We all have our ways of making money. Some work four to five hours a day, and some just click for thirty seconds and make a lot more money than the former. But the question that arises is that, why do we need money? The answer is simple, to buy or afford our luxuries and necessities.
Money is, however, not merely the only solution to many of our problems, but it helps us to reduce them. There are various ways of making money, some are legit, and some are not, some are active ones (going to a seven-hour job) and some are passive ones. As the population of the world is increasing by many folds.
We need to think that there are people who are working hard to earn money. We need to devise some ways that give us money without working too much or spending hours in the office. To tackle this problem, I’m giving you some ideas to earn money to increase your income passively.
Best Passive Income Ideas to Make Money in 2020
Passive income ideas are that ones that do not bind you to office do not make you follow some fixed hours of work and let you keep your own terms and conditions. These are as follows:
1. Real Estate
Real estate includes the land, housing, or buildings that you have purchased. Real estate can serve as one of the best methods to increase your income by many folds, while you are still sleeping in the bed comfortably.
You might not need to buy a big house or an extravagant property, but you can purchase a lovely, cozy property. You can choose the options that suit you, either rent it, or sell it, and earn money.
So plenty of people want to enjoy the luxuries of life, but they do not have the fund to buy those luxuries. They are continuously looking for cheap ways to enjoy days at a beautiful property. This is where the concept of having an excellent property comes into play.
You might need a decent amount of money to buy a property, but this is what a passive income idea is, you get paid for the things you do once. You need to put a one-time investment and then earn it.
Also, various companies are ready to invest your money in real estate and give you a decent amount of returns. You might go for them. This seems an excellent way of displaying your property to others and enjoying the money that it fetches you.
2. Sell Application
In the world of technology, it is nearly impossible not to be able to do something with the help of the internet. You can always look at ways to learn to make an application and then sell it for a perfect price.
See, all of us cannot be very good at designing and developing apps, but what we should not forget is that it just needs an idea to change the world. Maybe, we can have the most different idea and get an app developed by someone and then sell it (obviously after the former has been compensated with license and everything).
Some people are looking for ways to get their things to get done easily. People need an application for almost everything. So why not offer them that only? This is one way of doing something for once, and you can get paid for this nearly every day.
People like to sort their lives, and if you are capable of doing this, you are going to get a lot of money for it. Technology is an easy way of getting a thousand ways of earning money.
3. Sell eBooks
Not everyone can be a writer; it comes from within. But the people who write the story, the people who publish it and the people who sell it are all different.
You can be the seller and earn a profit by selling the copies heavily. Look, for selling an eBook, you need an audience that is interested in reading it.
For sales, you need the perfect marketing of the eBook. But when you sell something, you automatically have permission to ask for some profit from the writer. This is what you have to make good use of.
You need to provide them with a platform like Amazon to be able to sell their books. When they do so, you are automatically in the circle of earning passively. For every eBook sold, you will get a certain amount of money that will keep you going through life.
Also, this is not at all a cumbersome task. You have to upload the eBook over an online platform for sale. Then you have to monitor it. This is a prominent and easy way of earning some free chunks by doing something for once only.
4. Savings Account
Banks have always been the best source of investment and return. Maybe it is time that you should also switch to it. You can always invest some of your money into the banks and get good returns on it. You should go for a high yield savings account.
All you need to do is proper research that will yield you good results. Also, with the banks, your money is safe, and you do not have to worry about its safety.
Some banks offer you the best investment outputs. Bank investments can turn a little bulky because they need actual money to invest it in their bank. But once you put an input for one time, it just multiplies safely, and that is what banks are best at. They take your assets to increase them by folds and return you a substantial amount.
Banks are one of the best ways to earn passive income and that too safely. Also, some offers are prevalent in the banks for most of the time; these offers help you gain maximum benefits from the banks, with a limited or fixed amount.
5. Money Lending
If you are born with a silver spoon, and you have money to spare, you can go for this option. Money lending is one of the most tangible ways to earn excellent returns.
You need to be a little careful while doing so. You can go for peer-to-peer money lending. It includes lending people you actually know and trust.
Money lending is a very simple thing to understand. You charge a particular interest percentage to lend money (say 5% for 100 dollars). When they return you the money, they are also required to give it back at an interest rate that you have decided earlier.
Money lending with a bank is very different from the money lending you can go on an individual level. Also, the interest rates of banks fluctuate and might not offer you the best interest rates.
You can give money to people who you have known for a long time, and these are the people you trust. This is one method that requires input, but it gives you amazing outputs. You must try it if you are looking for great passive income ideas.
This is one method that never gets old. You can invest in anything that you like. Investments are possible in nearly everything.
You can invest in shares, stocks, businesses anything. Investment is considered the best way of enhancing your money by sitting back and doing nothing.
One thing that you need to keep in mind is that you need to do a lot of research before putting your valuable money on something.
Some people give you advice for investments, and there are apps available to help you invest a minimal amount and give you high returns. You can use them whenever you want. Also, they provide you with free services and advice that help you earn a lot from your invested money.
Technology has made things way more accessible than before. You can invest in anything and then take good returns with you. You can invest in shares when their prices are low and then sell them when the time comes.
You can also invest in gold because it is considered a preserved investment. This method is for the people who have a decent amount of money to invest in something.
7. Rent a House
Some people want to take advantage of the luxuries, but they do not have the resources to do so. For people like these, there are websites like Airbnb.
You can use it as a way to increase your passive income and earn easily while sitting at home. Thus, you need to give your house to somebody. That somebody is going to pay you a lot of money.
The question here is that why would they pay you money? The answer is very simple because they are getting hold of expensive properties at a nominal rate. These are way cheaper than what they would pay in hotels. It is easy for you to rent your house to someone who would not only take good care of it but will also provide you with money.
If you are going somewhere and you are not going to be living in the same house for days, you can think of renting it to someone. There are proper websites and people who take care of this. They rent your property to trusted customers after a background check only.
Also, when you are not at home, there is going to be somebody who will take care of it and protect it from getting robbed. It is considered one of the best ways to earn passively.
9. Sell products on websites
There is a lot of waste that you are thinking of dumping into the bin, but some people may find it attractive. What you can do is, you can sell this stuff on the internet and earn a decent amount of money.
People are doing this a lot these days. The internet has been turned into a dumping ground now. It is correctly said that one man’s waste is another man’s gold.
Your waste might turn into someone’s gold. It is very easy to sell stuff online.
Websites involved, ask you to upload a good quality picture of the stuff that you want to sell. Then you do not have to do a single thing. They will fetch you trusted buyers who are genuinely interested in buying your stuff. These are entirely legit websites, and you do not have to worry about the authenticity of the sites. It is an excellent idea to earn free chunks while doing absolutely nothing.
Also, you can clean the waste of your house by selling it online. You must give this a shot!
10. Online Store
If you are good at something (which you must be), you can use this as an opportunity to earn some good money. You can open an online store, which is like a one-time investment.
You do not have to work for hours in the office, and you can earn equally well. Some people are using it as a way to earn permanently. There is no hurry that you have to sell the stuff in a given number of hours.
You can take orders and then fulfill them later. There are online clothing stores, footwear stores, accessories stores, and many others are also available.
The internet is a platform where you can showcase your talent and earn using it. Why not make good use of it then?
You can showcase your talent out to the world and earn using it only. The internet is a place for everyone. You can sell anything on it. It gives you a worldwide audience that has different needs, and you can cater to them according to your wish.
You can even sell art and paintings on the internet. If you are using it as a means to earn, you get to do something that you love and earn while doing it.
We are all familiar with the idea of earning on YouTube. You can do whatever you like and earn while doing it. It is one service that is used by almost everyone.
You can make videos on it and upload them. Once you are done uploading them, you can monetize them and earn money from them. Also, you can attach ads to it so that you make more money.
If you think that it is simple, then let me tell you this that it is nothing like walking around in a park. You actually need to make time for it. Though it may not require five hours of office, it does require days of planning.
You need passion to do something you love, and that will help you grow on YouTube. There are famous people on this platform, and they earn a living out of it.
You can be one too if you work hard enough. If you like watching videos on YouTube, you need to know that the backstage efforts are ten times more than the things that you see on the screen.
12. Online Blogging
It can fetch you a lot of money if you are good at it. Unlike story writing, online blogging expects you to be real and give readers facts and experiences.
You can quickly start a blog and earn some additional money from it. When you are just a beginner, do not expect much.
You are not going to start earning from the day you start writing blogs. It requires a lot of patience, and you have to be regular with your work.
You can also monetize your blogs a lot more than they already are. You can add ads for making money. Also, you can add some surveys, or additional links that might help in the better understanding of your article, you can also add some direct purchasing links.
Blogging requires hard work, but it also allows you to work on your own conditions with no time restrictions.
You can also work from home, so there is no burden of going to a nine to five job.
Blogging is an exciting and easy way of making money if you are regular, and you can curate content gracefully.
For the students, especially, they can use this as a medium to express themselves and earn while doing so.
It must have happened at least once in your family that someone has been depositing money to the bank, and then you get returns for it.
Just to let you know, this is not related to banks at all. You invest money on a website, and then they give you returns for a lifetime.
Annuities are one excellent method of earning passive income for life. Also, these investments are supposed to be paid per month, and then you get returns for life.
If you want lifetime security of money, you can go for this method. This procedure can be followed with the help of legitimate websites.
People are supposed to deposit a small amount of money every month, which is returned when you reach a certain age or a certain amount of salary. This method gives you lifetime security with zero efforts.
You can always opt for this method if you want a guaranteed source of income in your late years.
Also, this is a legitimate way of earning passive income so that you can lead a good life when you are in your sixties.
14. Rent Your Car
There are some facilities that we have, but we do not make full use of them. To utilize them to the maximum potential, you can rent your car and earn passive income for an extended period.
There might be your car which is not in use for years. You can earn a decent amount of money by renting it.
The websites that help you rent your car are entirely legitimate. They make sure that the customer that rents your car takes good care of it. Also, there are trusted people who are genuinely interested in getting a car, so they take care of it.
If you already have something in your house that you do not use very often, it becomes the right way of generating income. You can earn quite an amount of passive income by renting your car. Also, when someone is using your vehicle, it is actually in working condition, and it will keep it running for an extended period of time.
It is important to use things that we buy, so if this method provides you with a plan to use them, then why not try it and get some extra money?
15. E-Commerce Website
Many websites bridge the gap between consumers and sellers. To solve this problem, there came this concept of e-commerce websites.
E-Commerce websites are used by people to get their products and services easily. There are various ways in which you can supply products in an e-commerce website.
You can either act as a mediator between the consumer and the producer, or you can link the consumer directly to the manufacturer who will be responsible for supplying product to the consumer.
When you decide to go for the former one, you are responsible for getting things to the consumer and making payment to the producer. When you go for the latter one, you link the producer and consumer, and you are not responsible for the transactions that happen between them.
Basically, it is one method that gives you the liberty to distribute services to society and earn a lot of passive income. You can always opt for this method if you want to earn free income by just using the internet.
The internet is a box of opportunities for the people, so if you are good with technology, this will provide you a great amount of money.
There are a hundred ways to generate passive income for a lifetime. Methods like cashback and installing or downloading applications are excellent methods to earn at that point in time, but they will not yield you enough money to settle in your late sixties.
Methods that involve long term investments and security are much better when you are looking for better outputs.
Also, while indulging in any activity or any organization, you need to make sure that people do not cheat you or rob you. Most of the ways include using the internet, which is a beneficial service when used carefully. But people are looking for ways to cheat you of your resources.
You need to be very careful while using the internet and giving out your details. Technology is a boon when you use it meticulously, but it may turn into a curse when used without care.