You could build a niche site that allows you to do some sort of affiliate marketing. Now, obviously there’s an upfront investment that you need to make to get those royalties, but interesting idea, for sure. And so anytime that sells, you are the one getting royalty. There is this website called The Royalty Exchange, where you can actually buy royalties from a particular song or from a movie. I hadn’t heard of this, but this is really cool. And admittedly, I don’t know much about this, but I do know that there are certain apps that probably don’t require too much maintenance or upkeep, thus making them pretty passive. You could create an Alexa skill, or an app. And those books are still earning passive income each month, even though one of them was written over 10 years ago. Or for an even simpler path, you can consider just writing an ebook or Kindle book, and I’ve done this four different times. But in addition to getting an upfront payment with the book advance, I hopefully will earn all of that out and be making royalties from those books sales for years to come. I’m working on my first traditionally published book right now, which I’m super excited to share more details about with you soon. And while it might take a little bit of time and not be a hundred percent passive, it’s a pretty passive way to make a little but extra cash. And you can rent your car in there and make money. So if you ever heard of a website called Turo, T-U-R-O, also did another review about them as well. You can rent out your car, and actually makes him money. If you have a house and you have a room in there that you can rent out to a housemate, this is a great way to make some passive income. And so you can borrow money when you might not otherwise be able to get it from a bank, but you can also lend money and earn passively as well. And so there’s sites like Lending Club or Prosper where you can do this. So some people want to bypass the banks, and just lend to people individually. And so if you’re interested, dive on into that, and that’ll get you up and running.
It’s called our Start Your Blog Now Course.
BEST PASSIVE INCOME IDEAS 2021 FREE
But it’s a whole lot easier now than it was when I got started over 10 years ago.Īnd we have a free course to kind of help you. Next up is starting a blog, and this is the thing that’s worked the best for me, so I’m a big fan of it. Then I took it even further and created an entire course on investing that lays out my strategy and walks you through setting up your own check out the 10x Investing Course. I have a video I did with a financial expert about some of the best dividend-paying stocks and funds out there, so you can check that out for more information. I love buying stocks that have dividends, because you can earn two different ways, and that’s really fun. And so you can rent out your basement or rent out a room to allow people to store there and make some passive income. And so, there’s a website called Neighbor, which is basically like the Airbnb of storage. So he has in here, did you know that 1 in 11 Americans pays for extra storage space? I had no idea. So, simple, easy way to get some passive income. These are super boring, but they’re also super safe. Next on the list is bank certificates of deposits, also known as CDs. One of the big players in this space is a website called Credible, so check them out if you’re going to go down this path. When I had student loans, I refinanced them and saved many thousands of dollars, and it most likely will be the same for you. This is a huge money-saver for most people. Number two is to refinance your student loans. I have another article about Fundrise, where I reviewed it and compared it to my rental property. So this is like Fundrise, where you can invest in real estate, but you don’t have to do any of the work. Number one, crowdfunded rental properties.