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What Passive Income Ideas Should You Consider?

By The 1-Hour Workweek 3 years ago1 Comment

passive_income_moneybagsOne of the main questions people are always asking about passive income is which passive income ideas are the best? Unfortunately, if you ask twenty internet entrepreneurs who have set up passive income businesses, you'll get twenty different answers. That's because everyone thinks their passive income ideas are the best, especially if it's a system or network where you joining means more money in their pocket!

Of course, there's absolutely nothing wrong with these systems since that means when you get people to join, you'll make money as well (which means you'll likely be telling others that yours is the best passive income generator!), but it is worth noting there is bias out there. So what are the best passive income ideas? All of them.

Old Passive Income Ideas Work Now

For starters, there are the old canonical passive income ideas that everyone knows about. These are tried and true methods and with a little knowledge, you can make them work for you. Depending on where your skill and expertise lies in addition to the amount of finances and time you want to put into your passive income ideas, the “standard money makers” in passive income streams include:

  • Real Estate. Whether you are buying and flipping property for a profit or renting property out, this is one of the oldest passive income streams in the book, mostly because there will always be a market for it and real estate property has historically gained in value without fail
  • Stocks and Bonds. Investment passive income streams in general, but more specifically stocks and bonds. These rely on you having some initial investment, but it makes sense to have your money making money while it's sitting there. High interest savings and checking accounts also play into this passive income niche
  • Selling Intellectual Property. Another tried and true passive income generator is intellectual properties like music, photos and books. This has long-been a money maker for many, but the rise of the Internet has made it easier for people to self-publish their material and deliver it in digital format or license it out. Nowhere has this been more prominent and lucrative than with eBooks.

While these are just a few of the passive income ideas that have been around for years, it's clear to see that earning passive income isn't a new concept. In fact, it's much, much older than the Internet is—it's just that now, most passive income ideas that are free and easy to implement are online. Online passive income has a low entry barrier, meaning that anybody with a computer and a little time can generate passive income (of course, having solid passive income ideas and a business plan in place will help you be successful at it).

New Passive Income Ideas Work in the Future

With that being said, it's important to note that some of the newer passive income ideas that have come about because of the Internet have now become older, tried and true methods. There are many great examples of this, including:

  • Affiliate Marketing. One of the most popular forms of passive income streams because of it's no-cost entry and ease of use, affiliate marketing is basically sending traffic and sales to an established product or service and receiving a commission for the sales that generate directly from you.       You are given an ID link so the websites know that you generated the sales and it is then your job to promote your link, typically through article marketing, landing pages and social media marketing
  • Blogging. Blogging is another newer form of passive income that has become wildly popular because it's either free or low cost and just about anybody can do it (and if they can't, they can outsource it for free). There are a few ways to earn passive income with your blogs, but all of them revolve around getting traffic to your site. Once you have traffic, you can promote affiliate links, sell ad space, redirect traffic, sell the domain at a profit, etc.

Of course, there are some newer passive income ideas that are starting to really take off, earning early adopters money left and right. The key to these newer ideas is to get in on the ground floor, likely with a smaller investment that won't break your bank if the idea doesn't pan out. This investment can be time or money and we'll discuss the benefits of having multiple passive income streams below. Here are a few of the newer passive income ideas making waves:

  • Dropshipping. Dropshipping is when you promote a brand or line of products, take the orders for sales, send the orders to the company and then the manufacturer will ship the products out. You do this by creating online stores and partnering up with the manufacturers or middlemen. You earn commissions for the sales you take. Basically, it's one step of involvement above affiliate marketing because instead of redirecting the traffic to the point of sale (POS), you yourself become the POS.
  • Social Media Sharing. While this is still relatively new, it's made so much headway and generated so much passive income, it's starting to really gain traction. There are a number of different programs and methods to follow here, but the essential idea is driving traffic through social sharing, something that is easy to do (as long as you have the right material to share).

Combining Old and New Passive Income Ideas

Now while none of that answered the question “what are the best passive income ideas” with any certainty, you definitely see the pattern that is emerging: older passive income ideas are being transformed into online passive income streams and then modified into newer passive income ideas. The best advice then, is to combine your new and old passive income ideas and generate multiple streams of passive income for your passive income businesses. This will allow you to take risks while still generating enough steady income to support yourself and your family.

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About

 The 1-Hour Workweek

  (60 articles)

I’m Tarence Wade, M.D. Even though I’m trained as a medical doctor, I’m also known as “the wealth doctor”. I teach network and online marketers how to save time, save energy, build health & happiness and create multiple streams of residual income…with my 3 step success formula. I have taken over 50 internet marketing courses. I have read and listen to many books and audiobooks…and I have attended at least a dozen seminars in the internet marketing space. I have spent the last 8 years, over 6,000 hours and more than 1.6 million dollars of my personal income as an online marketer figuring out a success formula that generates me multiple streams of passive income that works for me and that will work for you as well. And I’m here to show you how.

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