Enjoy this list of the best passive income ideas, investments, and businesses that make money while you sleep.
Are you looking for the best passive income opportunities to earn you money every month? Here are 43+ Passive Income Ideas. That’s right! Residual income ideas, investments & businesses that make money while you sleep.
What Is Passive Income?
I’m sure this isn’t the first time you’ve come across the term passive income. But, like many people, you may be confused as to what passive income actually is.
Passive income is earnings derived from business ventures which don’t require you to be physically present. It could be either real estate, loan lending, or just any business that requires little or no effort to maintain.
For example, if you keep money in a bank account that earns interest, providing you leave the money in the account, you’ll be paid interest without you actively doing anything. Although the interest made maybe only 1% in this example, this is still a form of passive income.
Below are a few passive income ideas on ventures that will generate you more than 1% interest.
How Much Passive Income Can You Earn?
The truthful answer to that is, it depends.
I’m sure, at some point, you’ve come across an advertisement promising to show you a secret way to make $10,000+ passive income by next week. Although this can happen, it’s important to know that this is extremely rare; and won’t be the case for most people.
In my experience, how much passive income comes down to 3 things. They are; how much, how long, and what you invested in.
When the interest of your investments start to earn interest, this is known and compounding.
The more interest you build, the bigger and faster the compounding effect will be. This is the key to accumulating wealth and building financial freedom; and the secret of the super-wealthy.
What’s the difference between Residual Income and Passive Income?
In a nutshell, passive income is the money you earn from an investment or venture, without any or little continuous effort required. This is a popular type of income used to create wealth.
Residual income, on the other hand, is more of a calculation to determine how profitable or income-producing an asset or business venture is, after the labor or financial investment has been paid off.
For example, the money earned from real estate, after it’s the property has been built and paid for, is known as residual income.
Therefore, how much residual income you can earn from an investment is often a good indication if the passive income idea is worth your time.
For example, if a passive income opportunity requires a lot of upfront time and money, however, the projected residual income you can earn is low and risky; this may be an idea you want to skip.
The best passive income ideas are the ones that require low investment, yet the long-term residual income is high.
Below you will find a list of innovative passive income business opportunities with the types of residual income required to build long-term wealth and financial freedom.
How To Start Building Passive Income
Streams of Income
Most millionaires have seven streams of income – most of which will be passive. Now, I’m not saying to start with seven different streams, but it’s good to understand where you need to work towards. If you’re entirely new to this, one stream of passive income is always a good place to start.
There are tons of passive income opportunities; some are easy to start, some require more capital, and some require initial effort. You’ll need to figure out which passive income streams are best for you; based on your budget, time, and interest.
If you don’t have any money to invest in building passive income, you can relax; many ideas require extremely little money to get started. If you’re broke or in debt, it’s always wise to get a job, and pay off any outstanding debts, before you focus on building a passive income.
Learn more about Passive Income
If you’re serious about building financial freedom and wealth, passive income is something I would suggest learning more about. Here are a few resources and training programs I found helpful:
- The Rich Dad Summit Robert Kiyosaki, the author of Rich Dad Poor Dad (one of my favorite financial freedom books), has an online training which teaches you how to make sustainable passive income for life. Click here to find out more.
- The 4 Hour Work Week by Tim Ferriss is the book that opened my eyes to generating passive income and a new, smarter way of working. It’s a book that I still refer back to today. Check it out.
- The Knowledge Society is an awesome training resource that will teach you a range of skills and strategies to build wealth and passive income. Click here to join today.
43+ Passive Income Ideas & Businesses That Will Make Money While You Sleep
Below I have a list of ways to generate passive income. Some require more effort to get started than others. Some require more money. I’ll supply my list of passive income ideas, but the rest is up to you.
Investing For Passive Income
This is one of the easiest and least-effort-needed ways to generate passive income. Investing is well established, and people have been investing in years.
Yes, it’s true – You can make a fortune through investing. Just look at Warren Buffet, one of the richest men on earth, who made his fortune through investing.
HOWEVER, unless you have Buffet’s balls, and you’re prepared to put in the same work, time, and dedication as him, the chance of you earning the same is slim.
That being said, in my opinion, investing is a relatively low-risk way to make passive income…
What kind of investment you make and how much you invested will determine how much interest (passive income) you’ll earn.
It’s important to know, some investments will earn you higher interest, but will come with higher risk. Some investments will be safer, but the interest may be a lot lower.
Below are my favorite investments that make money while you sleep.
1. High Dividend Paying Stocks
Investing in high paying dividend stocks is one of my favorite strategies inside in my passive income portfolio.
When investing in stocks, I prefer to choose reliable businesses that reward their shareholders with high dividend yield. Some of my stock investments pay me up to 10% in dividends every year. That’s an insane return for 100% a passive income strategy.
I then choose to re-invest my dividend earnings to compound my interest.
On top of these generous payouts, there’s also a possibility that the stock price can rise, increasing my overall value.
Some people have accumulated enough compound interest that they can retire and live solely off their dividend earnings.
2. High-interest saving accounts
Who would have thought you could get paid for saving your money. If you didn’t know, then it’s time to stop stashing your money under your mattress and open a high-interest savings account.
Most banks offer interests on their savings account to motivate people to save money.
What you need to do is look for a bank or insurance company that offers high-interest rates. This way, your money will multiply itself without any effort on your part.
Here are a few resources to help you learn more about high-interest saving accounts:
3. Peer-to-peer lending
Banks often have strict measures in place when it comes to offering loans. This usually results in them turning away many businesses or entrepreneurs who are deemed “too risky” by the banks. Peer-to-Peer lending can be an exciting way to make passive income.
With Peer-to-Peer lending, you can lend money to start-up businesses and individuals without imposing strict regulations on them as banks do. There are secure peer-to-peer lending platforms, who will set a friendly interest rate on the amount they will need to pay you back. Just like that, you could earn money while you’re asleep.
4. Become an Angel Investor
Having a business idea is one thing, but getting enough capital to actually open the business is the hardest part.
Becoming an angel investor is one of the passive income ideas that the wealthy do a lot.
What they do is they have a list of entrepreneurs and inventors with legit start-up businesses; that are in need of investment.
You can then choose the one you deem has the potential to make it big and invest in it. You’re investing your money in exchange for a stake or share within the business.
From there, the profits of that business will be shared with you in accordance with the amount of capital you contributed.
Just imagine if you were an angel investor of a start-up such as Facebook or Google!
Real Estate Investments That Make Money While You Sleep
Rent Rent Rent!
You don’t have to have an entire property to make some extra cash! There loads of passive income opportunities from renting things you already own. Here are a few ideas:
5. Rent Your Spare Room
Hotel prices aren’t always cheap; especially for popular locations and cities.
If you live in a big city or desirable location, there’s a good chance that someone will pay to rent your spare room. It’s a great way to make some extra income, and, with services like Airbnb, it couldn’t be any easier.
Airbnb connects people in seek of an affordable place to stay with those who have a spare room to rent.
If you’re looking for passive income ideas, and you have a spare room available, give this a try. Here are a few handy resources to help you:
6. Buy a House to Rent
Rental properties are one of the most lucrative passive income ideas and businesses that make money while you sleep. This is where you buy a house, duplex, or apartment building and then rent it out to produce income.
If you have enough capital to invest in your own rental property, this can be a great source of monthly income.
If you don’t have the funds available, remember, you can always partner with someone who does have the capital or find an investor.
Watch the view below for more information:
7. But Into a REIT
As I mentioned above, real estate is often an attractive venture, and it’s one of my favorite passive income ideas; however, many lack the capital to invest. If that’s you, there is a fair number of real estate investment companies that are willing to actualize your dream of investing in real estate.
These companies work by gathering groups of small investors who pull money to buy rentable properties. The company will then rent, maintain, and then sell the property to generate profit. The profit earned with then be distributed to the investors according to each individual’s amount invested. All you have to do is invest a sum of your disposable income then wait. This is known as a REIT.
To find out more about investing in a REIT, check out this post.
8. Self-Storage Rentals
Self-storage rental units are a great investment opportunity. As our buying habit grows, we all require extra space and storage to store our possessions. As a result, the demand for storage units is rapidly rising,
The best part about investing in storage rentals is that you will hardly ever need to be physically present. This is partly because people who often use your services are looking for a place to put their thing for long periods of time. This makes it one of the most attractive passive income ideas.
Though it requires capital for buying the actual space and putting up security measures, storage rentals will return your capital in no time.
Internet Businesses That Make Money While You Sleep
If you’re wondering how to make passive income online, this section if for you. Not every online business is a passive income opportunity; however, there are some that can be hugely profitable, scalable, and residual.
9. E-commerce & Dropshipping
With the advanced technology and online platforms available today, setting-up your own e-commerce site is easier than ever before.
How passive things become with e-commerce all depends on what you’re selling and how you manage your store.
Selling your own products means you’ll have to manage inventory, production, and expenses. Although this can increase your profit margins, I wouldn’t necessarily call this passive income, as it will require a fair bit of attention and effort.
HOWEVER, you don’t have to sell your own products. You can re-sell someone else’s products and let them deal with the rest. This is called dropshipping – something that has become quite popular recently.
Choosing the right platform
Shopify: Whether you decided to sell your own products or someones else’s, you’ll need an online store. Shopify has made that easier than ever!
They provide ready-made, professionally designed templates, which means your e-store could be up and running in a matter of minutes.
They can also provide tools such as shopping carts, coupon codes, and various payment processes. It’s no surprise why so many “professional e-commerce sites” are currently using the Shopify platform.
ClickFunnels: When it comes to selling a product online, ClickFunnels may be the ultimate weapon to use! The platform has everything you need integrated, and you can build professional sales processes with ease!
The thing I love most about ClickFunnels is the insane level of free training they provide, which will turn you into an eCommerce champion.
After reading the book Dotcom Secrets by the founder of ClickFunnels, Russell Brunson, discovered the secret to selling online successfully.
10. Start a Blog
This is another of my favorite passive income ideas. And, certainly one of the best types of residual income ideas, in my opinion.
I know it’s not the quickest way to start earning passive income, and it does require a bit of upfront work. However, creating a blog that drives niche-specific traffic can turn out to be an automatic money-making machine!
The key to starting a successful blog is to create blog posts that are rich with value and knowledge. In return, you’ll build an audience that trusts you and will follow your blog.
Successful blogs who have managed to generate traffic can make a fortune through placing an advertisement and relevant affiliate links across their blog. The awesome part about a blog is the fact you can still generate traffic and earn money from a blog post you wrote years ago. This is what makes a blog so passive – over time.
11. Start a YouTube Channel
Think of a YouTube channel as a visual version of a blog.
The principle is the same. Create a YouTube channel, make videos around a specific topic or niche, and drive traffic (views).
Just like a blog, a successful YouTube channel has the opportunity to earn ad revenue. Plus, you can promote or review affiliate products.
You can even start a blog and a YouTube channel around the same topic to really boost your authority within the niche.
Again, starting a YouTube channel will require effort in the beginning, as you will need to create the video. However, once a video is published, you can potentially receive views and earn money from those videos for years to come.
Watch this video for more information:
12. Design & Sell T-Shirts (Print on Demand)
Another way to earn money while you sleep is by designing awesome graphic t-shirts and selling them to people, either through an online platform such as Shopify or ClickFunnels, or a physical store.
If you’ve ever thought about starting your own clothing business, this idea is perfect for you.
For every occasion, community or enthusiast, there’s a t-shirt that can be designed. For example, Star Wars fans would happily purchase a t-shirt relating to the movies.
So, what is print on demand? This is where things become passive! Print on demand is similar to dropshipping; however, instead of selling someone else’s products, you’re selling your own designs.
Platforms such a Printful allow you to upload your custom t-shirt designs, and they will take care of the rest. That’s right, and they will handle the manufacturing, the shipping, and even the returns. All you have to do is sell a t-shirt.
If you’re thinking of starting your own print on demand t-shirt business, watch this video before:
13. Create & Sell Ebooks Online
The demand for knowledge is higher than ever. And, almost everyone has access to a smartphone, tablet, or laptop. This is what makes digital ebooks so popular; and one of the most interesting passive income ideas on this list.
We all have a skill or subject that we are knowledgeable in, and some else may be willing to pay a small fee for this knowledge.
It’s easier than ever before to create an ebook and get published on a platform like Amazon’s Kindle. And once your ebook is published, Amazon will handle the rest.
If you’re good writing and you have the time, you can write your own ebook. If writing is something that doesn’t come naturally to you, or you lack the spare time, you can hire a writer to create an ebook for you. Check our sites such as Fiverr and Upwork to find writers.
14. Start a Podcast or Audiobook
In the fast-moving world we live in, many people are usually busy working, driving, socializing, cleaning, or sleeping or they are hurrying to go to work.
You can totally take advantage of this by starting a podcast or an audiobook.
Since people are too busy to read books or take a course, most of them will be more than willing to listen to a podcast or two on their way to work or during the little free time they have.
There is no limit to what you can talk about in your podcast, and you will be surprised at how many people can relate to you. These people will, in turn, suggest you to friends, and by building a fan-base, your listeners will increase.
You will then be able to earn from the number of listens or from advertising products. This can provide you with a constant flow of passive income.
Here are a few resources to help you start your own podcast:
15. Affiliate Marketing
When it comes to passive income ideas, affiliate marketing is hands down my favorite method.
With affiliate marketing, you will earn a commission by including affiliate links or product images on your website, blog, or social media platforms. Whenever someone purchases the product from your unique link, you will earn a percentage of the sale
For example, if your website is about reviewing cars. Many car dealers will approach you and ask you to include the links to their shops in your reviews. Then whenever someone clicks the link and buys a car, you will receive money just like that. Easy, right?
Besides advertising, this is the most common way to earn money through your blog, YouTube channel, or any online platform you own.
If you’d like to discover how to build your own email list and make money with affiliate marketing, sign up for my FREE 7-day email course.
I will share with you the exact ClickFunnels template I use, which is already proven to generate passive income every month! Here’s what you will learn:
- How to Build a Kick-Ass Email List
- What Affiliate Offers Should You Promote?
- Creating Email Marketing Automation That Actually Converts
- Where & When Do You Make Money?
- Best Way to Drive High-Quality Traffic to Your Funnel
- [TOP SECRET]
- [TOP SECRET]
16. Create an Online Course
With so many students looking for alternative education to college or university, and everyone else looking to develop a new trade or skill, the demand for online courses are through the roof.
And, with platforms such as Udemy, creating an online course couldn’t be easier.
Everyone is an expert at something. Find a topic, niche, or skillset that you’re an expert in (and passionate about) and create an online course.
This course can become a great source of passive income for a long time.
Watch this video for more information:
17. Buy and Sell Domain Names
When it comes to finding businesses that make money while you sleep, domain flipping is a passive income idea that comes to mind.
Creating a stunning looking website is not always enough to guarantee you that your website will catch the attention of consumers amidst thousands of similar businesses. This is why having a catchy domain name is necessary.
Since not everyone has their creative juices flowing, you, as a creative, can start a business of coming up with awesome domain names.
If you can find cool domain names, businesses will pay you money.
Another way you can generate money with domain names is by finding valuable domain names.
A high-quality domain name is like online real estate, and people will pay A LOT of money for rare domain names.
Just imagine if you owned petstore.com. That domain could be worth thousands to the right buyer.
Platforms like Go Daddy Auctions make it super easy to purchase and sell domain names.
Watch this video to learn more about domain flipping:
Lifestyle & Shopping Passive Income Ideas
18. Claim That Cash Back
Okay, so you’re not going to get rich from this, and it does require you to purchase something first.
The reason I’ve included it is because it’s a 100% effort-free way to make money (not a lot of money, but still money).
Cashback cards give you a small percentage of your purchase back as an incentive for using their card or service.
Some cashback cards will give you money back on all purchases. Others will give you money back on specific categories, such as gas, groceries, etc.
Here are a few cashback sites to check out:
19. Reward Credit Cards
Similar to cashback, reward credit cards allow you to earn from your purchases; without lifting a finger.
The main difference between cashback and rewards is that fact rewards are usually given in the form of points, which is determined by the credit card company.
Now I know what you’re thinking. Why would I want reward points? Well, these points can be traded for products and services such as iPads, clothes, shopping, vacations & flights.
So, it may not be money, but in some cases, it can be as good as money.
The types of reward points you earn, how many you can collect, and what you can spend them on, all depends on the type of credit card you have. Some credit cards will give you bonus points just for signing up.
Watch this video for more information:
Here are some of my favorite Reward Credit Cards:
20. Smartphones Apps That Can Earn You Money
The internet has its fair share of apps that are willing to pay you just for installing and using them.
Some apps will require you to participate in short surveys. Other apps wish to collect data like how many times you use your phone in an hour or the number of apps you open in a day.
Watch this video below for some survey site reviews:
They will then use your answers and data for their research studies or to come up with statistics on behalf of companies.
Some of these apps are always willing to pay you a hefty amount. This makes it a good way to earn money with little effort.
While I’m traveling, waiting or just have a spare minute, survey sites and apps are my a neat way I like to make some extra cash
21. Make Money While You Eat
Eat out often? If so, this may possibly be the best passive income idea on this list for you!
Seated: This amazing app for iOS & android sounds too good to be true, but it’s 100% real!
Discover the best restaurants in your city. Use the seated app to book your reservations, and each time you complete a reservation, you’ll receive $10-$50 credit for Amazon, Starbucks, or Lyft. Awesome right? Minimum effort required.
Uber Eats: If you order food a lot, then I’m sure you know about Uber Eats. Open the app and go to the promotions tab to access your unique code.
Share this code with your friends and family. When they sign up to Uber Eats and use your code, you will be given $15 off your next meal. Effortless!
22. Listening to Music
In this day and age, the opportunities to earn money from the internet are limitless. And that includes sites like slicethepie.com that pays you to listen to music and give feedback.
This is sometimes to provide the musician with some honest criticism for feedback, and sometimes it’s to help boost the songs stream count.
Either way, you will get to earn from just sitting down and listening to a song or two. It’s something you would most likely do for free anyway. That sounds pretty passive to me.
Suggested Read: How to Make Money Listening to Music Online
23. Sell Ads on Your Car
For a business to thrive, they will need to invest in marketing; to create awareness. Believe it or not, one simple way businesses market their products is by creating posters and sticking on cars.
If you have a car and you agree to drive around with the poster or sticker, the owner of local business may be willing to pay you a hefty sum.
I admit it’s one of the more wacky passive income ideas; however, it could be a great way to earn some extra cash.
24. Vending Machine Business
Vending machines are like shops that don’t need a shopkeeper.
All you need to do is find a suitable location, which has a lot of footfall – for example, a bank, a subway station, or a company headquarters.
The vending machine venture does not require you to be physically present unless it’s time to restock the machine and collect your money.
This makes it one of the most highly ranked passive income ideas; one of the true business that makes money while you sleep.
If you’re interested in starting your own vending machine business, watch the video below:
25. Become a Boss. Pay Employees to Run Your Business.
This is something that applies to all businesses that make money while you sleep; they employ staff.
There are only 24 hours in a day. If you own a business (or thinking about starting a business) when it comes to making money while you sleep, hiring employees is always something you will need to consider; if you want to earn passive income.
By having employees run your business, you can increase your productivity and continuously generate an income, even when you’re not awake.
Setting up a business from scratch can be difficult, especially if you have no prior experience or knowledge. Here are a few resources which helped me:
- 67 Steps – This online program by Tai Lopez will teach you the 67 fundamental steps that every entrepreneur or business person much know. Check it out now.
- The LadyBoss Movement – This FREE webinar training by Kaelin AKA Lady Boss is awesome and a much watch for anyone interested in starting a business online. Click here to get you free pass now.
26. Rent Out Your Car
If you hardly use your car, wouldn’t it be great to earn some income from it, instead of it sitting in your garage gathering dust?
Sites like Turo will allow you to list your car to be hired.
For everyone who chooses your car, the app will give you an amount of money. You do not even have to do much, aside from listing your vehicle.
The app will look for customers, ensure the safety of your car, and handle the entire process, which makes it a cool way to earn some money passively.
27. Buy Royalties
Did you know you can own the rights of songs from major artists such as Rihanna, Jay Z, and more?
That’s right! Buying royalties is a profitable and rather cool way to invest your income and earn while you sleep.
Musicians, artists, and movie producers often sell part of their royalties.
This is usually because they need money for another project. Or, the movie or song is not doing as well as they expected.
Considering the art will earn royalties for a long time coming, this is an effortless way of generating passive income.
Check out Royalty Exchange for me info.
28. Laundromat Business
Aside from the once in while maintenance, operating a laundromat is one of the best businesses that will make you money while you sleep.
Laundromats are mostly self-service as no one will want you to put their underwear in the wash for them.
All you need is a teller who doubles as customer service and a security person, and you are good to go.
If you’re interested in starting your own laundromat business, watch the video below:
Other Ways to Make Money While You Sleep
29. Freelance work on Fiverr & Upwork
There has never been more demand for online freelancers than right now. If you have a skill that is useful to companies, you could find yourself making some easy money online.
So, instead of spending your afternoon watching TV or playing video games, spare a few hours to be a freelancer.
Now, of course, this isn’t passive income; it requires you to do the work. However, it certainly is a better use of your time.
If you’re interested in being a freelancer, here are a few popular skills in demand:
- Freelance writers. The demand for writers is super high. From book writing to website articles. If you’re a fast typer, you can make a lot of money. Check out this writer’s checklist.
- Graphic Designers. Do you know how to use photoshop? People are always looking for a logo and flyer design. If this is something you can do, add your services to Fiverr.
- Video Editing. If you know how to use final cut and you have basic video editing skills, you can make money as a freelancer of Fiverr.
30. Saving Money
Even though this isn’t really a way to generate passive income, saving money is a simple way to increase disposable income without having to work much. So in a strange way, saved money is passive money.
You will be shocked at the amount of money you can save by cutting down on some simple daily expenses.
31. Sell Stock Photos
If you’re a photographer, or even if you just have a passion for taking photos, you can earn some passive income from your photos.
Hundreds of websites allow you to upload those images as stock photos. Then, every time someone wants to use your picture, they pay you to a small fee.
And, not only do they present you with a ready market, but they also give you free exposure.
If you’re interested in selling your photography online, watch this video:
32. House Sitting
When people are traveling for a long time, or they go to their second homes, they would have to enforce some sort of security.
Aside from the obvious CCTV cameras and electric fences, some go the extra mile and hire an actual person to house sit from them.
This especially goes for people who have a pet or want their house to be cleaned from time to time.
That’s why signing yourself up to house sit for people is a very lucrative venture as you will be required to do minimal work while your bank balance increases.
33. Become an Influencer
Do you have a social media following?
Social media is a very powerful marketing tool, and many businesses are starting to realize it.
So, if you have a huge social media presence, brands will often pay you to act as an influencer for their products hence being their brand ambassador.
Brands will require you to put up several posts on social media, write captions on why the brand is good and sometimes make videos of you using the product.
You will either receive an amount upfront or get paid every time someone purchased the product following a recommendation from you.
It’s not exactly passive, but definitely requires less work than a traditional job.
Do you want to become an influencer? Watch this video first:
34. Be an Extra in Movies
Signing up as an extra in movies usually involves a lot of sitting around or eating.
So, if you always wanted to appear on tv yet, you have no real talent, signing up as an extra is one of your best bets.
The best part is, you will be paid for doing next to nothing!
You’re not exactly earning money while you sleep, as it requires you to be there. But this is the next best thing. Plus, being in a movie or TV show wounds cool!
35. Rent Out Baby Gear
Any parent can attest to how expensive baby gear is. The worst part is infants quickly outgrow the gear leaving you with a bunch of expensive items you have no use for.
Renting baby gear is becoming a lot more popular among families who travel a lot.
This is why buying and renting out baby equipment is a lucrative passive income idea. This can include essential equipment such as car seats, pushchairs, and even toys.
The people you rent it to can pay you some money upfront and continue paying as long as they have the equipment.
When they return whatever they rented, you can then clean, repair, and rent it out to the next family.
36. Become a Notary
Though becoming a notary will not earn you money passively, it’s still an honorable mention. This is because you will need little to no capital, and most of the jobs require no substantial effort on your part.
You can either sign up to be a witness in weddings, divorce proceedings, or any other thing that requires witnesses. Your work will be to watch and sign documents and get paid. Simple!
37. Participate in Sleep Study
It wouldn’t be fair to write an article about how to make money while you sleep without mentioning the fact that you can literally be paid to sleep.
Scientists often need people to sign up for sleep study for research purposes.
They will give you a bed, and all you have to do is fall asleep while they your vitals, brain activity, and whatnot.
Then when you wake up, you get your money and go back home and continue sleeping for free.
38. Raw Land Flipping
Who would have thought you could flip land for a profit?
It’s human nature to form a strong perception of things following the first impression they get. In other words, who wants to own a grubby piece of land?
That’s why people will often turn down raw land if it is filled with debris or whatever sort of remains.
That’s where you come in, by hiring people to clean out the land and make it look presentable.
You will be able to sell the piece of land you probably bought for cheap faster and at a hefty profit.
I admit this is no passive business; however, it’s a way to make a lot of money for a short amount of work.
39. Social Media Management
It’s almost become mandatory for businesses to have some sort of online presence.
This is especially hard for individuals and companies who do not have the understanding, knowledge, or simply the time to focus on running these social accounts.
If you know your way around social media, you can advertise your services to such business; as a freelance social media account manager.
You will be required to maintain a good feed by just posting and arranging products on their social media pages. An in return, you will be paid.
This does require work, so it’s not exactly passive. But, after all, it only takes a few minutes to post on social media. And, with social media scheduling apps such as Hootsuite, you can manage your time effectively.
40. App Development or Software Development
If you possess the necessary skill set required to build an app or software, then you are sitting on a gold mine.
Mainly because a building an app or use software will continue to generate income (a lot of income) for a long time; as long as people still have a reason to download and use it.
Despite the fact that you may need to upgrade and change some of the features over time, this is still one of the most highly rewarding passive income ideas.
41. Selling Music Rights
Do you have a talent for writing music? If so, you can earn some passive income from this talent.
Here’s the thing, not everyone who can write songs wants to sing and perform them.
It is for this reason that selling music rights is a booming business.
Musicians are always looking for exemplary songwriters to give them content when they themselves are having an artist block.
If you can write music, you can choose to sell all your music rights or opt to earn royalties for the songs over time.
This means that regardless of the fact that the song will not be in your name anymore, you will still earn a commission every time it plays.
42. Video Game Arcades
Even though the current generation all own their own video gaming devices (also known as the smartphone), many of them still find joy in meeting up with friends and competing in video game arcades.
Similar to the vending machine business, this venture will require a bit of capital; that being said, it’s a business that will pay itself off in no time.
Just make sure your games are interactive and prepare to earn from those little gaming slots or years on end.
43. Become a Virtual Friend Online
It may sound a bit weird; but, there are a lot of people out there who find it difficult to find friends. So much so, they’d be willing to rent you to be their friend.
If you’re the type of person, who loves making new friends, websites such as rentafriend.com make it possible to sell your friendship from the comfort of your living room.
You may even end up developing real friendships.
The sort of services you’ll be required to do may include phone calls, video calls, and text messaging. There are also options to hang out in person.
I know this isn’t exactly passive income, however, getting paid to make friends doesn’t require a lot of effort.
Frequently Asked Questions
How can I make $1000 a month in passive income?
Making $1,000 a month using the passive income ideas above is definitely possible. However, how soon you can achieve making $1,000 a month, passively, will all depend on how much money and time you have to invest.
If you lack funds, consider starting the ideas which are cheap to get started, but require upfront time. For example, starting a blog or Youtube channel requires little money, but you will have to spend time developing this.
If you have access to money, but you lack the time; consider the real estate investments, or stock and shares to see a faster return.
What is the best source of passive income?
This answer entirely depends on your individual goal. In my opinion, the best sources of passive income for long-term wealth include;
- Savings Accounts
- High Dividend Stocks
- And, businesses that make money while you sleep. e.g., a blog or vending machine business.
How can I make a passive income with no money?
If you’re serious about generating passive income, ultimately, you will need money to invest.
That being said, if you have no money, start slow and build your way up. Building passive income and wealth is not always quick, but it’s worth it.
Start by budgeting and saving your money. Eventually, you will have enough funds to invest in a business that requires little funds.
Keep re-investing your profits until you have made enough money to invest in larger, passive income ideas.
What are the best passive income ideas with little money required?
There are many ways to make residual income, however, some require a lot of money upfront; and not everyone can afford to start here.
Therefore, the best ways to make passive income with little money, are the ones that need the least upfront investment. Here are a few to consider:
- Starting a blog – is incredibly cheap to start (and in some cases free), however, it requires a lot of time and effort. If you know what you’re doing, the residual income potential of a blog is great!
- Start a Youtube channel – similar to starting a blog, starting a Youtube channel presents an opportunity to generate an income passively; without needing a lot of money. If you don’t have the funds available to invest in a video-camera, you can begin using your smartphone.
In my opinion, you should never let your daily responsibilities, or lack of money, prevent you from attaining financial independence.
Hopefully, I’ve given you enough passive income ideas for you to get started. Eventually, you can invest in one of the businesses that make money while you sleep.
If you have any ideas you think I should add to the list, drop me a comment below. I look forward to hearing your stories.