Believe me, most of us today dream about having a passive income source that can generate a side income for us. If you can invest some of your time in passive income activities, this list is for you. You must think about having some passive income source, it may help you to save money for the future. We have found some of the best passive income ideas for 2020 for you to make money while you sleep. However, implementing these secondary income ideas are not that easy, but once you got a gift of it, one can make money with these top passive income ideas.
Start your Blog/Website –
You can start your own website or blog which should provide some useful and helpful content to the readers. Once you are ready with your blog you need to promote your blog to get traffic to your blog. Remember you should keep updating your blog with quality content. Once your blog starts receiving enough interest, you can monetize your blog with ads which can generate some passive income for you and/or by creating an online course. You can join Google Adsense program or Amazon Affiliate program to show ads on your blog. Once you have enough traffic and popularity, you can start pitching brands for sponsored posts on your blog.
After you become an influencer in any niche, there is no stopping and this could be the best passive income idea for 2020. Becoming an Amazon associate is a great place to start with affiliate marketing, once you get some experience in the industry, you can move on to more lucrative affiliate programs.
License your Photos –
You can convert your photography hobby into your passive income source. If you are good at clicking high-quality photos, you can upload your photos to stock photo website and get them licensed. Whenever someone downloads your photo, you will get some money. There are various websites where you can upload your photos and get royalty like iStockPhoto. You can also offer your photography services on freelancing platforms like Fiverr.
Dropshipping is a very unique and interesting business model that you can start with absolutely zero investment and inventory. You act as a middleman between the suppliers and customers. You start taking orders from customers after partnering with the suppliers. Then you ask the suppliers to send the products directly to the customer. This way the transportation charges as well as time is saved and you end up earning some commission as well.
Rent your car –
If you have a car that you hardly use and you don’t even want to sell it, why not rent it? This is a great option to earn hefty passive income. You can rent your car to travel agencies, cab service companies, etc. Also, you can rent your car with well-known companies like Ola and Uber. This is a win-win situation for you because your car would easily earn you a decent sum without even you driving the car.
Writing e-book –
This is a great source of some passive income. Remember, this may take some time and patience. If you can write some good e-book, you can put up your eBook on sale at various-commerce websites. You can also get your e-book converted into Kindle eBook and get a royalty on every sale. You can create your author account at author central Amazon and start writing. If you are good at content writing, there are many ways to earns from your writing. You can join HubPages to monetize your articles. There are other content aggregator websites like Newsdog which can pay you on the basis of the number of views, your content gets.
Car Pooling –
You go to your office on the same route everyday in your car. How about making money doing that? Yes, you heard it right. There are many carpooling apps that connect people who want a ride to the ones offering it. All you have to do is install the application on your phone and enter your home and office address. It connects you with people who are living closeby and want to go on the same route as that of yours. This is one of the best passive income ideas today where you literally have to do nothing but just give a ride to people on your way.
Invest in Real Estate –
This may be the biggest source of passive income. If you have enough money to buy a Flat, you can buy a flat or any real estate and rent it to generate some income. If you do not have enough funds to buy real estate, you can also take home loans to buy the real estate. Another great option is to get some of your interested friends and families to pool money for buying some property. Please make sure that you do the complete research about the property that you are going to buy. Later on, you can rent the property or sell it depending on the situation. Crowdfunded Real Estate is a new way to invest in Real Estate and one of the best passive income ideas.
Invest in Crowd-Funded Real Estate –
Crowdfunding is a new tool for raising money for businesses. It provides an easier way to access such business ventures for investors. It utilizes crowdfunding websites and various social media outlets like Facebook, Twitter, and LinkedIn to reach an audience of potential investors. The primary idea behind crowdfunding is that many people are willing to invest a small amount. When many people invest small amounts, large sums of money can be raised quite quickly. Crowdfunded Real estate is a way to raise money for big real estate projects where many investors can invest small amounts to reach the goal of funds required for the project. Do not have enough funds to invest in real estate, you can still invest in real estate through crowdfunding.
Crowdfunding opens doors for businesses to reach small investors which they could never reach otherwise. Crowdfunding also provides opportunities for small investors to invest in real estate. This idea is not much popular in India but in the future, it may gain popularity. Smartowner is one of crowdfunded real estate service. you can contact them for more details.
Participate in Affiliate Marketing –
Do you own some blog or website with a good amount of traffic? Are you a social media influencer with many followers? Then you can join various affiliate marketing programs to advertise products on your website or social media platforms. You can choose from over a million products to advertise. Whether you are a large network, content site, social media influencer or blogger, you will have simple linking tools to display products on your website. You can display the ads in the form of text, image or image+text which will help you monetize your web page. Also, you can write reviews about products which you are already using and provide your affiliate link in the post for readers to buy. You can get up to some percentage of the sale in advertising fee and you may earn advertising fees from all qualifying Purchases, not just the products you advertised.
If you want to start affiliate marketing but you don’t have a website, you still have the chance to join online marketing. You can search for products that accept affiliate marketers, then write a review about them and publish it on Binmy.com. They allow you to have an affiliate link on your posts and by doing that you will earn a great income from sales generated by your review.
Set up a website to sell a specific product –
If you have considerable knowledge about a certain product, you can set up a website to sell it online. As you are concerned with only sale of the product, you don’t even have to worry about its manufacturing and other stuff. And after you see a substantial growth, you can bring in more products related to this product and sell them as well. If you manage to ship the products directly from the manufacturer to the customer, it’s even better as you don’t even have to deal with the transportation of the product.
Designing for T-Shirts –
This is one of the most unique passive income ideas that you’d ever come across. If you like designing and have enough knowledge of it, you can easily earn a decent passive income by designing for T-shirts. You can either sell your designs online or go one step ahead, and sell your T-shirts designed by you. This is a great income idea because with proper marketing and a great design, your T-shirt could easily be popular, especially amongst the millenials, and go on to earn you a decent sum.
Buy stocks with Dividend Income –
There are various stocks which provide dividends to its investors. A stock dividend is a dividend payment made in the form of additional shares rather than a cash payout, also known as a “scrip dividend.” Companies may decide to distribute this type of dividend to shareholders of record if the company’s availability of liquid cash is in short supply. These distributions are generally acknowledged in the form of fractions paid per existing share, such as if a company issued a stock dividend of 0.05 shares for every single share held by existing shareholders. You should learn stock investing and once you are confident enough you can invest in some dividend paying stock for some passive income.
Write a Book and earn Royalties –
Okay, so we have already mentioned writing an e-book. So how is writing a book different from writing an e-book? Technically, the only different thing is that e-books are generally low on word count than that of books. But there is a huge difference between the royalties a book can earn you than that of an e-book. That being said, it also requires more dedication and hard work. Also, finding the right publisher who is willing to publish your book is as tough a job as writing the book. But once you go through all the hard work, all you have to do is reap the benefits of it for the rest of your life.
Build an App –
In todays’s world that is too obsessed with and dependent on mobile phones, being able to build an Application can be the perfect skill to have.With the App stores having an application for possibly everything under the sky, the demand for building informative, helpful apps is ever increasing.In such a situation, if you have the skills to create a user-friendly app, then it can prove to be one of the best passive income ideas.
Create YouTube Videos –
You can create your own YouTube video channel and monetize it. You need to have a large number of subscribers to start earning something from it. It may take some time so you can keep uploading some useful and relevant videos to your channel. You can promote your videos through social media and your blogs. You can also embed your videos into your blogs. When someone views your videos and see the ad, you will be paid for it. With youtube, you can create passive income with no money, all you need is an internet connection to get started.
Rent Out Extra Space –
If you have some extra unused space at home or somewhere place, you can actually put it to use and earn money. Rent this space to travellers with travel companies like that of Airbnb. Homestay business is expanding worldwide today. Besides, because of the involvement of the travel companies, you don’t even need to be concerned of the security and safety of your property. Without a doubt, this is one of the best passive income ideas in India.
Invest in Mutual Funds –
You can invest your idle funds into best performing mutual funds. Although one of the best passive income ideas, investment in mutual funds are also subject to market risks. You should always invest funds as per your risk appetite and financial goals. Also, make sure to diversify your investment portfolio. It is always better to keep your funds into different kind of investment tools rather than investing all your funds in mutual funds. Here, we have compiled the best mutual funds to invest in 2020 to help you get started.
Become a Silent Business Partner –
There are many businesses out there that need a certain amount of capital to expand their business. You can invest in such business and choose to be a silent partner. This means that, you are not involved in the daily operations or the meetings of the business. The only thing that you need to have is a capital to invest and 100% confidence in the business owner and his/her idea.
Invest in Peer to peer lending –
P2P lending is a lending marketplace connecting people who need money with people who are willing to lend. With P2P lending, you can avail quick personal loans or lend money online to earn great returns. If you are an investor you can lend your money at higher interest rates.
1. Lendbox is India’s leading peer to peer lending marketplace that connects high-quality creditworthy borrowers with smart lenders online.
2. I-Lend is an online lending marketplace connecting people who need money with people who are willing to lend. Lenders and borrowers agree on all terms of the transaction i.e. amount, interest, tenure. I-LEND does a KYC for the members and ensures only verified borrowers and lenders are registered in the marketplace. I-LEND charges a fixed transaction fee for the services it offers. Since the transactions are directly between the members, lenders earn higher returns and borrowers get lower rate loans.
Create Online Courses –
Each and every one of us is passionate about something. All of us have that one skill that we are better at than most of the others. Have you got such a skill that you can easily teach others? Udemy and Coursera are some of the best platforms where you can teach your skills to people in the form of online courses. Once you create a course, all you have to do is market the course on your social media. As a result, more and more people are attracted by the course and enroll for it.
So, what do you think of our list? Are you aware of any other secondary income sources in India that we could add to this list? Do let us know in the comments section below. Start earning!