What Is Passive Income?
Passive Income consists of regular income from a secondary source. According to the Internal Revenue Service (IRS), passive income can originate from two sources. These include rental property or a business in which a person does not actively participate.
Create Online Courses:
One popular strategy for passive income is selling courses online.
Whether you sell a course on your website or blog, or a platform like Udemy, Coursera, or Skill Share, you’ll find people who want to learn from your courses.
Start a YouTube Channel:
In this technology-oriented world, people are obsessed with video content. And YouTube is a platform that keeps on giving. From sponsored videos to generate earnings through ads, you will find that you can make passive income from your YouTube channel.
With affiliate marketing, bloggers, social media influencers, and website owners can earn a commission by promoting a third party’s product. You can do this by including a link to the product on your social media platform or website.
Developing a mobile application is another way to make that upfront investment of time and then gain the profits over time.
You can develop a gaming application or something that can let smartphone users perform some complex task.
Start a Blog:
The most popular way of earning extra money is through blogging. This approach has helped endless entrepreneurs make passive income through book deals, sponsored products, affiliate marketing, courses, and more.
Passive income is a great way to increase your earnings and bridge the gap that your regular job cannot bridge on its own. If you want to replace your 9 to 5 job, the passive income ideas mentioned above can help you with the process.