Passive income is one where you can earn without being actively involved in the activity. With passive income coming in, I can take out my time to travel, spend more time with my family and enjoy things which I love. So, I will be telling you top 5 passive income ideas which will make your 2018 more fruitful.
Top 5 Passive Income Ideas for 2019 (Increase Your Income Instantly!)
Everyone should have passive income in their financial freedom goals. If you want to become financially successful, you must surround yourself with as many income streams as possible. I have a few income streams that I have been focusing on:
- Dividend growth investing
- Freelance consulting (not always passive income)
- Selling photography
Let’s get into some passive income ideas to help you plan your financial future. I suggest that you focus on 2-3 passive income streams initially. This will allow you to get really good at a few of them and really boost your passive income capabilities.
There is no free lunch here, so work hard and be passionate. Let the money follow you.
What is passive income?
Passive income is the concept of developing an income stream that can last into perpetuity with limited ongoing work. Passive income does not come without hard work. Do not let the word ‘passive’ fool you because it takes significant work. However, if you do it right upfront you will reap significant benefits over the long-term. Track your passive income with Personal Capital.
Top 5 Passive Income Ideas for 2019
Here are our top 5 passive income ideas for 2019. These passive income streams will help you get started securing your financial future. These income streams will allow you to do what you want when you want it.
Please note our passive income ideas are not necessarily new, but these are key areas that every person researching passive income should participate in.
1. Selling on Etsy
Etsy is an e-commerce website just like Amazon and eBay where you can sell handmade, vintage and craft products. If you into draft then you can turn your hobby into a passive income.
If you are not into craft and love graphical designing and digital downloads, then also Etsy is a great option. I sold digital clipart, patterns and coloring pages on Etsy. I earned much more money than I anticipated.
This added $500 per month to my passive income streams. I loved the simplicity of it. This is a great way to earn money on the side while you are traveling or working your day job.
2. Selling Your Photos
I love travel photography. I spend a bunch of time on credit card churning and manufactured spending, which allows me to travel the world for virtually free. When I’m on the road, I take my camera with me to generate an additional form of passive income. Not only that I truly enjoy travel photography. It is a great hobby for me. Is hobby income passive or nonpassive income?
Not many people know, but you can sell your photographs on Shutterstock and iStockPhoto. This can generate a meaningful amount of passive income.
I earned $800 from the royalties of my photos I sold on Shutterstock. The trick is to find a niche which has the least number of photos to get your photos easily approved.
3. Write and sell your eBook
Writing an eBook may seem like a daunting task at first and may need a lot of up-front work, but the hard work you will be putting into it will reap you great rewards. You can sell your book on Kindle and get royalties for your book at a minimum cost.
If you don’t want to write the book yourself, you can also hire a ghostwriter through various online sites like Upwork, Freelancer.com, etc. writing is the best passive income ideas for 2019. Selling your eBook can be a great way to earn passive income forever once it’s released. You need to take significant time to make sure it is high-quality. This is why we love it as a gig economy job.
Also, you will need to spend time promoting your eBook.
4. YouTube Videos
YouTube is one of the most rapidly growing trends and getting subscribers on YouTube is all the rage. You can create videos on any theme like opinions, comedy, love, tutorials, music, etc. and put them on YouTube.
Overlaying your video with Google AdSense will make you earn every time the ad is clicked. If you create YouTube videos for an education matter, you can repurpose these videos into an online course.
If you have an extra room which you are not using, then you can rent it out on Airbnb which allows people to travel all over the world and stay in cheaper accommodations than hotels. I had an extra room which I wasn’t using and I put that up on Airbnb. I wasn’t sure if anybody would be interested, but I started getting travelers instantly.
Not bad to have some extra income! Also, when I’m traveling I rent out my entire place. I love generating income for not being home! It doesn’t get much better than Airbnb as a form of passive income.
It literally only takes 10-15 minutes to set up and you can generate rental income from your property with the click of a button. Pair this with credit card churning to travel and you are making more money than you are spending. Talk about getting paid to travel! Put your extra space to work on Airbnb!
Bonus Passive Income Ideas for 2019
We’ve built a great infographic that will highlight the key ways to make more money online without investment. I did not include these in our top 5 passive income ideas because they require some ongoing time requirements.
Here are several other passive income ideas to help you make some extra cash.
For example, freelance work is an additional income stream in my opinion rather than a form of passive income. It requires you to work ‘hourly’ rates to gain income. I don’t want to underestimate the power of working online with freelance sites because you can make good money and achieve some scale.
Need some more ideas on increasing your income? Here are 23+ proven online jobs without investment.
With stocks near all-time highs, I did not include dividend growth investing in my best ideas for passive income. There are a number of good dividend growth companies out there and dividend growth ETFs. However, I’d like to focus on other forms of passive income while stocks are at extreme valuations.
There is a way to find undervalued dividend growth stocks. Of course, any additional passive income I receive I will invest in the best dividend growth companies to ensure I’m participating in compound interest. In addition, if you love investing in impact sectors.
I like Wunder Capital to invest in solar projects across the U.S. Check out our review on the Wunder Capital platform.
Start with one of these top 5 passive income ideas in 2019 and you will be off to a good start. What are your favorite passive income ideas? Have you found ways to make money online without investment?
I think this is the future of passive income. Let us know your comments below.
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