Working 24/7 for a company for many years can be stressful and time-consuming, if you have worked or working right now you will understand what we are trying to say, knowing passive income ideas that are legit will only solve your 24/7 working hours in no time.
Having a passive income by the side can save you all the stress of going to work daily, you know what it feels to be at the comfort of your home and do the office things right from home, you are now your boss, working for yourself.
If you want more freedom, seriously you must not stay with a paid job that warrants you to come to work at all times, that is why the passive income idea will only be the gateway for you.
The time will come when you will quiet your regular full-time job with passive income if done properly and you can give it some time.
You may not have an idea of where to start from or the type of passive income you can go for, some will even ask if it possible to combine one or two of these passive income ideas
Don’t worry we are on the mission together as we unveil what you need to do, you need to learn how you can be generating money passively.
In a bid to learn how to make money online, you have to adopt some strategies and you must be ready to put in some work.
First, let talk about what passive income is all about and how it can make you some dollars every month.
If you want to learn legit ways to make passive income then keep reading.
What is Passive Income?
Passive income is earning money with little work, there is no cash to be made if you are not ready to do some workdays and that may require little of your time.
Passive income is good because the money will keep coming as long as you can keep scaling it up and over time if you can dedicate the time, you will make the money big time.
If you want to make more money with passive income, you have to engage in multiple tasks, you need to choose two or three options to earn passive income.
Multiple incomes are good. If one source goes away, you will still keep earning money because you have more than one paycheck you have created.
Now we have gotten to the real deal of the day as we are about to list out the passive income ideas.
Best Passive Income Ideas that are legit
Keep this to mind, if you want to go for passive income go with what goes inline with your skills and passion, your journey into making passive will only work best if you are doing what you like.
1. Invest in Real Estate
We are recommending real estate investment as the first passive income idea right here, the reason is very simple.
Investing in real estate is now easier than before, we are not telling you about the traditional real estate investing, conventional requires a lot of money and you can lose big money with traditional real estate investing.
Crowdfunding is the new best way to invest in real estate, we have many of these platforms that you can find, however many of these films would know what to know if you are an accredited investor before you can participate in real estate crowdfunding.
The sum to participate as an accredited investor is much, you need other options that will give you the chance to partake as an investor.
You need a company that will allow investing in real estate while making research, we came across a very good platform, we think you can try.
The company is called Fundrise, it allows you to invest in real estate easily with just $500 you are now a real estate investor.
You will make a lot of profits as many proofs reviewed the company credibility, this company takes out the headaches that come with real estate rental ownership as they handle everything while you just make the money.
2. Invest in Land
Most would never agree with this, we are proud to inform you that investing in land is good.
Land can give you passive income, you only need to believe it works, renting out farmland is one of the real deal when you invest in land, you make money regularly with the land.
There is also crowdfunding of land, a company like Acretrader allows you to purchase shares of farmland. The best thing is you don’t need to do anything, they handle the administrative and property management work.
AcreTrader boasts about their 3% to 11.5% annual return, as you make profits from the farmland rented out.
3. Music Rights
Royalties are not for musicians and actors alone, well they are the lead, as sometimes most of these celebrities want to sell future royalties to an investor, when they need money for something, maybe invest in a new business, by buying a new house.
they sell a portion of their future royalties to investors and you can buy from it and make money back with profits. When you sell to companies like Royalty Exchange, they connect artists with investors.
4. Become an Angel Investor
Small start-up businesses or entrepreneurs need funding, you can invest in their start-up as an Angel investor.
The investment pays off when the business picks up and the growth of the start-up determines the amount of money to be made.
The company we are recommending you should try is AngelList, you choose and Invest in any startups, the downside is you need up to a minimum of $1,000 to $500,000 to invest in products of AngelList.
5. Rent out your house space
It is now easier to make money with your home than ever, a company like Airbnb allows you to rent out some part of your house or apartment.
Airbnb works as an alternative to hotels, and it is cheaper when compared to the regular hotel fee.
There is some work to put in here too as it comes with some maintenance you can’t do away with, making sure the rooms are cleaned after a guest leaves will help you make more money from other coming guests.
You can be making up to $1000 per month renting out your spare space.
6. Start a Drop Shipping Business
Online shopping is increasing daily, this as made dropshipping business to become very popular, for those who don’t know how dropshipping works, it is just a simple way of advertising others companies products on your site.
When an order is placed on your site, and a buyer comes to make a purchase, the order is forwarded to the manufacturer and get it delivered.
You are only connecting manufacturers with client’s and making profits from the process.
Shopify is the best platform to start your eCommerce journey, we strongly recommend this portal as they have everything that can make you succeed online.
7. Buy and Sell Online Business
Buying and selling online businesses is now profitable, you can simply buy any online business and resell it after Improving on it.
These are existing companies who are ready to sell their business companies like Biz Buy Sell have hundreds of online businesses for sale, you can get almost any type of business you want.
We have suggested and recommended some ways to start making passive income now but it work best if you can combine two or more sources if you know other ways to earn money passively, comment down below.