8 Creative Passive Income Ideas
What is passive income? Well, it’s quite literally what the word sounds like--making money with the least amount of effort. It’s something we all wish we could accomplish, but usually never do. Passive income is a great way to collect money to start paying off debts as well. With a little bit of time and upkeep, you can develop these sources of passive income into real money machines. Don’t expect to get rich quick! Time is both your friend and biggest investment here, so it will take some effort on your end at first to get this engine running.
1) Invest in Lending Club
Lending Club is an online peer-to-peer platform where anyone can get a loan through investors looking to fund lucrative ideas. Keep in mind though, Lending Club isn’t a bank--they merely connect borrowers to investors. As a lender, you can loan out even just $25 and start getting paid back in interest rates up to 10%--a number you wouldn’t find in the traditional market. You just sit back and collect, truly. Here’s a more in-depth look at the platform if you wanted to know more.
2)Put your writing skills to the test
Many of us consider ourselves to be good writers. Why not test that statement by starting a blog? While you may have a hard time garnering fans and support at first, eventually you will start raking in monthly deposits through ad revenue and partnerships. It’s easy to start and you can write about virtually anything. While it is a big time investment, once you get it going it’ll pay for itself!
3) Affiliate marketing
Have over 500 instagram followers for no actual reason? It is not hard to achieve! You can get paid to market someone else’s product and get paid each time someone buys it from your referral. This is a great form of passive income for people who have a substantial social media following or large blog--you will keep making money, as long as your posts get traffic.
4) Design a T-Shirt
Websites like CafePress make it super easy for you to upload your t-shirt designs and sell them. Moreover, by licensing your brand name and designs you can up your profits. People would need to pay to download your work this way. Additionally, if you have access to a screen printer-most college campuses do- you can even have your own store on CafePress. Partnering with artists can also help increase your cash flow; you can charge for promotion.
5) License your photos
Having a good eye is worth more than you think! Websites similar to CafePress, but specifically for photography, like Shutterstock, can offer you the means to receive payment for the photos you are most fond of. All you need to do is send them some of your best work, and once approved, you’ll get paid a royalty each time a client downloads your pictures. Blogs like the one you’re reading right now use images from stock websites all the time!
6) Create an e-course
Have you developed a skill that you’re really proud of, so much so that you can teach it? Construct an online course! You just went from being a regular Photoshop wiz to a teacher--rewarding both personally and financially. Udemy is a great place to do this. Dedicate some time to crafting the class and once you publish it, each student to use it will pay. Courses on the site can vary from software tutorials to learning how to play an instrument.
7) Rent your car out
This one is a little risky, but if you really want to make some cash on the side it’s worth a shot. Turo is a website that allows you to rent your car out to others and get paid via direct deposit in upwards of 85% of the rental cost. Backed by Liberty Insurance, Turo covers up to $1,000,000 in damage and allows you to make your own availability schedule and respond to renters on your own accord. It's a great way to make money while you’re at home and your car is being unused.
8) Use your car as ad space
Another way to turn your vehicle into a cash car is to advertise with it! You can earn a few hundred dollars a month just by doing your regular work commute or going to the store. Carvertise is a great website to check out if this sounds good. Just be mindful that your car will be a walking billboard.