Are you tired of working a 9-5 job and want to have more freedom to do whatever you want, whenever you want it? Getting paid repeatedly for work you did once is a dream many people have, but only a few of them achieve it. Passive income takes discipline and patience to build, but once you have multiple streams of money, you will have a lot more freedom. Here are six legit passive income ideas for 2020:
1) Sell Stock Photos
You don’t need to be a professional photographer or have an expensive DSLR camera to sell your photos online. There are many sites you can use, such as Shutterstock, Dreamstime, and iStockPhoto. In order to start earning money with stock photography, you will need to build a portfolio with photos that sell. Some of the best niches for photography are travel, people, and nature.
2) Print on Demand
Did you know that you can design products like coffee mugs, stickers, and t-shirts and have the production and shipping handled by a third party? This business model is called print on demand. You can have your own website on Shopify and have your products fulfilled by Printful, and you will be in charge of marketing, or submit your work to companies like Redbubble and Zazzle and they will handle everything, but you will often need to have a high volume of designs to make a good amount of money.
3) Start a blog
Many people think that starting a blog is difficult and expensive, but it’s not. You can start one for free on websites like Blogger or Wix. You can even make your own. All you will need is a domain, which is your URL; a host for your website and WordPress to edit your blog. You can write about any topic you want. It’s also important to study Search Engine Optimization, so that your blog can be found on Google, and to learn how to promote it effectively on social media, such as Pinterest and Instagram.
4) Create a Youtube Channel
Anyone can create a YouTube channel and have a video become viral overnight, however, that’s highly unlikely to happen so easily. You will need to create a lot of interesting content and upload videos frequently to grow their audience. There are some ways in which you can earn money from this platform, such as Adsense, once you reach 1,000 subscribers and 4,000 video watch hours; affiliate marketing, recommending products to the viewers and earning a commission and crowdfunding.
5) Write an eBook
Before the Internet, being an author wasn’t an easy task. You’d have to send your manuscript to a publisher or an agent to get it approved. Now, anyone can self-publish a book. The most known place is KDP – Amazon’s Kindle Direct Publishing. You can write about any subject you’d like, but it would be best to study your competitors before you start writing. Don’t forget that you will also need to create an interesting book cover to induce people into buying your work, and help promote on social media.
6) Create an Online Course
Are you good at languages, programming, design, or something else? You can create a course and publish it to money passively online. It may require a lot of time investment to make good content, but many people get a lot of income just by selling these. There are many sites you can sell your courses, such as Teachable and Udemy.