Wouldn?t you like to earn $500-$1000 extra every month without putting in a ton of work?
Here is a solution for you. Instead of finding a second-job, try investing your money in an asset that is already generating money. Or create one yourself. Passive income is money generated without any physical work. Your asset generates money for you while you sleep, eat or do whatever you want.
In this post, I am only concerned about generating enough income to better your current financial situation. But it is also possible to generate enough money(passively) to live off it. People who have done this, either live their life on the edge by traveling the world or save all the money for retirement.
Here are the 5 best passive income ideas in 2019.
1. Sell images online
As the world of social media gets larger and larger, there is more demand for professionally-shot stock images. Bloggers, social media managers, and influencers are constantly looking for new and unique images to share with their audience. If you have a DSLR camera and can take decent photos then selling photos online might be your gateway to passive income. Sites like Pixpa, Paperform, and MyPix pay for stock images.
2. Start your own YouTube channel
Like every other search engine, YouTube constantly changes its algorithm. This can be a challenge for newbie video creators as you won’t have a beaten path to walk onto. These days YouTube is more interesting in content creators who upload unique and interesting videos. You can easily make more than $1000 once you grow your channel by uploading good content.
3. Use an Investment app
Acorns is an investment app that lets you invest small low-risk amounts(micro-investments) in stocks. Since it’s an investment platform, you won’t directly make money. But your investment will work for you. The amount of money you make using Acorns depends on the market situation. You can earn a lot of money by investing when the market is low and selling off your stock when the market picks up.
4. List your home on Airbnb
Do you have a spare room in your house? Is your house located in the center of the city?
You can make a decent amount by renting out the spare room in your house on a short term basis. Airbnb will send you the customer. All you have to do is maintain the room in a good condition and make sure to ask the tenant for a good rating. Lastly, Airbnb will only take 3 percent of your total earnings.
Some might feel that Drop Shipping a saturated field and the one’s making any money have already build a large audience. But this is furthest from the truth. The reason why sellers fail in Drop Shipping business is that they don’t focus on a particular niche. By picking a niche with a good audience, you can still make money from Drop Shipping. Just get traffic to your website or become a seller on popular platforms like eBay or Amazon.
The bottom line
Since this post is about the easy way to make passive income, I didn’t go into things like stocks, mutual funds, cryptocurrencies, real estate investment(although renting a spare room on Airbnb come under it), etc. The passive income idea listed in this post are easy-to-implement and does not require you to have elite-level skills.