Passive income is appealing to almost everyone, whether you’re looking to earn extra money outside of your day job, turn a hobby or skill into a side business, or establish multiple income streams to support your lifestyle. These 19 ideas can help you earn $1,000 or more a month in passive income.
Start a blog with affiliate marketing
CNN advises, “Would-be digital content creators should do some research into what avenues would be most lucrative and which are best suited to their existing skill sets and interests.” A blog on a topic you’re knowledgeable about can earn passive income through affiliate marketing. Include affiliate links to recommended products. When readers make purchases, you receive a commission. Promote your blog to increase traffic and earnings potential. Affiliate income grows as your audience does.
Domain name investing
Buying and selling domain names can be a lucrative way to earn passive income if you have an eye for valuable web addresses. Building a high-quality domain portfolio can take time. The key is looking forward to what domains should become popular in the future. Others choose to purchase a few high-profile domains and sit on them, hoping they will appreciate in value.
Rent out your car
For those who own a car but don’t need it daily, renting it out could bring in enough income to pay off the loan and put cash in your pocket. Platforms like Turo allow you to rent out your vehicle when you’re not using it, providing an additional income stream.
Automated dropshipping
Start an e-commerce store where products are shipped directly from the supplier to the customer. Setting up the site will take time upfront, but once set up, it comes with minimal upkeep while income from sales rolls in.
Rent out a room or property on Airbnb
Renting a property or room on Airbnb can provide substantial passive income if you have extra space. Earnings vary based on your location, space, and occupancy rate. Renting a room or house can generate well over $1,000 monthly in high-demand areas.
Create an online course
If you have expertise to share, create an online course to sell. Platforms like Udemy and Teachable make it easy. Courses can be sold repeatedly, providing passive income. With affiliate partnerships, you can promote to your audience and price accordingly to reach an income of $1,000 per month.
Sell designs on print-on-demand products
If you’re artistic, upload your designs to print-on-demand sites like Redbubble, Society6, or Zazzle. They print your art on products like shirts and mugs, and you earn a royalty per sale. Promote heavily on social media and build a following. “People with passive income businesses spend time upfront creating products they can sell online, so they can eventually bring in ongoing revenue without a big weekly time commitment,” states CNBC.
Invest in bonds or bond funds
Bonds provide passive income through regular interest payments. Consider government, corporate, or municipal bonds, depending on your risk tolerance. Bond funds offer diversification. Building a bond ladder with varying maturities can provide consistent monthly income.
Invest in a high-yield savings account or CD
While returns are lower than other options, a high-yield savings account or CD can earn some passive income. Look for the highest APY available. A large deposit of around $100,000 or more could yield $1,000 in annual interest.
Rent out ad space on your car
If you don’t mind graphic decals on your vehicle, you can get paid for advertising on it. Companies like Carvertise and Wrapify pay a few hundred dollars per month, depending on your location and how much you drive. Campaigns usually last a few months.
Sell stock photos and videos online
If you enjoy photography, you can license your photos and videos on stock sites like Shutterstock and iStock. You earn a royalty when customers purchase your content. Build up an extensive portfolio in popular categories. Aim to have hundreds or thousands of images to earn $1,000 monthly.
Create a mobile app or website
If you have coding skills, develop an app or website to generate advertising, subscription, or affiliate revenue. It will take time to build an audience, but a popular app or site can earn well over $1,000 per month passively.
Invest in peer-to-peer lending
Peer-to-peer lending platforms like LendingClub allow you to earn interest by lending money to borrowers. Diversify across many loans to mitigate risk. Returns vary but can exceed 10% annually. Build up to a large enough account, and $1,000 monthly is feasible.
Rent out equipment you own
If you have expensive equipment like tools, cameras, or instruments, you can rent them out when not in use. Websites like KitSplit and FatLlama enable this. Depending on the item, renting can yield hundreds of dollars per month.
Invest in a vending machine business
Vending machines can be primarily passive once established. Buy machines, find suitable locations, and stock them with in-demand products. Hire someone to maintain and restock. Each machine could make you a profit of a few hundred dollars monthly. Scale to multiple machines to reach $1,000.
Invest in crowdfunded real estate
Real estate crowdfunding allows you to invest in real estate projects passively with less capital than buying property directly. Platforms like Fundrise and RealtyMogul offer vetted investments and handle the day-to-day management. Returns can be 10%+ annually. Investopedia says, “Investment apps also enable the public to buy shares in farmland, large and small real estate projects, wine, art, and more to receive ongoing cash flow.”
Write an ebook or self-publish on Amazon
Self-publishing has made it easy to release your own book. Write an ebook or print book in a popular genre or niche. Sell it on your website or publish it on Amazon. Promote it heavily to generate sales. “With little to no upfront costs, authors can earn passive income as their books gain popularity over time,” according to Yahoo! Finance. Price and market it to earn $1,000 per month in royalties.
Build and monetize an audience on social media
If you can build a large, engaged following on YouTube, Instagram, or TikTok, you can earn money through advertising, sponsorships, and affiliate marketing. Focus on a niche and post valuable content consistently. Monetize once your audience is big enough. Popular accounts can earn well over $1,000 monthly.
License your music or audio content
If you create music or audio, you can license it for use in media like TV, films, and ads. Join a music licensing site like Musicbed or AudioJungle. You earn a royalty when your tracks are purchased. Build a catalog of quality songs in sought-after genres. Significant passive income is possible.
Read More: 18 Misunderstood Acts The Bible Says Aren’t Actually Sins
People tend to assume that the Bible condemns a wide array of behaviors, but the reality might surprise you. Here, we zoom in on 18 so-called “sins” that may not be as bad as we thought.
18 Misunderstood Acts The Bible Says Aren’t Actually Sins
The Boomers Called It: 19 Stupid Trends That Backfired
Sometimes, we get carried away with trends that we think are cool at the time, only to realize later how utterly ridiculous they were. Join us as we take a cringe-worthy trip down memory lane and explore 19 stupid trends that backfired. Prepare for some facepalms!
The Boomers Called It: 19 Stupid Trends That Backfired
18 Reasons Why No One Is Interested in Working Anymore
The concept of traditional employment has taken a back seat in recent times with changes in economic and social factors, as well as individual preferences. Traditional jobs have also evolved, and many people don’t feel the need to take this route anymore. These are 18 reasons why no one is interested in working anymore.
18 Reasons Why No One Is Interested in Working Anymore
21 Things That Will Be Lost Forever When The Boomer Generation is Gone
Baby boomers grew up in a vastly different culture, so they have what younger generations consider strange habits. An internet survey recently asked, “What will die with boomers?” Here are the top 22 answers.
21 Things That Will Be Lost Forever When The Boomer Generation is Gone
18 Common Phrases That Signals Support for Trump
Understanding the unique language of politics, particularly among Trump supporters, can provide valuable insights into the nation’s current state. Here’s a deeper look into 17 phrases you’ll likely only hear from this demographic.