Passive income gives you the ability to grow your wealth without having to take on the extra time commitments demanded by part-time or full-time employment. However, finding the right passive income opportunities is key to making sure that you bring in the most profits in the most efficient manner. If you are looking for high-quality passive income opportunities to launch this year, here are five passive income ideas to help you make money in 2020.
1. Make interest-bearing investments.
The goal of passive income is to generate income over time with minimal effort on your part. While some ideas may require some extensive set up before they are able to generate recurring income others, like passive income investments, only require an initial monetary investment, allowing you to earn money quickly and easily. One such resource to turn to for this type of opportunity is Yieldstreet.
Yieldstreet is a passive income investment platform that focuses on providing investors with regular returns that give them the quick cash flow they need to grow their wealth. With short-term offerings in industries like real estate and art, users have the ability to invest in several lucrative asset classes that may pique their interest. This platform comes with many benefits, such as an emphasis on risk mitigation, a user-friendly interface, and multiple opportunities designed to generate income for your personal needs. Using Yieldstreet is a great way to get started on your passive income journey.
2. Sell leads from your websites.
Most people focus on the earning potential that a blog has rather than turning their attention to the many other ways that websites are able to generate income over time. If you’re looking to break away from the traditional blog model, you may want to consider selling leads generated by your website to businesses seeking out customers. For example, launching a website that is designed to connect those looking for dental services with nearby dentists can allow you to make deals with businesses in the area who want to increase their own profits (while saving money on traditional marketing practices that may not be yielding results). Although there is work involved in getting your website set up, the returns that come from this passive income model can be quite lucrative.
3. Write your own book or create an online course.
There are many digital products that are considered to be great “one-and-done” passive income opportunities. For example, if you believe that you have valuable knowledge that people may be willing to pay for, you can easily write a book or create an informative online course that others will purchase in order to grow personally or professionally. While you will need to create and market the product, these types of digital goods will continue to generate profits for as long as people continue to buy them.
4. Sign up for affiliate marketing accounts
If you do happen to have a blog to monetize, affiliate marketing is another great way to earn money with minimal effort. With affiliate marketing programs, all you need to do is link to products on websites you have accounts with and encourage readers to purchase them. Then, you make a cut of the sale when they do buy using your affiliate link. Given the many profitable affiliate programs out there, this method can help those with a strong readership generate passive income easily.
5. Rent out unused space on your property.
Buying up real estate and renting it out can be one way to generate passive income, but it can also be quite complex and involved, which isn’t for everyone. Instead, consider renting out unused space in your home to those looking for temporary rentals or vacation getaways. Although there are potential issues to consider before diving straight into renting out unused space, this is an easy way to work around the complex responsibilities that come with being a landlord for multiple properties.
When it comes to passive income ideas, there is no shortage of ways to make money without spending excessive amounts of time in the process. If you are looking to generate passive income but don’t know where to start, use these five ideas to find lucrative income-generating opportunities that will work for your individual situation.