(The following is an abbreviated transcription from a video I recorded. Please excuse any typos or errors.)
Today we’re talking about 30 passive income ideas for 2021 and beyond.
So a friend of mine, Grant Sabatier has this article where he lists 62 passive income ideas.
And I went through that list, and there’s some really great ones in there that I want to share with you.
I’m pulling the top 30, and we’re going to go through them together.
If you didn’t see our other passive income articles about the difference between passive vs non-passive income or 4 things no one ever tells you about passive income be sure to check those out as well.
If you want to watch the passive income ideas video and hear my commentary on each, check it out below.
Otherwise, just keep on scrolling.
1. Crowdfunded Rental Property
Number one, crowdfunded rental properties. So this is like Fundrise, where you can invest in real estate, but you don’t have to do any of the work. A hundred percent passive. I have another article about Fundrise, where I reviewed it and compared it to my rental property. So check that one out for more on this.
2. Refinance Your Student Loans
Number two is to refinance your student loans. This is a huge money-saver for most people. When I had student loans, I refinanced them and saved many thousands of dollars, and it most likely will be the same for you. One of the big players in this space is a website called Credible, so check them out if you’re going to go down this path.
3. Bank CDs
Next on the list is bank certificates of deposits, also known as CDs. These are super boring, but they’re also super safe. They’re backed by FDIC insurance. So, simple, easy way to get some passive income.
4. Renting Out Storage Space
Renting out storage space. Now, this is a cool idea. I like this one. So he has in here, did you know that 1 in 11 Americans pays for extra storage space? I had no idea. And so, there’s a website called Neighbor, which is basically like the Airbnb of storage. And so you can rent out your basement or rent out a room to allow people to store there and make some passive income.
5. High Dividend Stocks
High dividend stocks and funds. I love buying stocks that have dividends, because you can earn two different ways, and that’s really fun. I have a video I did with a financial expert about some of the best dividend-paying stocks and funds out there, so you can check that out for more information. Then I took it even further and created an entire course on investing that lays out my strategy and walks you through setting up your own; check out the 10x Investing Course.
6. Starting A Blog
Next up is starting a blog, and this is the thing that’s worked the best for me, so I’m a big fan of it. It does take work. It takes time. But it’s a whole lot easier now than it was when I got started over 10 years ago.
And we have a free course to kind of help you. It’s called our Start Your Blog Now Course. And so if you’re interested, dive on into that, and that’ll get you up and running.
7. Peer-To-Peer Lending
Next up is peer-to-peer lending. So some people want to bypass the banks, and just lend to people individually. And so there’s sites like Lending Club or Prosper where you can do this. And so you can borrow money when you might not otherwise be able to get it from a bank, but you can also lend money and earn passively as well.
8. Sub-Lease To Housemates
Sub lease to housemates. If you have a house and you have a room in there that you can rent out to a housemate, this is a great way to make some passive income.
9. Rent Out Your Car
You can rent out your car, and actually makes him money. So if you ever heard of a website called Turo, T-U-R-O, also did another review about them as well. And you can rent your car in there and make money. And while it might take a little bit of time and not be a hundred percent passive, it’s a pretty passive way to make a little but extra cash.
10. Write A Book
You could write a book. I’m working on my first traditionally published book right now, which I’m super excited to share more details about with you soon. But in addition to getting an upfront payment with the book advance, I hopefully will earn all of that out and be making royalties from those books sales for years to come.
11. Write An E-Book
Or for an even simpler path, you can consider just writing an ebook or Kindle book, and I’ve done this four different times. And those books are still earning passive income each month, even though one of them was written over 10 years ago.
12. Create An Alexa Skill Or App
You could create an Alexa skill, or an app. And admittedly, I don’t know much about this, but I do know that there are certain apps that probably don’t require too much maintenance or upkeep, thus making them pretty passive.
13. Buy Royalties
You could buy other people’s royalties. And this was a new one to me. I hadn’t heard of this, but this is really cool. There is this website called The Royalty Exchange, where you can actually buy royalties from a particular song or from a movie. And so anytime that sells, you are the one getting royalty. Now, obviously there’s an upfront investment that you need to make to get those royalties, but interesting idea, for sure.
14. Build An Affiliate Niche Site
You could build a niche site that allows you to do some sort of affiliate marketing. For example, let’s say you know a whole bunch about dog leashes or dog collars. You could build a website about it, talking about the best dog leashes or dog collars. In each one of those, you’re linking with an affiliate link over to Amazon or somewhere. And then anytime anyone goes and clicks on that link and goes and purchases, you earn money, passively.
15. Start A Podcast
You can start a podcast. Now, this is a good amount of active work, getting it up and running. But potentially, if it’s a fairly evergreen podcast and the traffic keeps coming, you could earn from that for years to come.
16. Create An Online Course
You could create an online course. This is also something that I’ve done, that I’ve really enjoyed a lot. It’s a lot of work creating on the front end, but it’s really nice once that work is done. You might need to do some updates once in a while and improve it a little bit. But in general, most of the work is done on the front end. And then you can earn passive income on the back end.
You can outsource your business. One of the best things you can do as a business owner is start buying back some of your own time. Hire people to help you, so you can buy back some of your own time.
18. Buy A Laundromat
A laundry mat is a classic example of a very passive business. People are coming in day or night and just putting quarters in, over and over and over again.
19. Vending Machines
Vending machines. Many businesses still have vending machines, and just collecting that passive income as people get their Pepsi and Coke each day is a great way to get some passive income.
20. Start A YouTube Channel
Start a YouTube channel. And this is not for the faint of heart, and there’s a lot of work here creating, and getting it up and running. But there are facets of running a YouTube channel that are passive and done right, you could create a passive income source with this, for sure.
21. Take And Sell Stock Photos
You could take and sell stock photos. Now, as an amateur photographers, this is something I struggled with. I actually attempted to do this, and just did not have much success. But you might be better than me. So give it a shot.
22. Buy And Sell Domain Names
You can buy and sell domain names. Now that’s just something I’ve done a little bit of. Bought a bunch of domains over the years, and have had some success with selling some of them off profitably. My most recent one, I sold for about six times more than I bought it, which is pretty fun.
23. Create Software You Can License
If you have some web development skills, you could create some sort of software that could be sold as a passive income stream.
24. Install Apps On Your Phone
You could get paid to install some apps on your phone. And this is kind of funny. I have come across a few of these, and you’re not going to learn much from this at all. But if you want to exchange some of your privacy for a little bit extra cash, there are plenty of apps that allow you to do that.
25. Rent On AirBnB
You could rent out your place, or a single room, on Airbnb. I have one friend who does this. Every time he goes on vacation, he rents out his house on Airbnb. And while he’s gone, he’s earning money from his house. And oftentimes, this pays for his vacation. So it’s definitely one of the easiest and more accessible sources of passive income for a lot of us.
26. Invest In a Food Truck
You can invest into food trucks. If you know anybody wanting to start one, you could invest in their business and if structured properly, then you have some passive income.
27. Start An Etsy Store
You can start an Etsy store selling digital product. If you’re only selling handmade widgets that you need to create each time, then it’s not a super passive business. But if you’re creating a digital product that you can sell over and over again, you’re looking at a very passive business.
28. Rent Out Baby Gear
You could rent out old baby gear. As a dad with a couple of little kids, we have so much of this, and there’s a site called babyquip.com that allows you to rent out your old baby gear.
29. Lease Equipment
And along this vein of renting stuff, you can lease out equipment. So if you have any kind of machinery, anything around your house or your business that you’re not using, think about how I could rent this out and earn some passive income from it.
30. Vehicle Advertising
And last on the list is vehicle advertising. So if you’re fine with advertisements all over your car, you can go to a site called Wrapify, they can connect you with companies who might want to advertise on your car.
It’s Your Turn
So those are the 30! I’d love to hear from you… in the list, what you would add to it? If you enjoyed this article, let me know in the comment section below.
And that is all for today, be blessed, be a blessing!