You work hard for your money . . . and yet still it’s not enough. Sure, you have enough money to pay the bills, but you can’t afford any of the things that make life worth living.
If only there were a way to make money without having to do anything. What you might not realize, however, is that there is. It’s all about creating avenues for passive income.
Fortunately, there are a number of ways to do this, many of which can be facilitated online. Interested in learning some online passive income ideas? We’re going to discuss 7 of them below.
- Participate in Affiliate Marketing
The cheapest way to start making passive income is to participate in affiliate marketing. This is a form of marketing wherein your post affiliate links on a social media platform or website. If people click these links and then buy items through them, you’ll make a cut of the purchases.
Affiliate marketing can take a while to become lucrative. You do need to build a following of some kind. But once you have, the money will start coming in on a regular basis.
There’s no shortage of affiliate programs out there. The most popular is the Amazon Associates program. Note, though, that it pays only a very small percentage of total sales.
To find niche-oriented affiliate programs, just search “[industry of interest] affiliate program.” This should return a bevy of results.
Interested in pursuing this option? This guide will be of some use to you.
- Day Trading
Another way to bring in passive income is to get involved in the stock market. Investing successfully could score you substantial income over time.
To get started, pursue day trading, in particular. Day trading is a form of trading in which you buy and sell a stock within the same day. The goal is to buy the stock low and sell it after it’s had a slight price increase.
You won’t become a millionaire overnight. However, if you take things slowly, you can make more and more money over time, money that you can invest in even more stocks.
To get started, read this day trading guide.
- Create an E-book
Another way to make passive income online is to create an E-book. This is essentially just an online book that can be purchased through download.
The most successful E-books teach something. For instance, if you know how to record music professionally, you could write an E-book teaching others how to do so.
The reason this is a passive form of income is that you only have to write it once. Then, once it’s published, it could sell for the next 20 years. You’ll be making money on something that you created decades ago.
You can sell E-books on a variety of platforms. However, one of the most popular spots to sell E-books is Amazon.
- Create an Online Course
Not only can you sell E-books online but you can also sell courses. So, if you know something about, say, programming, you could create a course in which you teach others for a small fee.
This works in the same way as selling E-books. You only have to create the course once but will receive income from it years down the road.
There are a number of platforms on which you can sell courses. Some of the best include Coursera, Udemy, and Skillshare.
- Sell Photography
Another thing you might consider doing is selling photography. If you’re handy around a camera, you can use your own photographs to bring in passive income over time. The key is to publish your photography to sites like Shutterstock and iStockPhoto, where those in need can purchase the right to use them as needed.
If you really want to make money doing this, you have to take pictures of things that people are interested in. A good strategy is to take photographs of scenes relating to popular industries. This way, companies will use your photography on their websites and other published documents.
For instance, you could cater to the auto industry by taking pictures of auto tools or engines or auto repairmen in action. Or, you could cater to hairdressers by taking pictures of scissors, clippers, spray bottles, and other beauty products.
- Put Your Money in a High-yield Savings Account
The simplest way to make passive income is to put your money in a high-yield savings account. This is as simple as opening an online account and, well, putting your money in it. That’s really all there is to it.
Online savings accounts generally have much higher interest rates than do brick-and-mortar ones. This is because they save money on property upkeep and are also able to employ fewer people. Ergo, the customer gets a bigger cut.
It’s not uncommon for online savings interest rates to exceed 2%. Note, though, that most interest rates online sit somewhere between 0.5% and 1.5%. Some of the best online savings accounts to consider include Vio Bank and Marcus by Goldman Sachs.
- Invest in a Business
The last passive income idea we’re going to discuss is to invest in a business. This is obviously risky, as you could very well end up losing money. But if you do your due diligence, and have a little luck, you could end up with a successful investment.
Fortunately, with the help of the internet, this is a fairly simple thing to do. You don’t have to network and find potential business partners. You can simply hop onto a platform like startengine.com or wefunder.com.
These sites are loaded with businesses looking for startup capital. You don’t have to contribute a lot. A few hundred bucks will give you an in.
Once you’ve invested, you just wait and hope for the best. If the business ends up being a success, you’ll be paid dividends, which you can then use to invest more.
Open Up Other Financial Avenues With These Online Passive Income Ideas
Ready to start making money the easy way? These online passive income ideas can put you on the right track. They might be slow going at first, but if you just stay consistent, the money will start rolling in.
If you’re on the search for other money-making ideas, our website can help you. It’s filled with financial articles of all kinds and has all of the money tips you could ever need.
Take a look at some of our other articles now!