2020 Passive Income Ideas And Opportunities
What Is Passive Income?
It is the income you make in a way that requires little to no daily effort and you are able to bring in this income even while you sleep. They can be regular or irregular from a source other than your employer.
Passive income increases your wealth-building plan and creates an opportunity for you to retire early in that the income is progressive, it protects you from a complete loss of income when you stop having a steady job and or outlive your retirement fund.
What Does It Take To Make Passive Income?
There have always been this misconception about passive income. The misconception stems from the word "passive" making it seem like you don't have to do anything to bring in the income.
To make a steady passive income, it requires all or a combination of some of the elements below:
a. An upfront effort
b. An upfront time investment
c. An upfront financial investment
Once you are willing to invest your time, money, and or hard work (effort) to build and maintain the streams of passive income, only then will you consistently generate passive income across years without much effort from you.
Take note of the process you have to go through to build a passive income below.
Process Of Building A Passive Income. (How To Start Building Passive Income)
a. Start Building Your Nest.
Just like the bird does while building its nest, start collecting resources, materials that are readily available to you to build your nest (Passive Income).
This can be done through reading, researching various, and possible passive income opportunities you can build.
b Access Your Skills.
What are you good at? What are the things you are not good at? What are the things you are passionate about?
You have to ask yourself these important questions and you must be very truthful to yourself with the answers.
c. Access Your Time, Money, And Effort.
What are the investments readily available to you in terms of time, money, and effort with time being the most important? Time wasted can never be regained.
Does the new passive income opportunity require that you learn a new skill? Do you have the time?
Rather than learn the new skill, can you delegate the skill with the little money available while utilizing the limited time available to build the passive income opportunity?
Access your time, money, and efforts and be very realistic about your commitments.
d. Decide and Execute.
Having gone through the processes listed above, this is where you decide on which of the passive income opportunity you run with.
Decide on the particular passive income opportunity to go into and start immediately.
* Useful Tip: How To Start Your Business Today. 3 Step Process To Start Your Business Today.
Note that even when you invest time, money, and effort, it might still take some time to start earning passively from these opportunities. We have carefully selected these opportunities, and we will carefully enumerate strategies that if executed as enumerated will guarantee you passive income immediately within weeks if not days.
10 Passive Income Opportunities That Will Generate Consistent Passive Income For You.
1. Affiliate Marketing
I listed this in number one because of the relative ease it takes to start as an affiliate marketer and often times does not require any start-up capital from you to get started.
As an affiliate marketer, you earn a commission by marketing other people’s products and the commission can be in the range of 40% or more sometimes. It requires that you have a platform like a blog, website, YouTube with a collection of followers to drive traffic to your affiliate link.
Once anyone buys the product or service you are promoting using your affiliate link, only then will you earn a commission.
As a new entrant, though very necessary you may not already have the platform to drive traffic to your affiliate link but you can do so by taking advantage of already created platforms like Pinterest, Quora, and Reddit while you build your own platform.
For Quora and Reddit, you provide value in the form of answering questions and attach your affiliate links while for Pinterest, you create pins and attach your affiliate links to it.
Useful Tips:
* Join The Free Online Super Affiliate Marketing Training
* How To Start Affiliate Marketing For Beginners. The Complete Beginners Guide.
* Drive Traffic To Your Affiliate Link Using The Free Empire Affiliate System.
* Get $100 To Advertise Your Affiliate Product Or Service Pinterest After You Spent $30.
2. Create And Sell Online Course.
Online learning has become a booming business opportunity. You can create a course on just about any topic you are very vast on.
One very simple way to do this is to create and sell your course on either Udemy or Teacheable. I learned how to create a website through a course I bought on Udemy.
Either of them have millions of subscribers and are a great way to put your course in front of millions of students.
Create and separate your course into different packages with different price points as some people can afford the full package while others can't.
3. Sell Stock Photos
Taking pictures is something everyone does especially with our handheld phones but you can take it a step further by earning from it. The more photos you have, the better your chance of earning passive income with this opportunity.
The amount of income you will be able to generate through this opportunity will depend on how large your portfolio is and also your level of experience.
To cut across your limited level of experience and start earning immediately, sign up today with PhotoJobz.
4. Create Your Own Blog Or Website
This is a very cheap yet very scalable way to generate passive income. You can start a blog today and start making money almost immediately through affiliate marketing.
In fact, a single blog can be a source of multiple incomes (Ad revenue, affiliate marketing, sponsored posts, selling your own products or service).
Where you can't wait to build your own blog, you can buy an already built blog (There are lots of blogs are abandoned every day by their owners) and hire writers from Fiverr to do the writing for you.
The most important thing is to constantly provide value through your content (article). Remember also that the more niche your blog or website is, the likelihood of it to succeed as a passive income generator.
As part of the investment to make this passive income opportunity a success, you have to invest in generating traffic to your blog or website. More traffic equals more passive income.
Useful Tips:
* Blogging: How To Start A Blog And Start Making $750 Daily. Beginners Step By Step Guide.
* Drive Traffic To Your Affiliate Link Using The Free Empire Affiliate System.
* Get $100 To Advertise Your Affiliate Product Or Service Pinterest After You Spent $30.
* Website Traffic: Why You Must Buy Traffic For The Success Of Your Online Business.
5. Publish An E-book.
As the title implies, write a self-help book and publish it as an eBook on Kindle.
This will continually earn you a passive income in many years to come with a chance to earn more if you decide to promote the book through advertisement.
To do this, you can also hire a writer and be ready to provide your input when necessary. You can find capable writers from Fiverr.
6. Buy And Sell Domain Names.
Domain flipping as it's popularly called is like participating in real estate buying and selling.
This involves buying a domain name at a very cheap price, parking them, and then selling at a later date with a very high margin.
Domain names like Carinsurance.com once sold for $49.7 million, Voice.com for $30 million, and 360.com for $17 million. While you may likely not be lucky to sell a domain for millions but you will lucky to sell domain name bought for a single-digit amount for a multiple-digit amount.
This does not require you to have a technical background nor build a website rather it only requires your ability to think up a domain name which you think will be valuable in the near future or your ability to find an expiring but valuable domain name which the owner is unwilling to renew the subscription.
To get started with this passive income opportunity, sign up today with Domain Flipping By The Millionaire Society.
7. Freelance Graphic Design.
Being creative is something that comes naturally to artists but making money with their work sometimes is hard for them.
Sites like Fiverr provides a platform for creative artists to market their work and earn income from them.
Whether your art is a recyclable art, standard templates, providing animation service, or designing a logo, these platforms provide the marketplace to showcase your art and find new clients.
Signing up with Fiverr is hassle-free and will give you the exposure to continually earn passively with your art.
8. Start an E-commerce Business
This gives you the opportunity to sell products you produce yourself or that of others but note that the level of difficulty increases when you are selling your less known products than an already existing product.
Either way, E-commerce sites like Shopify has made selling online easier, whether you are selling your products or that of others, they have already made templates. So you don't have to waste enough business time designing your online storefront.
Shopify has tools to help you manage and run your business even if your online business is dropshipping.
You can create coupons and promotions, process payments, and handle returns.
And also share your store on other sites like eBay, Google Shopping, Facebook.
Shopify is the platform for your E-commerce store.
9. Get Paid To Answer Short Questions Or Give Your Opinion.
Yes, you can be paid to undertake simple online surveys or answer short online questions.
This could be one of the easiest passive income opportunities and some of these survey websites give you a bonus for just signing up.
Sign up today with Survey For Cash to receive payments for your opinion.
10. Get Paid To Write
As most businesses are increasing their online presence so is the increase in demand for writers.
You can earn a very good passive income through writing and you do not need to be the best writer in the world.
Rather, hone your skills and find a niche where people need your skills, and just like every other business be ready to give to the people what they want.
To turn your writing into cash and make it a consistent source of passive income for you, sign up today at Paid Online Writing Jobs.
Bonus Passive Income Opportunity.
Trade The Forex Market.
Trading the Forex market can be very dangerous and may not be suitable for everyone as you may lose some or all of your investment but as a passive income opportunity, it may be worth trying especially when there is strategy.
As mentioned in the elements needed to build and generate a steady passive income, you will be investing in buying Forex signals from professional traders like Trusted Forex Signals with verified profitable results.
Note that passive income generated from trading the Forex marketing can be very huge so can the loss be when money management is not applied.
To know if trading in the Forex market is an opportunity you want to take, please check out the useful tips below.
Useful Tips:
* How To Become A Profitable Forex Trader. Complete Beginners Guide.
Conclusion
If you are reading this and confused about where to start, just pick any or more of the passive income opportunities from the list and start.
The best time to start a business is when you are not ready. Waiting for the perfect time to start a business is like deciding to never start and there is no such thing as a perfect time.
Pick from the opportunities listed above and start, you will make mistakes but the mistakes will eventually be you learning about things to never do in business.
Good luck as you choose today to start the business that will guarantee a consistent passive income for you over a lifetime.
