10 Legit Passive Income Ideas 2020
INTRODUCTION
How to Make MoneyWhile You Sleep?Is it actually possible to make money without working? Absolutely yes! How do I know it’s possible? Well, I make more money while I “sleep” than many people make by working 40 hours a week. So how did I do it and how can you start making passive income between now and the next 12 months? Now I will share with you 10 passive income ideas. Some passive income opportunities require that you spend several months learning, making mistakes and building, before you can now relax and make money while sleeping. If you can’t get through this learning and trying face, this article will be of no help to you. If you’re still here, let me share with you 10 passive income ideas you can try out.
No. 1 Invest in an Existing Business
On March 1st, 2017 a friend of mine invested about $10,000 in one of my businesses. Our terms are that I was going to pay him $3,000every year for the next 7 years and I’ll be giving him his $10,000 investment back after the 7th years. This person doesn’t do any single thing in my business but he is going to make $3,000 every year for the next 7 years. While you may think that $3,000 isn’t a lot of money, consider the fact that you don’t work for it and you can have multiples of such streams.
Now, I’m not promising you that every entrepreneur out there will be willing to give you such amount watering dividend because my business is having high-profit margin and that’s why I could give away a lot to bribe an investor, but there are possibilities out there if you can meet up with some entrepreneurs who know what they are doing but don’t have money, you can invest in their business and get a percentage or good interest. This way you can make money without working.
No. 2 Write a book
I publish my first book in the year 2013. Till today that book is still making me money every month. I don’t have to rewrite the book or do any monthly work, yet I make money from it. Do I mean that everyone can write a book? No! Not everyone can write a book but if you think you can write a book, go ahead and do so. Also, learn how to sell your book and possibly automate some selling processes. If you can’t write a book, you can do other things recommended in this article.
Let’s continue;
No. 3 Buy and Sell Domain Names
You know what domain names are, right? They are www.Google.com, www.Facebook.com,www.Anything.com. ‘ Now, do you know that some people just buy a bulk of domain names at $10 each, keep them and go to bed, only to sell those domain names for hundreds of thousands and even millions of dollars later? Yes, I mean it. Candy.com was sold for $3 million in June 2009, Medicare.com was sold for $4.8 million in the year 2014. Listen to this. CarInsurance.com was sold for a whopping $49.7million in the year 2010.
As I said earlier, it usually takes time and learning before you can master anything so you may not be able to buy a domain tomorrow and sell it for a million dollars next year. In fact, you may never get enough luck to ever sell a domain for a million dollars, but what if you’re able to sell a domain you bought for $10 at $50,000 dollars or something like that and you sell one of such each year?
No. 4 Crowdfunded Real Estate
Real estate for centuries has always been for the rich but that’s changing now. People are now crowdfunding real estate which essentially means that hundreds or even thousands of people pull together their financial resources to acquire real estate properties then make passive income from rent or lease. If you’re interested in this, go to Google and research further. If you think you can, you can!
No. 5 Start a blog
I started my first blog around 2013. It failed, I cried and forgot about it. Hahahahahaha. In the year 2014, I got inspiration from a friend to start another blog. I did and worked hard on it for about one year and abandoned it. No. not what you think. I didn’t abandon the blog.
I simply got busy with a few other businesses and guess what, even though I’ve not written a single blog post in the last one year, my blog still makes me money. I mean, even if it’s one hundred dollars every month, making money while you do nothing comes with a wonderful feeling. So, if you think you have a message to communicate with the world, you can lay your hands on blogging, work hard for the first year or so, and if done well, you can continue making passive income for years to come.
No. 6 License Your Photos
Do you know you can make money from your own photos, crazy, isn’t it? There is a website call Shutterstock. What they do is, accept the submission of your photos, if your photos are approved, you’ll make royalty on them whenever anyone buys any of them. Imagine selling a single piece of your picture for 100 times a year and making royalty again and again from such?
No. 7 Affiliate Marketing
I really have never tried affiliate marketing because I’m a selfish goat. Hahahaha… you see, I know people who make a lot of money from affiliate marketing, selling other people’s products, but because I love to sell my own products, so I concentrate solely on selling my own stuff. You don’t have to be me. If you have a reasonable social media or online following, you can market other companies’ products to them. These companies pay you commission for giving the customers and you can make this commission on a passive level.
No. 8 Use one of your cars for Uber
We’re living in an age where broke people use luxurious cars. Hahahaha… You have two cars and need some extra cash? Get one out for Uber. I don’t know how Uber operates in your country but in my country, you can drop your car for Uber, they will employ a driver on your behave and you’ll earn money from your car. You can also employ a driver on your own for your car, use it for Uber and you make some money along the line.
No. 9 Rent out a Room in Your House
Airbnb works just like Uber for your extra rooms. You have one or two extra rooms no one is using? Join Airbnb and get people to stay in your rooms while they pay you for it.
No. 10 Create YouTube Videos
In the year 2014, I created a YouTube channel and just dropped 3 carelessly made videos and forgot about it. About a year later, I saw that people were watching those videos but I still didn’t pay attention to the channel until one day when I Googled to know the most popular websites in my country and I found YouTube in Number3, just after Google.
This revelation shocked me and I started thinking; if millions of people could be going to YouTube every day, there should be how to make money there. Today I make money from YouTube in two ways. First, I made some videos about the products of my company. As of today, those videos generate about 500views every day, and my business receive calls every day and we sell to some of those leaders. Selling your products from a video you have made several months ago is a miracle.
Bonus Tip and Conclusions
Plus, of course, you can make ad money from your video views. Like everything else in this article, it’s like wanting to drive a car. You must be willing to spend many weeks and months to learn and make mistakes before you can drive easily and without much consciousness.
Can you make money without work? Yes. Can most people do it? Yes. Will most people do it?
No. But why? Well, most people in the world simply don’t want to make sacrifices on anything. They will rather spend all their lives on the jobs they hate than to sacrifice a year to learn and make mistakes on anything. I wish you’re not one of them!
I am grateful to you for reading our article. We’ll like to give you another interesting article for you to enjoy next but before then, I will be very happy if you share it with your friends on social media.
which country do you live in?
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