I am a great lover of passive income. I believe so strongly in setting up these income streams that keep earning even while you aren’t actively working and so I am currently on the lookout for such.
Here are some passive income streams I have discovered over time.
1. Write and Publish Ebooks
Nothing beats earning money over and over again from a single book written.
I discovered this income stream in 2015 and to date I have earned hundreds of dollars from books I wrote several months back.
There are tons of places you can publish your ebooks, some of which include
– Amazon Kindle Direct Publishing (KDP)
2. Look for Micropayment Websites that Pay You to Write
There are quite a few websites out there you can write for and earn money from views or comments on your posts. One of these is virily; you write a blog post once that keeps earning long after it is written. Others include
– inklpay (where you earn 90% of what you earn)
Investments can more than triple your initial capital in no time. You put in a particular amount of money and leave it to go to work, earning for you.
However, the earning potential of your investment would depend on the particular investment type you go for. While some investments multiply in no time, a few others will take a while longer to yield results.
Some good investment types you could look into include
– real estate investing
– treasury bills
– investing in business as a silent partner
4. Peer-to-Peer Lending
Peer-to-peer lending is also a good way to increase your capital. You loan money you don’t have an immediate need of and work out a percentage and loan tenure.
Now, while this doesn’t earn you interest consistently, it will earn you some profit which you get paid at the end of the agreed tenure.
However, you should know this income stream carries some level of risk as the lender could default in payment.
To avoid this, you should have some measures in place to ensure you get paid as at when due.
5. Set Up a Business and Have Someone Else Run It
This is one great income stream and there is no limit to the number of businesses you can have set up.
The way it works, you set up the said business and then get a person to manage it and remit weekly or monthly payments to you.
You should however know that there is a slight drawback to this method. While it is easy setting up these businesses, it can get a little overwhelming managing them all, especially if you’ve set up quite a few overtime.
To make this work, you should put strategies r measures in place to ensure the business is properly run and there are no hanky-panky business from any corners.
Some Other Passive Income Streams You Could Look Into
Although slightly over flooded, these passive income streams also work and could work for you. Here they are:
6. Set up a YouTube channel and upload your own monetized videos.
7. Build a website and monetize it using Google AdSense.
8. Take some high resolution pictures and license them for use.
9. Build a mobile app or have someone build one for you.
10. Purchase a laundromat.