Passive income is often misunderstood by most. Most think it takes money to make money, or only those with money are capable of making small businesses generate a stream of passive income. While that may be true in some cases, it is not true for all cases.
Using the benefits of passive income will help accelerate your overall net worth growth, and give you the potential to make money even while you sleep. Here are 5 easy passive income ideas that anyone can start, and that will make you money starting today.
5 Easy Passive Income Ideas That Anyone Can Start
1 – Peer to Peer lending
If you haven heard of peer to peer lending, you're missing out. With peer to peer lending, you have the capability of playing “bank” and lending your money to others in need of a loan. Your return on investment can range from as low as under 5% and as high as 20% and above. You can contribute to a requested loan with as little as $25 and invest in multiple loans at once.
The top two places to begin investing in peer to peer lending are Prosper and Lending Club. Both are very credible sources and both have great benefits. Learn more about investing in peer to peer lending here.
2 – Affiliate Marketing
Got a favorite brand of fitness apparel you love? Or how about your favorite products on Amazon? With affiliate marketing, you can recommend your favorite products to anyone and get paid a commission for referring that person to purchase that product.
Affiliate marketing isn't just for bloggers or website owners. While those are two of the top ways to build an affiliate marketing business, they aren't the only options. You can sign up to be an affiliate of any company you are a big fan of, and simply post their link to your social media followers.
To scale this to be a full time source of income, it may be worth taking advantage of email marketing, building a blog or a website, or creating a YouTube channel. Some affiliate marketers make anywhere from $1,000 per month to $100,000+ per month.
3 – Cashback Websites
You already spend hours each day surfing the web, watching videos and binging on your favorite YouTube channels, right? Why not get paid to do it? Sites like TopCashback and Swagbucks will pay you to perform activities online such as taking surveys, watching funny cat videos, and even shopping at your favorite stores. Basically, you get free cashback doing what you already do every day anyways.
4 – Write an eBook
Some may think that writing a book takes months or years to do. With the help and access Amazon Kindle gives you to publish a book, you can write a book in less than 24 hours about a topic you are already an expert in. You can then publish your book to Amazon kindle and make money on every sale made for life!
New to writing a book? Take a look at this top course in writing your first book in 24 hours or less.
5 – Acorns Investment App
Acorns is an investment app that syncs to your bank accounts and invests your spare change automatically. Every purchase you make is rounded up to the next dollar, and the spare change is then invested in the stock market. It's the modern version of investing and saving money in your spare jar or piggy bank at home.
Not only do you get to have your spare change invested automatically for you, but you can also take advantage of getting free cash back when shopping at your favorite stores. Want to make a purchase at Walmart online? Simply log into your Acorns app, click on “Found Money” and then click the link to the Walmart website. Any purchases you make will get you the listed percent discount, and deposit that money into your Acorns investment account.
Advice from the experts
Warren Buffet once said that “Someone is sitting in the shade today because someone planted a tree a long time ago.” Moral of the story, start now and reap the benefits now and potentially forever in the future. Take your top pick of the 5 passive income strategies above and start there.
Then come back and add another. Before you know it, you will be reaping the benefits of multiple streams of passive income and living the abundant life.
What ways have you been able to generate a passive income stream relatively quickly? Post your comments below! We want to hear from you.
