Why you need to have multiple stream of passive income? Remember warren buffet once said-“If you don’t find a way to earn money while you sleep, you will work until you die”.
True financial freedom is possible only when you are able to earn money while you sleep. Trading time for money is not the best way to earn.
So, how you can earn passive income? In earlier times, answer to this questions was heart breaking. But now time has changed. Internet has changed everything.
Ten years back, generating passive income was a difficult thing. You do need to buy a franchise worth million dollar or invest heavily in real estate.
But now time has changed. Now, anyone can generate passive income with little efforts and time investment. With the help of internet you can generate multiple stream of passive income.
Al-thought, this is not a overnight work. You need to put lot of efforts on creating systems that will generate passive income for you. But when the hard part is done, you can reap benefits for years.
Below are some of the best way to generate passive income.
#1-Create and sell eBooks
Creating and selling eBooks is one of the best way to earn passive income. Internet has changed the game of book publishing. Unlike earlier, it is now easy to write and publish a book.
Remember that millions of people visit internet daily for information. If you provide them what they want in the form of eBook and charge a minimal amount then you can earn pure passive income for years.
Creating and selling eBooks is best way to turn your passion into passive income. I have written about creating and selling ebooks in detail in this post, create and sell eBooks online.
#2-Invest in Lending clubs
Lending Clubs can provide you 100% passive income stream. It is a web-based peer-to-peer lending platform where people come to get loans.
Lending Club can help you earn interest rates in excess of 10% per year, which is about 10 times what you will earn on more conventional interest-bearing investments.
You can check the list of top lending clubs here.
#3-Invest in real estate
Investing in real estate is one of the best and traditional way to generate passive income. Al-thought, it need some money to invest in real estate but investment is not so risky. By saying not so risky I am talking about cash flow not capital gain.
There are two types of real estate investors, one who invest for capital gain and one who invest for cash-flow. Capital gain is basically buying land for cheap price and selling it higher. This doesn’t generate any passive income.
But on the other hand, cash-flow is renting the land for a fixed rent to be paid every month. This creates a real stream of passive income. Renting land can be anything from a small room to multi-complex apartment or just a small office.
Real estate investment needs lot of money to get started, but that money need not to be yours. You can obtain a loan to buy the property, each month your tenants are paying off your loan. Once the loan on the property has been paid off, your cash flow will increase drastically.
#4-Create and sell e-course
World is changing and so the learning ways. Internet has changed everything in past couple of years. Now less people are paying for offline courses, more and more people are learning from internet.
This is best time to teach on internet and earn money from it. Creating an e-course is best way to do that. If you are good at something then why don’t get paid for it.
Unlike eBooks, e-course can be a combination of video, audio and written material. It can also be in a form of an app as an application can best combine all these aspects.
You can publish it on different platforms like click-bank, google store etc and charge a minimal amount for it. Millions of people visit internet daily in the search of information. If you are able to provide them what they are searching for then they can offer you any price for it.
Udemy is an online platform that lets its user take video courses on different subjects. Instead of being a consumer on Udemy you can be a producer, create your own video course and sell it. This is a great option if you are highly knowledgeable in a specific topic.
Blogging is one of the best way to generate lot of passive income streams without much investment of money. Al-thought, it is not 100% passive because you need to write content and also spend time for content marketing.
But the best part is you can reap benefits even after years of writing a post. One single post will generate income even after years of its publishing.
You can earn money from google adsense and affiliate marketing. You are not physically present when someone buy from your site or click on advertisements. This creates a real stream of passive income.
#6-Make YouTube videos
Making YouTube videos is also another way of creating passive income stream. In the past couple years, making money from YouTube famous and it also created many millionaires. YouTube is the future of internet money.This is again not 100% passive as you put in time to make videos.
But you are not physically present when thousands or even millions of people watching it. This creates a passive income flow which can pay you for years.
#7-Sell products online
Forget the traditional brick and mortal business. Now you can leverage the power of eCommerce. You can create passive income by selling your products online on big eCommerce companies like amazon, shopify, eBay etc.
Al-thought, this is not 100% passive income as you need to buy your own products. But your only job is to buy products which you want to sell to make profit.
Sales and shipping is responsibility of eCommerce companies. So, you don’t need to worry about shipping. You have access to millions of regular costumers of these companies.
#8-Buy a eCommerce website
Buying a already build eCommerce website is another way to build passive income. In flippa you can get variety of already build money making sites which you can get in fair price.
There are many websites outhere on sale earning thousands of dollars per month. Many people selling their sites are in great need of money and this can provide you a best deal. Buying some of the sites can create a stream of passive income sources for you.
#9-Create an app
Creating an android or IOS app is one of the best way to generate 100% passive cash-flow. This is another way to make money for sharing information.
Best part is that you don’t need to be a programmer to build an app. Internet has changed everything. You can hire a freelancer in a fair price to build a app for you.
There are billions of mobile phone users in the world who can be your audience. Create an app on the niches like health, business, personal development or anything else you are passionate about.
If the app is solving problems and providing values to people then there is no limit how much an app can earn. You can give away app for free and earn money by displaying ads.
You can create all types of apps including business, health, stores etc and even without any coding on apploadyou.
#10-Selling stocked images
You can convert your photography into passive income stream. Millions of people visit internet daily in search for compatible images for commercial use. Some advertising companies even pay thousands of dollars for images.
You can use your mobile camera or DSLR to click random picture. Rather then taking selfies and uploading on socialmedia you can get paid for clicking random images on shutterstock and i-stock.
These are two best places to sell images online. Best part is that many copies is sold of one single image. In this way you get passive income on every single image you sell.