Passive income seems too good to be true, doesn’t it? If you’ve ever thought about this, then good news! Today, you’re going to discover four free passive income ideas to help you meet your goals, no matter how big or small.
Before we begin, though, it needs to be said that there is no such thing as truly free money. You’ll need to invest at the very least a certain amount of time to get your income engines started up and running, and there is no better example than our first idea: the ubiquitous blog.
1) Blog for bucks
Gone are the days of Myspace or Blogger – blogs have evolved into big-time money makers for those who know how to play. Notably, blogs focusing on niches such as natural or alternative remedies, parenting, or new diets make money from the small but dedicated communities they attract. Ad revenue, as expected, can result in a good chunk of change; the other channel is sales, either by being an affiliate for companies (think of it like being a representative with commissions) or by selling your own homemade goods. Setting up a blog is something anyone can learn to do, using site builders such as Wix or Weebly, and they come with templates, fonts and colors that match today’s demand for aesthetics and functionality.
The bottom line is that if you provide value, readers will come. Just make sure to update your blog consistently with useful content, or you’ll lose their loyalty over time.
2) Sell virtual products
Have a creative outlet? Why not go one step further and capitalize? Selling digital goods such as e-books, music or art bypasses much of the hassle that comes with physical goods. You won’t have to worry about warranties, storage or shipping – just create the item, join an existing marketplace like Amazon, upload it, and let the downloads flow.
Again, knowing your niche will help you a lot. Self-help books, for example, are incredibly popular in the US, for the same reason why you’re reading this now! Tap into your unique perspective, share your experiences, and if it’s valuable, someone will be willing to pay for it. Maybe you feel you’ve developed a distinctive approach to sketching and composition, or perhaps the genre of music you’re making stands out from the crowd – whatever the case, find what makes you different, and bring it to the world.
Your goals will decide the direction of your efforts. Just want to test the waters? A 50-page book or two sold at a dollar each might net you $100 a year. Aiming for self-reliance? Then you’ll need to build up an audience by producing more related content, and you may also want to consider digital marketing to reach a wider buyer base.
3) Old-school financial tools
Of course, passive income existed before the Internet was a thing. Renting out rooms or houses has always been straightforward, so why not lease your attic or spare room to someone? If you live near a university, you can house someone from out of state or overseas, and they’ll pay you to use a room you weren’t using in the first place. Contact their housing department to get on their list and they’ll advertise your room for free.
You can also be a homestay host, adding cleaning and cooking services for an additional price. All you have to do is do what you’ve always been doing, now just for one more person.
4) Share your skills
At this point, you may have noticed a pattern: passive income is derived from activities or fields you’re already good at. It’s about monetizing what you usually do, and this can be extended to studying, designing and even gaming.
If you’re a student, why not spend your revision time tutoring on educational sites like Chegg or Udemy? If you’re a hobbyist, consider sharing your hobby time online via SkillShare or CreativeLive. If you code or make websites for fun, Upwork or Freelancer.com are places you can sell your skills – you can make money off what you would have done for free.
In conclusion, passive income is no longer a dream but a reality for those who are willing to spend some time to build it up. Reflect on how you spend your day and you too can find avenues for free passive income.