Why Passive Income?
Passive income really what sets apart the rich from the poor. They don’t teach you about passive income in high school or college because they want you to trade your time for a paycheck in the system. If you want to get ahead and achieve financial freedom, you need to work smarter and implement some passive income ideas like the ones below.
Why do you absolutely need passive income? Because relying on one stream of income (your job) is just too risky as the job market is very unstable. Everyone should consider having at least one stream of passive income in their wealth portfolio.
Free Passive Income Is Possible
I wanted to make this blog post to provide you with some actual passive income ideas that require NO investment. In other words, you could be dirt poor right now and actually make these ideas happen today or this week. I realize there ARE a lot of other (and better) passive income ideas, such as real estate crowdfunding, but this article is about FREE passive income opportunities.
Essentially anyone can use these ideas below and start a passive income business or income stream. With the internet, literally anything is possible and the sky is the limit (I realize that I mention that a lot in my blog). So, if you want to earn money 24/7 and becoming financially free, consider the following free passive income ideas below.
Sell Stock Images
Anyone with a smartphone can sell stock images of just about anything online. You can earn royalties from each photo you upload that sells, forever. This isn’t going to make you a millionaire, but you can earn an extra couple hundred bucks (or more) per month. The key is to stay consistent with your uploads and tag your images/footage properly so they can be found in searches. Read 10 Popular Stock Photography Sites to Submit Your Images To for more info.
Start A Blog
Blogging is one of the most popular ways to earn passive income online because of all the monetization options, many of which are passive. In a nutshell, you need to find a topic of interest and post regular content that contains keywords your target market is searching for on Google and search engines. Then, you can monetize your blog with Google Adsense (or other advertising networks) and affiliate offers related to your blog topic. Learn how to start a profitable blog for free and monetize it.
Create A Course
If you have knowledge you’d like to share with the world, you can put it into a course and sell it over and over again, earning passive income. Some course creators on Udemy.com earn thousands per month from a course they made one time. Of course, you can sell your courses anywhere you wish, including on your website, and earn serious commissions.
There is a lot of work involved and you will need professional equipment such as a quality video camera, mic, and editing software. You can always borrow a friend’s equipment or use free online software. If you already have this, then no real investment is involved. Learn how to sell your courses online with no transaction fees (14-day free, no credit card trial).
Rent Out A Room
If you own your home and have one or more spare bedrooms, you could be turning them into passive income cash flow. It really depends on where you live and the size of your space. Read The Ultimate Beginner’s Guide to Renting Out A Room.
Also consider hosting travelers on Airbnb. Apparently people around the world are earning decent passive income this way. Read all about it here
Publish Kindle eBooks
Similar to creating a course, writing an eBook can be a very lucrative source of passive income if you choose a niche that people care about. Yes, you’ll need to do keyword research (try Jaaxy for free) or just pick up this list of 141+ profitable Kindle niches here. The only real expenses, and these are optional, are your ebook formatting and cover. You can learn to do these yourself or go on Fiverr and spend $10.
I HIGHLY recommend reading this very extensive article The Ultimate Guide To Making Money On Kindle. It will walk you through the entire process and really break everything down for you.
Join Recurring Affiliate Programs
Did you realize that many online services and platforms have affiliate programs that are FREE to join? If you promote a recurring service (ones that have monthly subscription fees), you will earn recurring commissions. There are many free recurring affiliate programs, but here’s my favorite. It’s 100% free to join.
I also really recommend reading The 90+ Best Affiliate Programs For Recurring Commissions. There’s a ton of great recurring affiliate programs in all industries ranging from web hosting to social media management. The hardest part is finding your niche and staying focused!
Use A High-Yield Checking Account
Whatever money do currently have, you could be earning interest on it by using a high-yield online checking account like Aspiration. The Summit Account, which has ZERO monthly fees or ATM fees, pays 1% annual interest on your entire balance. Of course, you can’t just walk into this bank as it’s online, but no physical bank will pay you this kind of interest with a checking account. I’ve been using Aspiration for two years and haven’t run into any issues. Aspiration is the most ethical bank that I know of, as well.
Passive income gives you financial freedom and so many options in life. You can use these ideas for side gigs or full-time income online. Please comment below if you’ve used any of these free passive income ideas or if you have any others you’d like to share with readers.