Passive income includes any income earned from a business in which you don't have active participation. A lot of people incorrectly associate passive income with various get rich quick schemes that exist. The fact is, passive income is not only a pipe dream. With enough time dedicated to building a passive income stream, it is more than achievable.
1. Websites
Whether you build a site dedicated to a specific niche or you build a general website that targets a much wider demographic, getting money from websites is entirely possible and it is a viable way to earn a passive income. You can do this by selling private advertising to interested parties, including affiliate links on your website, or by directly selling your own products and/or services. Regardless, building your own website is one of the very best ways to earn this kind of income.
2. Rental Properties
Another way you can earn a passive income is by purchasing and renting out rental properties. This is a good way to earn a passive income because there are so many ways in which you can do it. Not only can you rent out a single room if needed, but you can take advantage of the growing sharing economy that requires very little involvement on your own.
3. Silent Business Partner
If you know someone that has a good idea but they don't have the funds to kick-start it, you could always decide to become a silent business partner where you supply the funding they need. This is a great way to generate a passive income because you will be able to leverage the time and effort they put into their own businesses for a percentage of the pie. While you will need to find the right partner and do a good amount of vetting to ensure you are making a good choice, it can be a good way to earn a passive income.
4. Creating Your Own Course
If you are someone that has a lot of knowledge in a particular area of interest or you have a good audience that you could cater to, you could come up with a course that you can sell. There are all kinds of different types of platforms that you can use to sell your course on and you can even make the decision to distribute it on your own. Regardless, by selling a course, you will be able to have something that you create one time and continue to sell for months or even years.
5. Stock Market
Buying stocks is one of the best ways to earn passive income with minimal risk. As long as you bare investing in low-risk companies, it should be a very good way to increase your passive income. You might even want to specifically target companies that offer dividends to ensure that you are able to take advantage of that passive income in the short term.
There are plenty of different ways to go about earning a passive income. The ones discussed in this article are only some of the legitimate options to go about doing so.