Want to know how to build passive income? It seems akin to the pot of gold at the end of a red brick road.
But you can achieve it.
Disclaimer: passive income ideas are not 100% passive. You will need to tend to your creation as it grows. But it sure beats tolling away for bucks per hour.
Many passive income ideas are scalable. Grow your passive income and reap greater rewards: no more swapping time for cash.
Ready? Let’s dive into the best ways to build passive income.
Invest in Dividend Stocks
Dividend stocks are one of the best ways to build passive income. They can be more stable than growth stocks.
Invest in public-listed company stocks, and receive a dividend payout as a shareholder. Buy dividend stock before the ex-dividend date. Get paid in cash or more stock.
Best Ways to Build Passive Income for Creatives: Stock Photography and Design
Stock photography sites host your images. They sell their usage rights to magazines, businesses, and websites. Learn what sells and create a treasure-trove of images.
Print-on-demand sites host design work. Create T-shirt prints, graphics, and illustrations. When a user buys your design, the site prints it, and you get paid.
Real Estate and Rental Properties
Investing in real estate is one of the best ways to build passive income. Rent out property for profit. Sell your property when its value hits the roof.
Airbnb can bring in the bucks too. Fancy active income? Airbnb Experiences lets you offer tours, activities, and packages from your property.
Real estate is one of the best ways to build passive income for U.S. military personnel or veterans. Check out activedutypassiveincome.com for ideas.
Ecommerce and Dropshipping
Build a product site—Shopify, for example. Then decide on products to sell, sourced from a dropshipping company. Alibaba was the go-to for a while.
When a customer buys a product, you ship it from the dropship company to their address. You hold no products yourself, skipping storage fees.
Dropshipping comes with risks. Returns are complex and can leave you out of pocket. Shipping from overseas can take weeks.
Blogs, eBooks, Videos, and Podcasts
Blogging is one of the most popular passive income ideas. Choose a niche you know about. Fill your blog with useful content and market it on social media.
Offer your readers eBooks. The eBook market is huge. Even flash fiction puts dollars in your pocket.
Videos and podcasts are great for building passive income. Follow the principles of blogging. All these passive income ideas let you market products as an affiliate: a prime earner.
Create an Online Course
Have specialist knowledge or skills? Course hosting sites like Udemy let you sell your expertise for cash. Tech, business, design, language, you name it!
An online course needs little maintenance once you upload it. Use HD video, planned scripts, and microphones to ooze professionalism.
Students like the economy and flexibility of online courses. Make a quality course. Start building passive income.
Ready to Earn While You Rest?
We hope you’re savvy about the best ways to build passive income. Next to dollar per hour work, building passive income frees up your life. You can spend more time with your family, traveling, and doing whatever you feel like.
Now is the best time to get started. Try one of our passive income examples.
Want more business, finance, and real estate tips? Check out the rest of our site today!