Passive income is the money that comes in from sources other than your day job. For example, it may come from investments, dividends, royalties, or rent. The goal of earning passive income is to use it as leverage and eventually quit your day job altogether. Passive income can also be used for emergency funds and retirement savings since it’s coming in on its own without any work involved on your part.
Here are 15 ways you could start earning 1000 dollars per month passive income!
Table of Contents
Make $1000 a month passive income: 15 ideas to get you started.
$1000 a month Passive Income
Investing in Stocks
Investing in stocks can be a great way to earn more passive income. For example, if you invest 1000 dollars into Apple stock and it doubles- that means your investment is now worth $2000.
Making money with stock investments takes time, though, because the prices of certain stocks may not always go up quickly overnight. However, the sooner you start, the easier it is to earn more passive income.
If you want to get rich and considering t invest in either stocks or real estate, check out this article on The Stock Market Vs. Real Estate: Which Will Make You Richer?
Investing in Real Estate
Investing in real estate could be a great way to earn passive income. You can invest by buying your own home or by renting out your current residence when you’re away on vacation, for example. However, the amount of money you stand to make investing in real property varies depending on the area and how much work is involved with managing it(if any).
Making money with real estate also takes time because you have to invest in the right properties. How much money you’re able to make also depends on how good of a deal you get. However, the sooner you start, the easier it is to earn more passive income from real estate investments.
If you choose this option, this post on 27 Important Questions to Ask When Selecting a Real Estate Broker will help you.
Start an Online Business
Online businesses are great because you can do them on your schedule. They generally don’t require much upfront capital to start. You can make money from your online business in various ways. For example, you could sell a product or service or promote affiliate products for other people and take a commission on the sale.
Starting an online business takes time because you have to build it up from scratch- but once you start earning enough income, it becomes passive since that’s money coming in without you having to work for it.
Whether you are investing or doing a business, you need to check our list of free money apps. This will help you get a better understanding of business numbers so you can decide better.
Sell on Amazon
Selling on Amazon is one of the easiest ways to make money online because you don’t need your product or website. All you have to do is sign up for a free Amazon seller account and start selling products already in the marketplace.
Making money selling on Amazon can be done by simply signing up. Still, it takes time because of how competitive this market is. You may need to buy more inventory or invest in advertising if your product isn’t getting any sales.
Making money selling on Amazon is also passive once you start earning enough to cover your expenses. Still, it takes time to get there because the competition in this market might make it hard for you to stand out at first.
Blogging
Blogging is a great way to earn a more passive income because you can write about anything that interests you. You could also monetize your blog and start making money from it- which is another great alternative if you’re not comfortable putting ads on your site or want the freedom to choose what kind of advertisers are allowed on your blog.
Making money with blogging takes time because it can take a while to build up an audience large enough for advertisers to want to work with you. Still, once that happens, then your blog posts are bringing in more income without any extra effort on your part- which makes them very passive!
Investing in Cryptocurrencies
Cryptocurrencies are digital currencies that use encryption techniques to regulate the generation of currency units and verify the transfer of funds. Examples include bitcoin, ethereum, litecoin, and monero. There are many different cryptocurrencies to choose from, so not all have high growth potential.
Investing in cryptocurrencies is a great way to earn a passive income because you could buy some cryptocurrency today and watch it increase in value as time goes on.
Investing in cryptocurrencies can be done by buying some bitcoin, for example. The value of bitcoin has increased substantially over the years- and now that it’s 2020, the possibilities of it growing even more are very real. So you can start investing now to earn passive income with bitcoins- but you’ll need to study how it works first since they’re somewhat complicated.
Making money with cryptocurrencies doesn’t take much time because it can be started by buying some in the future when the value has already gone up- which in fact may be happening now. Making money with cryptocurrencies is also passive once you start earning enough- but like online businesses, successful investing takes time to build up.
Creating an online store with Shopify
Creating an online store with Shopify is a great way to earn a more passive income because you can sell anything from your website. In other words, you don’t have to rely on others to sell your products and services- which means you don’t have to advertise and market them yourself.
Making money with selling products on Shopify is done by selling physical or digital products that you create or source and then scaling it up until your store becomes popular enough that the products sell themselves without any help from you.
Selling products on Shopify can be passive once you start earning enough. Still, it does take time because of the effort to set up your store and get it up to attract customers.
Sell on Etsy
Etsy is an online marketplace for creative goods. Jewelry, clothing, home goods- anything creative is sold on Etsy. If you make something yourself or own a small business with unique items, this might be a good way to earn passive income.
Making money selling on Etsy is done by setting up your shop, then marketing it via social media, or having customers find it through the Etsy marketplace.
Etsy is also an easy way to earn a passive income because you don’t need a website of your own- all you have to do is create an account and start selling!
Affiliate Marketing
Affiliate marketing allows you to promote products or services for others in exchange for a commission. You can do this with ebook and video sales, physical product sales, and even advertising networks.
Making money with affiliate marketing is best done by building up your list of customers and promoting their products to them. Of course, you can also promote other’s products without your list of customers- but you’ll earn a commission each time someone buys something instead of waiting for the customer to come to you first.
Affiliate Marketing doesn’t take much time because you can promote others’ products with free tools like Google AdWords. It’s also passive once you build up your list, but you’ll need to find ways to generate traffic to your site or sales page for sales to be made.
Freelancing for other businesses
Working for other businesses is another way you can make passive income. Whether in-person or online, selling your services to different clients and charging them a fee per hour/day/week/month, the amount of time into earning this money varies depending on how many hours you’re working each week.
Making money with freelancing is also passive once you start earning enough- but it takes time to get there because clients might not be willing to pay your rates at first, which can take a while before they’re earned.
The amount of effort it takes depends on how many hours you have to work and what services/products you’re selling. However, freelancing is a great way to make money because it can be done in your free time. You only need a few clients before enough income is generated.
Create Product or Service
Creating your product or service is one of the best ways you can make passive income because once it’s done, that money keeps coming in without any extra work on your part.
Making a lot of money with creating a product/service takes time and capital- but if you’re willing to put in a lot of effort up front and invest a lot of time and money until you start getting income, then the payoff can be great.
Making money by creating your product or service is passive once you’ve done all the hard work upfront- but it takes a long time to get there because if you’re starting from scratch, then building up enough capital for manufacturing/marketing/shipping can take a while.
Creating your product or service is one of the best ways you can make passive income because once it’s done, that money keeps coming in without any extra work on your part.
Paid surveys and focus groups
Paid surveys and focus groups are a great way to make extra income if you have time for them, but they won’t bring in a lot of money unless you do many of these.
Making money with paid surveys takes little effort because the only thing required is your opinions- which can be done from anywhere!
The amount of money you make with paid surveys and focus groups depends on how many hours/days per week you’re willing to complete them.
Paid surveys are a great way to earn extra income without any effort because they can be done in your free time! You don’t have much control over the earnings, but it’s
Renting out your house while you travel the world!
Renting out your house while you travel the world is a great way to make passive income because once it’s done, that money keeps coming in without any extra work on your part. You can’t beat that lifestyle!
Making a lot of money renting out your house takes time and effort, but if you’re willing to put in all this upfront and make sure the place is rented for a good price, you can make some great money.
Making money with renting out your house as a vacation home takes time because it requires upfront costs and effort until enough income starts coming in. Still, once that happens, any extra work on your part will bring in more profit without needing to spend anything!
Renting out your house as a vacation home is passive once you’ve done all the work to get it rented- but it takes time and money to do this.
To get more info on buying vacation rental properties, check this post on Top 7 Things to Know Before Buying a Vacation Rental Property.
Sell Digital Products through Clickbank
Sell digital products through Clickbank and Commission Junction is a great way to make passive income. Once it’s done, that money keeps coming in without any extra work on your part.
Making some serious cash with selling digital products takes time and effort- but if you’re willing to put in all this upfront and market yourself successfully, then you can make some great money.
Making a lot of money with selling digital products takes time because it requires upfront costs and effort until enough income starts coming in. Still, once that happens, any extra work on your part will bring in more profit without needing to spend anything!
Selling How-To Information
Selling How-To Information for other entrepreneurs is a great way to make passive income. Once it’s done, that money keeps coming in without any extra work on your part.
Making good money with How-to information takes time and work. Still, if you’re prepared to put in the effort upfront and market yourself effectively, you can make a lot of money.
You can create these digital courses and sell them on your website or Established platforms like Udemy or Teachable. Although they deduct a small percentage of your earnings, as a return, they provide exposure to your content, and they can also help you build a solid following.
Conclusion
Well, I think even if you try just one of these ways to make passive income, then the first step is taken, and it’s a great start!
I hope these ideas have given you some inspiration for making that first passive income- and I wish you all the best for your future!
Please leave a comment below with your thoughts on passive income and which of these ways you might try first! Or you can check our community and ask for whatever help you need to earn passive income.
