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6 Passive Income Ideas 2020
That You Can Start at Home During Pandemic
6 Passive Income Ideas 2020 for Beginners
To Help You Make Money During at Home in Pandemic
There are many different income streams to choose from, especially when it comes to making money without lifting a finger. Who knows, you could potentially earn extra income while you sleep? Passive income is the most common solution for doing just that. While it sounds too good to be true, there are many ways to create a passive income stream. Read on to learn about the different types, amounts of investment, and time you may need to put in your passive income stream.
1. Incorporate Affiliate Marketing
If you are entrepreneurial, you might consider affiliate marketing. Affiliate marketing is where you get a percentage of the products or services you recommend. For example, if you have a large following on your blog, talk about a product or service that you like. While doing so, sign up for an affiliate marketing platform to create a custom link. The links you follow and buy from can increase your commission earnings.
Pros: Most of the time, these links stay active as long as your post is live. You can earn money from these purchases even years after posting.
Cons: Your income is not guaranteed. If you have a strong follower base, you may have stronger potential to earn more commissions.
2. Write and Sell eBooks
If you have a story to tell or an expertise you'd like to share, consider writing an eBook. It can take many forms and something that you have complete control over. For example, you can create a fitness eBook that lists all your favorite workouts. You may need to keep on promoting your product again to be shown to people who may not have seen it.
Pros: You have complete control over your stories, messages and prices.
Cons: If you don't have a strong and loyal following, sales may be slower.
3. Posting Items For Sale Online
Over time, there may be items that you no longer use and that you know have value for money. You can sell these items on eBay, Amazon, Poshmark, and a variety of other sites. The only downside is that you may have a lot more care than other passive income ideas.
Pros: You can sell whatever you want, whenever you want, as much as you want.
Cons: You may have to pay seller fees or commission rates depending on what vending platform you are using.
4. Create Online Courses
Similar to eBooks, you can create online courses. Especially for those of you who have mastered certain skills, maybe this is suitable for you to demonstrate. You can create online courses on any topic you want, from blogging to starting a side job.
Pros: You can exercise your authority in a specific room and have complete control over creation and sale value.
Cons: Again, there may be a steep learning curve. Not to mention, a lot of time up front that you may have to put aside to put your best work forward.
5. Designing and Selling T-Shirts
If you love photography or come up with unique designs, consider wearing them on t-shirts and selling them. There are many platforms that allow creatives to post and sell their artwork. If you love art, consider purchasing supplies to make your own. Once you've added a creative twist, sell online to profit from a part-time hobby.
Pros: This can be a fun and creative way to increase your passive income over time.
Cons: You may have to bear upfront costs to buy your materials. Along with that, you will incur costs of the outsourced operation and have to deal with maintenance.
6. Start a Blog
Creating your own website can be the basis for many sources of passive income. You can blog, increase your followers, and increase your income with sales. You can create your own eBook, online course, or even custom t-shirts to sell on one platform.
Pros: Creating a website has a relatively low initial investment rate. Plus, it can be done in just a few hours to days, depending on your design.
Cons: Online platforms need consistency and updating. Not to mention, your followers won't accumulate overnight.
If you're looking for ways to build your wealth, creating a passive income outlet is an easy place to start. If you start early enough, you will probably earn more than you thought possible in the next few years.