Are you looking for ways to make money without having to work too hard? What you’re looking for is passive income.
Fortunately, you now have dozens of passive income sources to choose from. It’s only a matter of knowing how to get started. Here are some popular ones to try:
1. Memorabilia
If you’re a sports enthusiast or have an affinity for history, memorabilia may be the right passive income source for you. You can start collecting items like jerseys, cards, and authentic autographed memorabilia that are likely to increase in value over time.
There is no shortage of people willing to pay top dollar for these items because they are rare or remind us of memorable events in history. Some collectors even rent out their merchandise, which allows them to earn money while they wait until the item’s price goes up.
You can start by visiting local flea markets or, better yet, go to legitimate online stores to save yourself the hassle. Once your collection grows large enough, consider selling it online through websites such as eBay or Amazon Marketplace.
2. NFTs
NFTs, or non-fungible tokens, are a type of cryptocurrency that has become increasingly popular. Unlike bitcoin and other cryptocurrencies you’re probably familiar with, NFTs have unique identifiers that make them valuable even when they don’t rise in value like regular crypto.
These days, online communities trade NFTs for digital art including videos and photographs. If you happen to be an artist yourself, consider joining the community and creating your digital artwork and then uploading it as an NFT on websites such as Opensea.io or Rarible.
3. Virtual Assistance
There are many skills that you can use to earn passive income. One of these is virtual assistance.
Virtual assistance is a booming industry that allows you to work for companies and individuals remotely. Employers typically hire remote workers to assist them with tasks such as answering emails, managing social media pages, arranging appointments, transcribing audio files, and scheduling meetings.
If you think this might be the right passive income source for you, start by checking out websites like Fiverr or Upwork. You can also connect on LinkedIn with other virtual assistants in your area who may have some insights into getting started.
These days, it’s much easier than ever before thanks to technology that makes communication seamless even when working from different parts of the world.
4. Affiliate Marketing
Many companies are willing to pay people for recommending their products and services. This is what we call affiliate marketing.
For example, you can earn money by promoting books on Amazon using a personal link that generates a commission when someone clicks it and buys the book.
You don’t have to be an online influencer with thousands of followers to make this work. You can share links directly in email newsletters or send them via text messages (if they’re not too long) through services like Bitly. The more relevant the product/service is to your audience, the higher your chance of getting sales commissions from them will be!
Some websites to check out include Amazon Associates and ShareASale. If you’re a blogger, you can also use an affiliate marketing plugin such as AffiliateWP or EasyAzon Pro on your website that will automatically generate links for products or services mentioned in the posts.
5. Dropshipping
Dropshipping is a form of e-commerce where the seller does not keep products in stock but instead transfers customer orders and shipment details to either manufacturers or wholesalers. The supplier then ships directly from their warehouse without ever having any direct contact with you as an entrepreneur!
This model allows entrepreneurs like yourself to get started quickly, cheaply, and easily because there isn’t much risk involved since most suppliers will fulfill orders on time every single time. You can also outsource order fulfillment to a third-party company if you’re feeling overwhelmed.
If this sounds like something you may want to explore, check out websites such as Oberlo and Shopify for more information on getting started. You can also find helpful tutorials on YouTube that will walk you through the entire process from start to finish.
6. Digital Products
If you’re looking for a more hands-off way of generating passive income, consider selling digital products such as e-books or courses.
You don’t need to be an expert writer or designer. You can use many tools out there that can help streamline the process and make it less daunting. For example, Canva has templates for creating e-books, infographics, and social media posts. You can also use software like Adobe Photoshop or InDesign to create more sophisticated designs if you’re feeling up for it.
Once your product is created, you can host it on a website like Gumroad or Amazon KDP and then collect payments through their platforms.
There are many ways you can generate passive income, but it all starts with identifying what works best for your lifestyle and goals. You might find that some methods don’t feel like the right fit or take too much time to set up. Keep trying new ideas until something clicks.