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What is passive income?
Passive income is income made automatically with minimum labour. Unlike active income which is hands-on, passive income is made on an asset you own or have created.
There are many assets you can leverage on for passive income like property, vehicles, stocks, bonds and e-books.
Here are 10 passive income ideas you can start.
1. Long-term stocks.
Long-term stocks are stocks that hold their value and appreciate with time. They help save your money with good capital appreciation.
According to Forbes advisor, The Best Long-Term Stocks in September 2022 are Taiwan Semiconductor Manufacturing Company limited. Dollar General Corporation, UnitedHealth group incorporated, Brown and Brown Incorporated.
2. Dividend stocks
Dividend stocks are high-yield stocks
whose dividend yield is higher than the yield of any average US Treasury note.
They easily outperform low yield and no yield stocks and are particularly sought after by income and value investors.
10 Passive Income Ideas
3. Vending machines.
A vending machine is a machine that drinks, or small items. It is operated by inserting a coin or token into the machine, then the machine dispenses the selected item.
Types of vending machines are Coffee Vending Machines, Food and Drink Vending Machines, Snack Vending Machines and Frozen Vending Machines.
Others include Smart Vending Machines, Elevator Vending Machines and Office Vending Machines.
4. Profitable website
The internet, smartphones, laptops and tablets have provided a platform for website to-thrive. Owning a website with good traffic is a powerful revenue generator.
Profitable websites earn from various sources like third party adverts, direct adverts, affiliate commission, guest posting and product sales
E-books are one of the best passive income generators online. Once you have put in the work and published the book, you tend to earn commission for life.
Popular platforms to publish your e-books are Amazon kindle direct publishing and Lulu.
6. Rent a room with Airbnb.
If you have a spare room then you are leaving good money on the table. Do you know you can rent the room on Airbnb and make tons of money.
This holds true, especially in tourist destinations or close to commercial areas.
7. Rent storage units.
There are two ways to get into the storage business, build or rent storage units. Storage units are were people rent on long or short lease to keep used or valuable items.
Once you have the storage units all you do is sit back and count your money.
Rent your vehicle
8. Rent your vehicle.
If you have a good working vehicle in you garage gathering dust, then you can rent it for cool cash.
This business is short lease for a day or two. Sometimes you can include driving services for more cash.
Have a savings account
9. High yield savings account.
If you are not a risk taker, then simply put your money into high yielding saving account. This type of account is a term account with specified interest duration.
Any default in agreement like early withdrawal can attract penalty from the financial institution.
Start a dropshipping business
10. Dropship store.
Dropshipping is an automated or semi-automated store that serves as a middleman between buyer and manufacturer.
The dropship store adds products to the online store without carrying any inventory. Once a sale is made you send the address to the wholesaler or manufacturer who delivers the package to the buyer.
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This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 olu