4 Passive Income Ideas to Try in 2020
We’ve all got to make money, but doesn’t it sometimes feel like there just aren’t enough hours in the day? No one wants to be stressed out with endless overtime, but most of us like the idea of increasing our earning potential. Generating passive income allows you to earn more money without actively putting in long-term hours.
Once you’ve put in the initial time investment, these four passive income ideas will make you cash as you sleep!
P2P stands for ‘peer-to-peer’ and P2P lending is a service which enables people to get loans directly from other individuals. Generally, individuals looking for P2P loans have struggled to qualify for traditional financing options. If you become a P2P lender, you can earn approximately 10% on all returns whether lending to individuals or small companies. First, you will need to build up a portfolio of small loans. When you have borrowers, you will begin to get monthly payouts (plus the commission) as these people return what they owe.
Host a Blog
Hosting a blog is one great way to earn a passive income. You’ll need to put in a little work, in the beginning, to get to the passive income stage. First, you start a blog and work on increasing your following. To do so, you can plug your blog on social media, and teach yourself some basic SEO to draw in more visitors. Once you’ve generated a substantial following, you can earn money from your blog by affiliate marketing. This type of marketing means that you will receive a commission by promoting products on your blog. Platforms such as FlexOffers, Amazon or ShareASale allow you to purchase affiliate links which you can then work into your posts. To turn your blog into an entirely passive income stream, try using freelance writers to produce the content on your blog.
Property rental is a top passive income stream. To get started in real estate, you’ll need to invest some time at the start. Once you’ve purchased the perfect property, you can use a property management service. A property management company can take care of the maintenance, rent collection and marketing so that you can sit back and enjoy the money rolling in! Rental properties generate income without you having to put in the hours. With a passive income like this, you’ll have more free time for leisure or to improve your business.
Do you have expertise in a specialist subject or sector? If so, you could turn your knowledge into an online course. Whether it’s marketing, UX design, guitar or creative writing, there is a huge demand for online learning. Once you’ve created your course, you can sell it, receive the cash (and have no more work to do)! It’s simple enough to pay staff to deal with the technicalities of grading course work, or answering student emails. Websites such as Udemy are useful platforms to distribute online courses to a wide audience.