout you can get over time!
7. Real Estate Rental Income
Several are making passive income with real estate. Remember you have to do the upfront work like finding and buying the real estate property, then finding a tenant to rent and then the rent paid to your is passive income for as long as the renter is there and paying the rent.
If you want a easy and simple way to make a little extra money you can check out an awesome resource like Survey Junkie. Survey Junkie lets you take surveys for cash out or gift cards. You can spend a little time before bed doing some easy surveys instead of scrolling on social media. Use your time to your benefit! Get started here.
There are so many awesome ways to make extra 7 Passive Income Ideas. I’m interested in hearing about your sources of passive income. Leave a comment about all the different ways you earn passive income. Let this be a space to inspire each other and help one another become more financially stable.