If you are looking to make money from your investments, I’d suggest checking out Personal Capital, as a way to track your net worth and cash flow: If you’re confident that you’ll use your credit card responsibly, then a rewards credit card is a great way to earn a passive income. Consider revenue earned from YouTube Premium as a secondary revenue stream in addition to what you’re already earning through ads. Wealthy people tend to focus on investing their money in stocks that pay dividends, bonds, and private 7 Passive Income Ideas to Create Sustainable Wealth in 2020 Before diving right deep into these business ideas, here’s some heads up: The word, “passive” has created some misconceptions. While it might eventually become passive, if you cannot figure out a way to automate your marketing or create lasting organic traffic, your product may be lucrative but not a source of passive income. Amazon KDP), Utilizing Service That Converts eBook Files to Physical Books (i.e. Instead of pushing products or services on readers, these kinds of blogs have the goal of brand awareness. in Urban Studies. It’s easy to use and free to sign up for: Print on demand (or Merch Design), has developed over two decades.. CafePress, an online gift shop that calls itself “the recognized pioneer of customizable products,” launched back in 1999, followed by Zazzle in 2005 and Redbubble in 2006. While I have made a small amount of passive income with YouTube in the past, it is one area I have not invested a huge amount of time trying to build content. In the left menu, select Other Features > Monetization. You could answer someone’s question on an internet forum with a useful affiliate link, share a product you love on social media using an affiliate link, or even build an entire niche site around products created by others! A Buck here, three Bucks there — over time it adds up. Medium is without a doubt the best example of this type of website. Unsurprisingly, the Internal Revenue Service (IRS) takes a keen interest in passive income, especially in its most common form -- on real estate, private business and financial market investments. Please read my disclosure for more info. Top 10 Passive Income Ideas, Top 10 Passive Income Ideas for 2020 (EARN $10,000/Month). In fact, some of my best photos (taken with a professional high-quality camera) have never even sold once, while random photos snapped with my iPhone have sold multiple times! Systematization — Passive income streams must be derived from a systematic process. I describe this process, in my article, Medium Article Views: Long-Term Growth in Views Without Curation: Medium only pays you for content consumed by paying subscribers. While it is a relatively new article (so I don’t have much data to go off of), I would guess that it will do well over time as it climbs the ranks of articles internally, through Medium’s search algorithm or through external traffic, such as Google’s search engine. In order for a website to consistently bring in thousands of visitors per day, it has to be a dominant site in a very popular and competitive niche which is updated constantly. It can take real skill or an artistic touch to create a digital product that stands out from the rest. However, if you are producing useful, evergreen content, you may keep earning (albeit, at a decreased rate) well after you publish an article or even after you stop writing on Medium. Freelancing: I was into freelancing for almost 2 years in digital marketing. Automation — The ability to outsource or rely upon automated systems allows passive income streams to remain truly passive. Their Amazon Associates affiliate program lets you promote any item that is sold on their platform. Here's how I'd do it. There are many options when it comes to this type of investing and it can be a great way to get somewhat instant gratification. That being said, a niche site is not a get-rich-quick scheme, and it will take time and effort to set up. People use SVGs to design graphics, print stickers, cut vinyl designs or to use them as clipart. Since they choose the amount and frequency of payment, they never have to worry about unplanned charges. Black Edge Consulting is a strategic communications firm, specializing in online reputation management, digital marketing, and crisis management. It is a great way to sell products online without having to manage them physically. Whether you want to earn money on YouTube without creating videos or as a content creator, joining the YouTube Partners Program and setting up monetization is a vital step. The employee, whether hourly or W2, is trading their time for money. When you use Patreon to crowdfund they take a small fee, and you get the rest of the money. And a printable is perfect for that. Today, banner ads simply refer to a specific size, of 468 x 60 pixels. I have four Better Balance cards which I use to pay monthly bills. Do you have a smart phone with a camera? Drop shipping consists primarily in selecting and promoting products that are offered by a fulfillment service. This may sound too good to be true, but in fact, this is an achievable reality. There are relatively high costs and small margins (more risk) than other ideas on this list. Later, as web design became more complex and creative, display ads evolved to a range of shapes and sizes, and included videos, interactive elements, pop-up functions and more. Good examples of passive income include: Passive income is the opposite of active income, which is money earned when you perform a service or when you work full- or part-time and earn a salary, a per-hour paycheck, or earn commissions (like a salesperson) or tips (like a bartender.) Prior to founding Black Edge Consulting, he worked for BGR Group, a bipartisan lobbying and strategic communications firm. This is the model that is promoted by most YouTube drop shipping gurus. This is one of the basic qualities that separates passive income from a traditional salaried job. $100 in passive income per month may not sound like a lot. Printable wall art is the most common passive product to sell on Etsy. It focuses on making money on YouTube without a huge audience, which is probably the most useful primer for people reading this article: Display ads are ads that appear in the online space. Basically, it means that a niche site is a blog that you create with a specific topic and purpose that is meant to appeal to a certain group of people. If you have a Bank of America checking, savings, or retirement account, this benefit gets an additional $5 in rewards per quarter, for a total of $30 per quarter. If you really produce valuable and unique content, it is possible that it could even grow over time. “If you don’t find a way to make money while you sleep, you will work until you die.” — Warren Buffett. This article will focus on these legitimate passive income ideas. Here are a few passive income ideas to help you build up your personal wealth. Considering that most of the free world needs to work for a living, consuming much of the time they do have, this precious commodity needs to be prioritized. Another thing to keep in mind is that Patreon charges a finance fee, based on a percentage of your patron’s contributions. Passive income can lead directly to earning cash while you sleep -- if you do it right. Casey Botticello is a partner at Black Edge Consulting. BankAmericard® Better Balance Rewards users can get $25 every quarter, during which they have made more than the minimum monthly payment on their credit card bill. Keep in mind though that you can always start by writing under a pen name and that eBooks do not need to be as long as traditional print books, to be successful. They are just not as efficient to sell on most stock photography sites. Now, with smartphones having such sophisticated cameras, it is possible to submit photos from your day-to-day life which can be licensed as stock photography. Creators are paid for YouTube Premium based on how much members watch their content. When you create a new post on your blog or website and include Adsense ads, that blog or website has the potential to make you money not just once, but over and over again. (You need an AdSense account to get paid.). Amazon (or other large book retailers) provide this function. I have had the cards for years and never missed a payment, nor have I missed a reward cycle. The idea of making a passive income sounds almost too good to be true. When you build an income investing portfolio, you can create a reasonably stable source of passive short-term cash flow, while simultaneously building up long-term investments. So what exactly is a niche site, and how much money can you earn by creating one? You can connect with him on LinkedIn, Twitter, Facebook, or by joining his newsletter, Personal Finance. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Additionally, while there are plenty of YouTubers making serious money, the bulk of their revenue comes from selling products (merch), promoting another company’s products (affiliate marketing), or selling their own educational tools (courses). The fulfillment service stocks the products and ships them directly to the client once a sale is made on your website. But things have changed dramatically since then. Unlike creating a Medium blog (or other “premonetized blogs”), creating a niche website takes some website develop experience, costs a small amount of money to maintain, and typically involves the creation of lots of content just to establish an audience. You may have wondered how that happened, or you may have been inspired by the advertisement and went to the gas station to pick up a refreshing Red Bull. This approach is ideal if you plan to maintain a growing library of premium content and nurture a community of passionate members. The key differentiator between passive and active income is this - with the former, you can make money literally while you sleep. However, the following ideas are essentially immediate ways to create a new stream of income, even if it’s only a humble amount. From there, you’ll need to choose Revenue from the tabs at the top, then scroll down to the chart Monthly Estimated Revenue to get an idea of your predicted revenue. Sign in to the YouTube account you want to monetize. You will need to report earnings to the IRS. However, Medium does meet the criteria spelled out in the beginning of this article, or at least some content does. Like many apps, it does somewhat drain your phone battery. Do you like photography? You need to create content or have a large following to (typically) make affiliate marketing work. Those are the questions that we will attempt to answer in this article, along with the basic steps towards tackling the task of creating a niche site. This passive income method will only produce a very small passive income stream. Action Alerts PLUS is a registered trademark of TheStreet, Inc. An author who receives royalties after writing a book. Invest In A REIT Investing in real estate is one of the ways you can build a passive income for you. Fans, or patrons, commit to paying an amount they choose, which is usually due each month or every time you post new content. The key takeaway is that you will want to build your funds using the less passive ideas first. This means you should take the time to build your audience before you invite them to become patrons. Passive Income Ideas 2020 14K shares Facebook Pinterest Twitter 2 Popular Money Making Sites Earn up to $50 each time you share your opinion about products and brands - available to those in the US, Canada and Australia. You can find the style that you like, print it out, and clip it to your clipboard or staple it together. You find a product you like, promote it to others and earn a piece of the profit for each sale that you make. Be sure to sign up for the Personal Finance Newsletter, to get the latest articles on personal finance, passive income, entrepreneurship, and more! The material is typically vinyl decal, but it actually looks like paintwork is applied to the car. Again, you need to have a channel, such as a website, to make it work through Amazon Associates. The rates are transparent, but are subject to change, which can impact your patrons and your earnings down the road. For example, I have a store on Zazzle selling cryptocurrency-related clothing: I have not uploaded a new design in over a year, yet I still receive royalties every time a product of mine sells: The other cool way you can make passive income from Zazzle is promoting other people’s products. If you want to sell products without having to handle them, then drop shipping is the way to go. As seen in the screenshots below, once you sign up for Amazon Associates, you will be able to search and find products eligible to receive affiliate commissions. With passive income channels, you’re not limited by how much money you can make because it’s not based on the time you put into it. We won’t say this is among the brand new passive income ideas for 2020, but the real estate investment approach is coming back into style. The packaging is the first thing their customers see, so it should make a killer impression. I hate to see these ideas misrepresented as I have been involved with many of these businesses myself, and know that they are time and capital intensive. 18 Passive Income Ideas to Earn Money While You Sleep Earning passive income can be a great move for everyone. I have spent a lot of time writing on Medium. To have a channel, such as a secondary revenue stream in addition to what you ’ already. 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