Ways to Earn Passive Income
Last updated on December 15th, 2023 at 12:37 pm
Rare but Legitimate Ways to Earn Passive Income
The quickest path to lasting wealth is through business ventures, investments, and work that generates money without requiring the investor’s or business owner’s physical involvement.
While many online businesses, stock investments, and rental properties fall under this category, they have become overcrowded.
This article explores lesser-known but genuine ways to earn a residual income.
Lesser-Known and Genuine Residual Income Generation Methods
Many methods that people consider residual income generators lack the ‘passive’ bit, as they still require your presence to trigger one or two buttons to keep the money flowing.
Once established, the perfect passive income-generating investments and businesses require no upkeep or intervention.
The following are legitimate but not well-known methods of generating residual income.
1st Way to Earn Passive Income - Peer-To-Peer Lending
P2P lending platforms directly connect lenders and borrowers, with all transactions completed easily online.
Lenders invest initial capital into businesses and earn returns for every loan they make.
These investment solutions generate higher returns than government bonds, traditional savings accounts, and certificates of deposit (CDs).
With the right peer-to-peer lending platforms, you can earn returns of over 10%.
When investing with a P2P platform, you have access to all the borrower’s information, including their credit score and the interest rate you will receive.
As a lender, you decide who to lend your money to, how much to charge for interest rates, and the penalties for overdue loans.
You can choose the loan amount, repayment period, and interest rates. The best part is that you earn a residual income for as long as your investment remains active.
2nd Way to Earn Passive Income - Digital Products Selling
You can write and sell eBooks on trending topics such as weight loss, money-saving tips, and wealth-creation techniques.
More importantly, you can self-publish or publish the books on third-party marketplaces like Google Play Books and Amazon Kindle Direct Publishing.
If you have a creative talent, you can create and sell digital art and designs such as graphics, images, templates, and logos on websites like DesignCuts, Etsy, and Creative Market.
Teachers and professionals in niche-specific fields can create and sell courses on trusted platforms such as Coursera, Udemy, and Teachable.
Tech enthusiasts with web development skills can earn residual income by creating and selling apps using in-app purchases and advertising.
3rd Way to Earn Passive Income - Sharing Your Internet for Money
The app runs in the background like other apps, but instead of using your Wi-Fi or mobile data for browsing or messaging, it uses the unused bandwidth in your network to generate passive income.
That’s what sharing internet for money apps do, and they rarely slow down your device or affect the normal operations of other apps.
Your earnings from sharing internet for money depend on your location, how long you keep your device running, and the number of devices you use to run the app.
By running some internet-sharing apps on a single IP address for 24 hours a day, seven days a week, you could earn up to $9 per month.
4th Way to Earn Passive Income - Affiliate Marketing
After identifying the best affiliate program offering high commissions and reasonable terms, remember to select a niche.
Decide where you will share the affiliate link, to whom, and for what reasons.
Some of the most influential and highly recommended ways to optimize the success of your affiliate marketing business are:
- Sharing affiliate links on your product review website.
- Affiliate marketing through blogging, email marketing, social media, and YouTube videos.
- Using paid ads to improve the success of your affiliate marketing.
- Sharing the affiliate link with your podcast fans and prospects.
5th Way to Earn Passive Income - Become a Drop-Shipper
Recent stats indicate that e-commerce stores using drop-shipping have higher chances of increasing profitability by up to 50%.
Source – https://www.founderjar.com/dropshipping-statistics/
There is a lot to sell online and hundreds of great sources to get these goods.
You also have millions of customers to target worldwide, provided you use proper marketing strategies.
With drop shipping, you don’t have to own an order fulfillment center or even a store. It’s as simple as creating an online store and installing the proper drop-shipping app.
Wondering where to begin to generate passive income?
I have listed above the top ideas you can use for a successful implementation.
Simply pick one that best suits your mindset and preferences, and with minimal actual effort, you’ll be on your way to residual income riches.