Looking for passive income ideas? You’re in the right place. Making money without working every second is nice. To make wealth, you can’t rely only on active income. You need to make passive income, and that’s why you’re here.
Passive income is great and helps you make money without spending much time, but it requires that you have the right information and spend a little bit of time initially to get things set up so that your income grows without work increasing.
In this article, I will show you some low-hanging passive income ideas and break down how to set them up appropriately for success.
But first, the basics. How do you choose out of a ton of great passive income ideas if you don’t know what to put into consideration before you choose them?
Considerations When Choosing A Passive Income Stream
One: Fewer Efforts = Good Passive Income Stream
A side hustle is not passive income. Many people make this mistake. With a side hustle, you will have to dedicate lots of time and effort; that’s an active income.
How can you possibly work lots of jobs or multiple streams of income along with your full time job for years and not break down or not really have time to live as you want?
Sure, most passive income ideas require that you invest a bit of time and effort at the start, but that should become less and less as you go while bringing in more income.
For example, if your stream was selling online courses, in the beginning, you will need to create the online course material, which takes lots of time and effort, but after that, your work should be way less.
Two: Your Skills Can Become Passive Income
Your skills or even what you do in your full-time gig can be one of your passive income ideas. For example, if you are a stock trader, you can turn that into an online business by building a blog where you write about stock trading and become an affiliate marketer for the resources you share.
In the digital space, there are a lot of opportunities for building wealth through passive investment. If you’re into something that you can turn into a course, you can do that too. What are you good at? What are you passionate about? Make a list of things that you love to do or know how to do.
Then go to Google search to see how others have monetized that area. Look through our list after this section to see if we mentioned something related to your skillset.
Three: It Doesn’t Always Take Effort or Much Time Initially
Some passive income streams don’t take as much time investment as others. So, assess your current free time to decide which you will go for. For example, if you go for a high-interest dividend stock or high-yield savings account, you wouldn’t need to spend much time at all or even effort. It’s as easy as assessing your options, filling the required forms, and opening the account. Sit and relax while you see growth in your income over time.
First, assess your time, money, what you like, and the effort you are willing to or can put in initially.
If you have a lot of time in your hands, you can look into those passive income streams that require more time but bring in more money, such as learning a new skill to sell a course on. If you think you can pull in much time to settle that initially, then go for it.
Some areas require that you have the skill. For example, being a crypto affiliate marketer which you can’t do well if you know nothing about crypto. Before you look into something that requires skills, answer these questions: do you have the time to learn that? Can you commit to that?
If you can’t, then you will have to consider other alternatives, such as getting someone else to handle the content creation for your affiliate maketer business or go for something as simple as leaving your browser open or investing in a company.
11 Low-Hanging Passive Income Ideas
1. Open A Credit Card With A Nice Sign-on Bonus
Open a credit card with no annual fee or one where the fee for first year is waived.
Sign-on bonuses generally work like this: “Spend $2,000 in the first 90 days after opening this card and get 40,000 miles / 50,000 points.” That’s saving on traveling or shopping or something else. This effectively means that you can earn 10-15% cashback on the dollar that you are already spending. In other words, free money.
If you spend $700/month, you could consider a credit card with a $2,000 bonus threshold. If you spend $350/month on your credit card, then choose a card with a $1,000 bonus threshold. I have written an article that covers the best credit cards with awesome sign up bonuses. That would help you decide.
Many cards waive annual fees for the first year. At the 10 or 11 month mark after opening the card, you can close the card to avoid the annual fee.
You can keep opening new cards every 3 months, opening a new card each time that you’ve earned the opening bonus from the previous card. This is even easier to do if you have a business and can put business expenses on your card.
The best credit card deals are available for US residents; Americans have better options than the rest of the world. However, there are also some deals available for Latin Americans.
2. Install The Rakuten Browser Extension
Sign up for Rakuten and install the browser extension to make money. Rakuten is a coupon/rebate aggregator that will notify you when you are shopping online and a discount is available.
You will earn $10 back after the first $25 that you spend. Thereafter, you can earn 1-10% cashback on many products online that you would purchase anyway.
Furthermore, you can sign up for the Rakuten affiliate program and share your link with friends. Each time a friend signs up and makes their first $25 purchase, you earn $25 as an affiliate. There are other rebate browser extensions as well, but this one is my favorite.
3. Trade Stocks and Cryptocurrencies on Robinhood
Investing in dividend stocks and cryptocurrencies are great ways to earn passive income. However, it isn’t so easy, but you can do it seamlessly with Robinhood.
Robinhood is an easy-to-use app to trade stocks and cryptocurrencies. You’ll get a sign-up bonus of between $5 and $500 in a random stock, which you can convert into Bitcoin. This offer is currently only available to US citizens.
4. Data Monetization
The digital market has opened a lot of avenues for building passive wealth. Some market research companies will pay you if you share anonymous usage data with them. For instance, in the Nielsen Panel app, the company rewards you for sharing your internet usage behavior.
There are also a few others, including Shoptracker, Screenlift (investigate), and MobileXpression.
Get one of those hardware devices to earn dollars by sharing your data with an analytics/ads company. Then, sit back, browse, and earn weekly bonuses, gift cards, and money.
5. Install an Inbox Receipt Reader/Harvester
Like with data monetization, receipt readers allow you to run your receipts through them and reward you for it. In turn, they take information from your receipts to contribute to data on customer purchase behaviors.
ReceiptPal is one of them, and it can also scan e-receipts such as Amazon’s to get rewards, gift cards, and so on.
6. Cryptocurrency Mining and Bandwidth Selling
You can mine cryptocurrencies or sell your bandwidth. To do that, you will need to install a cryptocurrency mining browser extension or passive CPU data consumption device. Here are some resources for that.
7. Watch Ads On The Brave Browser
Brave is a web browser very similar to Chrome, but with native ad-blocked and privacy protection built-in. All Chrome plug-ins work automatically with Brave.
Start to use Brave instead of Chrome. You will earn passive income just for browsing and viewing the ads that Brave serves you. It’s only a few cents a day, but it can add up to $100 or more over a year. You’ll earn money in BAT (Brave cryptocurrency), which you can convert into Bitcoin, USD, EUR, etc.
8. Open A Cryptocurrency Wallet With Coinbase
On Coinbase, you can earn free Bitcoin by converting at least $100 into cryptocurrency. It can be a “stablecoin” like “USDC” or a volatile currency like Bitcoin.
Stable coins are cryptocurrencies that are pegged 1:1 with major fiat currencies such as the US Dollar. Therefore, stablecoins do not experience the same volatility and fluctuation in value as speculative cryptocurrencies such as Bitcoin. Once you do this, you’ll earn $10 of free Bitcoin.
9. Open An Account With Voyager And Trade Crypto
Open an account with Voyager and trade cryptocurrencies to earn passively. By trading at least $100 of cryptocurrency, you will earn $25 in Bitcoin. So, you can start with Coinbase, then move your cryptocurrency from Coinbase onto Voyager and trade it for another cryptocurrency. Be sure to transfer just a little more than $100 to cover any transaction fees.
10. Open An Account With Celsius.
To earn with Celsius, you have to use our link then deposit $200 worth of stable coins and/or Bitcoin into savings & lending accounts with Celsius. Leave the funds in the account for at least $30, and you will earn an additional $20, paid in Bitcoin.
Celsius accounts earn 5-10% annual interest on digital currencies, meaning that your $200 will become $220 – $240 after one year.
11. Crypto and Lending Apps
There are other cryptocurrency savings & lending apps which can earn you 10-25% annual interest, depending on your risk tolerance. Head over to the crypto section to learn more about the exciting field of decentralized finance or “DeFi”.
To explore some easy ways to earn money as a crypto affiliate, check out our article on top cryptocurrency affiliate programs.
What Passive Income Idea Are You Ready To Start With?
There are many areas to earn thousands of dollars and you don’t have to break your back to make extra money. There’s a lot to benefit from and you don’t even have to start a new business. Depending on what you choose, you could integrate it to your already existing business, for example, affiliate marketing or online courses. I hope this guide answers your questions and helps you make passive extra cash.
If you still have any questions concerning the types of investment or are wondering what strategy you could use to market your potential income stream or contributions, leave them in the comments.