Hey friends! It’s Steve and today I want to talk about 10 passive income ideas that can help you earn money without much effort. Make sure to read to the end because the last one is the easiest one to do. Passive income is income that you earn without actively working for it, and it can be a great way to supplement your regular income or achieve financial independence. Here are 10 ideas to get you started:
1. Rent out a room on Airbnb: If you have an extra room in your house or apartment, you can earn passive income by renting it out on Airbnb. All you have to do is list your space, set your rates, and manage the booking process through the app. I personally have roommates right now in my two extra bedrooms and they’re awesome!
2. Invest in dividend-paying stocks: Dividend-paying stocks are stocks that pay out a portion of their profits to shareholders on a regular basis. By investing in these stocks, you can earn passive income in the form of dividends. Websites like E*TRADE or TD Ameritrade can help you get started with stock investing. Stop thinking that you need to work more to make more. Instead, it should be the opposite. For me, I earn a couple of thousands of dollars each dividend payout quarter because over the many years, I’ve slowly invested in a lot of DOW30 dividend paying stocks like Apple, Microsoft, and Visa and ETFs like VOO and SPY. This works for me, but make sure to invest in whatever you feel most comfortable with.
3. Create an online course: If you have expertise in a particular subject, you can create an online course and sell it on platforms like Udemy or Teachable. This can be a great way to earn passive income while sharing your knowledge with others. If you don’t know already, I also have an investing course at calltoleap.com with over 3000 students and make anywhere from 5 to 6 figures a month.
4. Invest in rental properties: If you have the capital, you can invest in rental properties and earn passive income through monthly rent payments. Websites like Roofstock or Fundrise can help you get started with real estate investing.
5. Write an e-book: If you enjoy writing, you can write and publish an e-book and earn passive income through book sales. Platforms like Amazon's Kindle Direct Publishing or Kobo Writing Life can help you self-publish your book and reach a wide audience. I also have an e-book that I wrote on how to get started with investing as a beginner. I usually charge $40 for it, but if you want to get it for no charge at all for a limited time, head to www.calltoleap.com/beginnersinvestingguide, where you can get it for free for a limited time!
6. Create a smartphone app: If you have programming skills, you can create a smartphone app and earn passive income through app downloads and in-app purchases. Websites like Google Play or the App Store can help you distribute your app and reach a wide audience.
7. Start a blog: If you have a passion for writing and sharing your ideas, you can start a blog and earn passive income through advertising, sponsored content, and affiliate marketing. Platforms like WordPress or Blogger make it easy to get started and reach a wide audience.
8. Rent out your car on Turo: Yes! You can make money with your car. If you have a car that you don't use all the time, you can rent it out on Turo. All you have to do is list your car, set your rates, and manage the booking process through the app. Though I never rented out my car before, I’ve rented other people’s cars with Turo and it’s amazing! I rented out a car when I went to Yellowstone with my wife and paid around $500 for a week. This means that the car owner can make upwards of $2000 a month with renting out his car. Try it out and see if it works for you.
9. Sell your music on iTunes or Spotify: If you're a musician, you can sell your music on platforms like iTunes or Spotify and earn passive income through streaming and download royalties. Mariah Carey is known for passively making millions of dollars each Christmas on her hit song, All I Want For Christmas Is You. I’m not saying everyone is going to be making that much, but hey, if you can make $30-50 a month, that’s pretty good!
10. Invest in high-yield savings accounts or certificates of deposit: High-yield savings accounts and certificates of deposit offer higher interest rates than traditional savings accounts, allowing you to earn passive income through interest payments. My wife and I have a high-yield savings account with Ally and Wealthfront and we get a couple hundred dollars of free money each month. And this is by far the easiest passive income we have because we do nothing at all.
I hope these ideas have given you some inspiration for ways to earn passive income. Remember, passive income takes time and effort to build, but it can be a great way to supplement your regular income and achieve financial independence.
Have a wonderful day!
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