Generating a passive income is often viewed as the mythical beast we all crave. It is the elusive unicorn that we dream of but will never come to fruition. Some people can make a living without working, but it won’t be me. It is reduced to the near ethereal realm of Instagram influencers and celebrities.
But this isn’t the case. In the modern world, all you need to generate a passive income is a stable internet connection, minimal technical knowledge, and the drive to establish something that will provide you with a steady revenue stream for years to come.
Here are four ingenious ways to make money while you sleep and generate a regular income without going to work. Look no further for simple passive income ideas that work.
Selling an Informative Product
The internet is awash with marketplaces. There are plenty of platforms that connect content creators directly to consumers, many of whom are willing to pay for valuable information and engaging content.
If you have industry-specific knowledge that would be valuable for consumers, you can leverage this to generate a passive income. Creating an audiobook, podcast, eBook, or video course, then selling it on platforms like Udemy or Skillshare is a popular option to establish a steady stream of revenue.
Peer to Peer Lending
One of the byproducts of the global Fintech boom, peer to peer lending, or P2P lending, is providing an opportunity for investors to enjoy lucrative returns. P2P lending connects investors with borrowers that need access to capital. Investors lend money and earn money from interest payments.
Even in conservative, low-risk P2P models, investors enjoy returns of more than 4%. In higher-risk investments, there is the potential to make gains of 10%, or more, on the initial loan figure.
If you own a website that enjoys a substantial amount of traffic, you can leverage it to earn a passive income. Affiliate marketing involves placing a link to a specific product or service on your site and encouraging your audience to follow the link and purchase the product.
When your visitors go on to buy the product through your affiliate link, you receive a share of the profits. This is a popular avenue to generate a passive income as it involves virtually no work beyond placing the initial link on your site. However, it does rely on you already have a thriving website.
Marketers are always on the lookout for imaginative and creative ways to advertise their products offline. In the modern world where traffic leaves us enduring long commutes and unexpected delays, there are plenty of offline marketing opportunities that leverage the captive audience created by a traffic jam.
One such opportunity is vehicle advertising. Advertisers will pay you to adorn your vehicle with a banner or sticker advertising their product or service. The amount you can earn depends on your driving habits, where you live and how many miles you typically cover in a week. You will also need to have a clean driving license.
For those that qualify, vehicle advertising is a great way to earn a side income from simply making the same car journeys you already make.