“Can you live off passive income?” – Has this question ever popped up in your head? Well, the day when you start living off passive income, you will have all freedom in life.
I’m in my 20s and exploring different sources of income to generate more passive income in the long run. Make sure you kickstart to build such sources for yourself too. So that you can live off passive income soon.
In this blog let’s discuss living off passive income.
Can You Live Off Passive Income?
Yes, you can live off passive income. But initially, it needs some effort to build a passive income source for yourself. Also, you should make a smart move with your money to earn extra passive income.
19 Ways to Live Off Passive Income by Creating Passive Income Sources
Here I’ve shared effective ways that generate more income passively in the long run. You will thank yourself in the upcoming years if you start working on these passive income ideas now.
1. Make Passive Income by Publishing ebooks Online
Even I published some ebooks and earned money. I did not pay any initial fees to publish my ebook online. So can also publish ebooks on the platforms like Amazon or Instamojo to earn passive income.
You can choose your own topic and write an ebook. You may be good at any subject, art, cooking or any other thing. So share your knowledge with the people by selling ebooks.
2. Create a BLOG and MAKE PASSIVE INCOME ONLINE
You can create a website or a blog on WordPress. Blogging can be your passive income source if you do some initial effort. Even I’ve my own blogging journey that how I’ve started blogging and making money from my blog.
Choose a particular niche and start publishing articles once you sign up on WordPress. Initially, you can use the free version of WordPress. Once you get a clue about blogging then you can create your own website that can help you live off passive income by monetizing it.
3. Generate Passive Income On Instagram as a Fashion Blogger
I’ve seen a lot of fashion bloggers who are making money on Instagram. If you are interested in this then you can create your own account on Instagram and start to earn. In the beginning, this demands your hard work then gradually you can earn more and live off passive income.
The fashion industry is a huge industry. So many companies offer paid partnerships and sponsorships. You can know how fashion bloggers are making money on Instagram.
4. Join Udemy and Earn More Dollars as Passive Income
Udemy is such an excellent platform for learners and also for people who want to share knowledge. You may have any type of talent or skill that you want to teach others. So you can do it on Udemy and earn money.
You can sign up on Udemy for free. Then create online courses in the form of audio, PDF or video. When people buy your online courses you earn money. And know how Piotr Nabielec earned more than $2000 on Udemy in 3 months.
5. Earn money on Quora by Asking Questions and Creating Spaces
There are two opportunities on Quora to make money. firstly by asking questions. If you post good questions and get more visibility then you can earn money. But this option is not open for all. You have to be super active on Quora, then you may get this opportunity in future days.
Well, there is another option to make money on Quora. You can create your own group (space) on Quora. Then you can monetize the space and earn. I’ve also my Quora space where you can join me to learn about personal finance.
6. Rent out a room with Air bnb and earn up to $10,000 and more
Rental income is always passive income. You can earn more dollars if you rent out a room. There are many people who are already doing this. So you can just keep one room at your house for the purpose of renting out.
Now also you can shift all the stuff to another room and rent out one room. And when we talk about renting out rooms Air bnb helps us to get the clients.
7. Cook Food and Build Passive Income Source for Yourself
Cooking will help you to earn passive income. If you love cooking then you can write a recipe ebook and sell it online to earn money passively.
You can even create a cooking-related YouTube channel without any investment of money. Just record videos for yummy food and upload. As your channel grows you will earn money passively. Know how Nisha Madhulika earning money on YouTube from cooking.
8. Become a social media influencer to Explore More Income Opportunities
Social media is such a powerful thing that you have a lot of opportunities. According to statistics 3.99 billion people are active on various social media platforms. Where there are people, earning opportunities increases.
Already so many people are earning $50 to $1 million online as social media influencers. So you can also become a social media influencer with no money.
9. Click Pictures from Your Cell Phone and Make Money Passively
To be honest, I’m not good at photography, yet when I was exploring different passive income ideas I tried photography too. If you love to click pictures then you can really earn big.
There are many websites where you can submit images. And many bloggers, YouTubers and magazine publications buy those images by paying money. In this way, you will earn a commission every time. So grab your phone and click images.
10. Sell Digital Products Online to Live Off Passive Income
Any type of digital product like digital art, printables, ebooks, mobile apps, all can be a huge passive income source. Initially, you need to make effort to create such digital products.
But in upcoming years you can live off passive income by earning from digital products. You just need to figure out ideas for such products. Then make a strategy.
11. Invest in Mutual Funds
In my early 20s, I’ve started to invest in mutual funds and making some passive income. And with my own experience, I can say that a mutual fund is really good to generate money passively. But you should remember that it involves risks.
With a proper strategy, you can also start investing in mutual funds. You will be amazed by the returns in the long run as mutual funds are based on compound interest. This is how you can live off passive income in future days.
12. Start earning passive income as an event manager
If you like to handle events like birthday parties, marriage etc then you can earn a good amount of money. And if you want to make passive income from this then you have to implement some ideas here.
You can tie up with the other companies. You can make a deal that when you bring clients then you get a commission from such event management companies. This way along with your current job or work, you can earn a side income without much effort.
13. Rent out your bicycle or bike
If you have a bicycle or bike then you can make passive income by renting them out. You can first try to find anyone who wants a rented bike. Also, there are many bike rental companies where you can easily rent out.
Even there are websites where you can register yourself and rent out your bike. Check if such services are available in your city or country. This will help you to boost your passive income. And even you can rent out your car to make more passive income.
14. Create Your Own YouTube Channel to Earn Money Passively
Well, YouTube is the second most visited website all over the globe. So there is a huge opportunity to make passive income on YouTube. You will be surprised by the statistics of YouTube.
Video content consumption is increasing day by day. There are various ways to monetize YouTube videos and earn money. I’m also a content creator on YouTube, I’ve tried to create videos with different niches. So I can say that if you be consistent you will grow on YouTube.
15. Create Digital Designs on T-shirts and Earn
Digital art is trending nowadays. Everything is being digitalized. If you like creating logos or designs on t-shirts try them online and make money.
There are some websites where you can create digital art on t-shirts and sell. You don’t need to worry about the things like printing, packing and delivery. You just need to create art and whenever people order t-shirts you earn profits.
16. Prepare Courses and Sell Online with Free Promotion Strategy
You can prepare courses to teach something great. It may be about any hobby or any skill. You can decide your own price for the courses and earn money.
You can opt-out free promotion strategy to promote your courses. This is how you will make passive income by sharing courses. You just need to give your best so that people should find value in your course. Then only ore people will buy.
17. Maintain Social Media Accounts of Others
There are a lot of small business owners or individuals who hire people to maintain and manage their social media accounts. You can do it and earn a good amount of money online.
You can just reach out to small companies or even website/blog owners for this. Initially, you need to spend some minutes daily to maintain their accounts. And as your business grows you can make a small team and then actually earn passive income.
18. Start Your Own Podcasts
As video contents are popular on the internet similarly audio contents are also popular. You can create your own podcasts in your voice and share them. This will be your passive income-generating source.
There are so many effective ways to make money from podcasts. Creating podcasts is a one-time effort but in the long run, you earn passive income.
19. Learn about Share Market and Start Investing
When it comes to living off passive income ‘share market’ always pops up in my mind. I’ve started to invest my money in the share market by taking calculated risks.
As the share market is working on the compound interest one can make more money passively. But surely it will take some years to see the real benefit and the power of the compound market. Make an effective investment strategy to earn money passively from the share market.
How to Generate Passive Income without Investing Money?
You can make passive income with no money just by investing some time initially. There are many passive income ideas like creating an online course, publishing ebooks, etc. Here you don’t need the money and in the long run, you can create passive income.
So, if you want to build a passive income without investment then you should invest your time. As some passive income sources require an upfront time and some need investment of money. You can choose suitable sources for you to live off passive income.
I’ve taken My First Step to Make Money Passively
In my early 20s, I have written an ebook and published it online without any investment. I’ve created my own groups on social media like Facebook.
Also, I’ve created social media pages to reach out to more people. This helped me to sell ebooks and make money.
Then I’ve used that passive income to create my own new blog so that I can make money from blogging. You can check out my blogging journey that how I’ve started blogging to make passive income.
So, if anytime the question – can you live off passive income? hits your mind then don’t forget that there are many ways to live off passive income.