It is that time of the year again – a time for some self-reflection and planning for the future. If you’re already on track to earning money out of the standard employment model, you’re probably thinking about ways to make even more cash in 2019.
Passive income ideas spring to mind immediately. The concept of doing some initial work and consistently earning from it is more than lucrative. In addition, there are dozens of inspiring stories out there to get you going. Here’s a story that Forbes published a couple of years ago, suggesting that some people have become passive income millionaires.
Before examining some of the best 2019 passive income opportunities, I’d like to give you a few pointers and tips.
The first one is that no passive income opportunity is actually 100 percent passive.
You will need a strategy and you will need consistent effort to manage the best passive income streams.
There are a few additional essentials I’d like to highlight in the following sections of the guide.
Tips, Ideas and Mistakes: Essentials to Know about Passive Income Generation
As already mentioned, there’s no such thing as 100 percent passive income generation.
If you’re looking for a “set it and forget it” business model, you’ll probably have to try something else.
Consistent passive income generation requires work. Whether you do marketing, content creation or you publish ebooks that you’d like to monetize, you will need to either keep on going to build your reputation or continue expanding your portfolio.
Another myth suggests that you can start earning passive income in a day or a month.
While technically you can do so, you will need more time to turn passive income into something worth pursuing. Anyone who wants to quit their day job and earn enough via passive income generation will have to put a lot more time in the development of their brand, their website or their portfolio.
The good news is that you don’t need a lot of money or a lot of experience to test out passive income ideas.
Investing in the stock market, for example, necessitates as little as one dollar. Writing an ebook doesn’t have to cost you anything, if you have the necessary software and hardware.
Adding to your passive income portfolio is the biggest essential to earning consistently. Thus, you should definitely test out new passive income ideas in 2019. Here are my suggestions for you – hopefully, they’ll help you build your income stream to an extent enabling you to see sufficient monetization.
Sell Photos Online
Is photography your passion? If so, you can turn some of the pictures in your archive into cash.
Anyone who’s wondering how to create passive income should consider this opportunity.
Numerous image banks accept submissions by photographers. The available categories are so many that most of your pictures will fit into one niche or another.
Obviously, you need quality to sell. A professional camera and some understanding of photography will be required to monetize your shots. If you’re serious about this opportunity, you can do some research and create new galleries to begin selling.
Shutterstock is just one of the popular portals accepting submissions from photographers. More information about the terms and conditions for contributors is available on the official Shutterstock website.
Are you somewhat clueless about getting started? The good news is that you can test out many great educational opportunities.
Create an Online Course
Everybody is knowledgeable in one area or another.
Sharing your knowledge with the world will give you unparalleled passive income opportunities.
Udemy is a great example of an opportunity that enables instructors to monetize courses and their knowledge.
Once again, you will have to do research in order to use the opportunity to the max. Which courses are most popular? Are there courses similar to your idea out there? Do you consider yourself knowledgeable enough to put together an entire educational program?
Udemy isn’t the only platform out there and if you don’t like the conditions, you can easily look for alternatives. Examine the size of the student base, the commission structure and the tools available to instructors. All of these will determine the amount of time needed to craft a course and the potential for monetization.
Write an Ebook
Self-published ebook authors have already gained a lot of fame and some have become millionaires.
A list of passive income ideas isn’t going to be complete without mentioning ebook writing.
I have experimented with ebook writing in the past and without being way too diligent in terms of marketing and portfolio expansion, I’ve managed to earn some nice passive income.
The trick here is to head over to Amazon and do some research about the best-sellers people are buying.
You want a niche topic that is still hot enough. Specific themes reduce the competition but you don’t want to go down to a niche that only features five readers.
An ebook can be short and it can still generate a bit of revenue. Apart from making use of the Amazon Kindle Direct Publishing program, you should definitely consider alternative bookstores and service providers like Draft2Digital.
I use the Draft2Digital service because the process of publishing is quite simple. Currently, Draft2Digital enables direct publication to Barnes & Noble, the Apple Store, Kobo, Scribd, Tolino, 24 Symbols, Playster, OverDrive, Bibliotheca and many others. All of the books are managed from the same account and you get paid out on a monthly basis.
Once again, you have to be strategic and thorough here. You’ll also have to craft a quality book in order to sell.
Rent Out a Room or a House
Passive income generation in 2019 doesn’t have to be entirely online-based.
Some passive income ideas revolve around utilizing the assets and property already in your possession.
Renting out a house or a room in your apartment is a great choice for those who have extra space.
Websites like Airbnb have made the process simpler than ever. You have the freedom to decide what part of the apartment you’re going to offer for rent, what the conditions will be and which people will get access to your property.
You can either allow travelers to stay in your place on a short-term basis or you can sign a longer contract with the right people. It’s really up to you but property will continue ranking among the most solid passive income generation opportunities in 2019.
Blogging and Affiliate Marketing
While earning from affiliate marketing isn’t necessarily easy, you can build up your portfolio of websites to eventually start gaining from referrals.
The trick here is to build traffic first.
A good blog that has quality content and that is properly optimized for search engines can start getting sufficient targeted traffic within a relatively short period of time.
Start with a good content plan and update your blog regularly. Longer posts may be needed to demonstrate your expertise in the topic and to build your reputation.
Once you see the growth and you have some idea about the specifics of the audience, you can start pursuing monetization opportunities.
The Amazon affiliate program is a great choice for beginners. The same applies to CJ Affiliate. The tricky part here is that you’ll have to apply to programs individually and if you don’t meet all conditions, you will get turned down.
Don’t get discouraged if you don’t make money from referrals right from the start. Affiliate marketing does take some time to gain traction and to begin building reliable passive income streams.
Do Online Surveys
Online survey taking isn’t one of the most innovative passive income ideas out there.
This isn’t a 100 percent passive income revenue generation option but the process is so simple that it should definitely be mentioned in the list.
If you’re tired of all the other work you have to do, an online survey will be a great opportunity for earning a little bit of cash on the side.
Zen Surveys is a great example of a website that has such opportunities available. Click here to test it out.
Patreon: One of the Best Passive Income Ideas for Artists
If you’re a content creator, Patreon will be one of the best opportunities for you in terms of passive income generation.
Podcasters, video creators, musicians, painters, illustrators and a whole host of other artists can set up a Patreon account to monetize interactions with their audience.
The best aspect here is that the creator still owns their content.
Via Patreon, you can charge recurrently or you can get a single payment from those who wish to view your content. The monetization method you choose is entirely dependent on your preferences and the income you have in mind.
To make the most of this opportunity, you need a community of people interested in your work. Thus, you will have to focus on quality content creation and marketing. If these two are in place, you can consistently earn passive income via the platform.
A Few Other Passive Income Ideas Worth Exploring in 2019
The above-mentioned passive income ideas are the ones I believe to have the highest potential. They, however, aren’t the only ones out there.
Here’s a quick list of a few additional possibilities that you may see as lucrative:
- Sell items on eBay: if you have collectibles, electronics in a relatively good condition or other old items you’d like to get rid of, you can list an entire catalog on eBay. You will be getting rid of items you don’t need and you’ll also be generating some cash during the process.
- Do peer to peer lending: can you set some cash aside? If so, try peer to peer lending. As in the case of standard bank loans, you will benefit from the interest rate that will have to be returned on top of the sum. P2P lending, however, is decentralized and there’s no financial institution involved. The Lending Club is one of the reputable entities that make the option available.
- Create a mobile app: even if you don’t know how to develop one, you can pay a professional to execute your idea. A clever mobile app in a popular niche can be monetized in a number of ways and it can create revenue for years to come.
- Invest in collectibles: art, coins, stamps and even model trains are collectibles that become more expensive with the passage of time. Knowledge in any of these fields can help you buy items on eBay or other websites and anticipate their appreciation in several years.
- Design and sell your own t-shirts: many content creators design and sell their merch. You can easily do the same. Designing and selling your own t-shirts is quite simple – many companies offer such services. Programs out there also make it easy to sell and ship your own designs online.
Hopefilly, the list of passive income ideas will make it easier for you to earn consistently in 2019.
I’m also going to be making my efforts much more focused and strategized in the months to come. I also plan to share the results with you in order to inspire you, pinpoint the biggest problems and the opportunities that I’ve come across through my own experience.
You can also learn a bit more about making money online by getting my ebook. Good luck and hopefully, 2019 will be much more successful and profitable for all of us.