Usually, whenever someone needs an additional source of income, the standard suggestion offered is to ‘get a part-time job’. But we need face reality, most of us don’t have the time or energy to work for 8 hours a day and then put in all those extra hours in another job. Let’s face it, time is the most precious resource we all have because it is finite.
We don’t want to lose time, that is why we need some passive income ideas, ways to make money with very little investment of time and minimal effort on your time. I will give you ideas of the most compelling passive income ideas, the ones when your effort to start or create something is minimal and you won’t be wasting any of your precious time.
Passive income ideas which are not really true passive income
In my book, a true passive income method is something that doesn’t need much preparation of skill to pull off.
Of course you can be a writer, wrote a book and then distribute it online, you may be a video creator and make YouTube videos or you may sell your own products on the internet, but it’s only a semi-passive income in my opinion, the preparation time, i.e. time you will devote for creation of your content might be too long for most people.
Being a Youtuber, streamer, entrepreneur, or content creator is more like a job than anything else. Another semi-passive income source is a real estate investment. Not only you need usually incredibly high amounts of money to buy a property but it’s also a matter of managing the properly and keeping it performing well.
Characteristic of a true passive income:
- Only requires minimal labor input- the less time it consumes the better
- Minimal skill requirement - no need to be a good coder, writer, artist, content creator
- You don’t have to be already crazy rich to take advantage
- It’s available for everyone - no hidden requirements, no catches
- Standard passive income ideas
1. Stocks dividend
It’s good way to earn passive income. However, you will have to do great amount of research to find good stocks and invest solid sum of money to receive large dividends. If you are consistent with your investment you can over time build a large portfolio of stocks and your passive income stream will grow to be a quite significant source of money. You may also choose some investing brokerage platform or hire a broker on your own.
2. Money lending
There is plenty of people out there who need money, but at the same time are unable to get a traditional loan from various reasons. That is why lending money directly in a peer-to-peer manner might become profitable passive income scheme. We have dedicated services called lending platforms – where lenders might earn usually around 5% return on average. The downside is fact that some of the lending platforms might not have implemented proper fail-safe mechanisms. So you might choose borrowers very carefully to spread your investment amount out to mitigate your risk as a lender.
3. Saving accounts
Opening bank saving account is probably the less maintenance-required form of traditional passive income. You won’t have to think much about your money. Just got to bank of your choice, deposit money there and you are done. This type of passive income are usually considered safe – at least as long as the condition of economy in your country is good. The income varies from country to country due to different interest rates. However, in most cases however you won’t earn much, but at least it’s better than keeping your money stored idly under your pillow.
Cryptocurrency based passive income ideas
1. Holding your coins
If you bought Bitcoin 10 years ago for $100 today you would be a millionaire. It’s a fact. There is possibility that other cryptocurrencies would be worth more in the future as well. The wise idea is to buy a wide portfolio of promising coins wait and see what will happen.
2. Collecting cryptocurrency via Faucets and Airdrops
Faucets were a popular way of obtaining Bitcoin back in the day. Today you won’t get much Bitcoin from them, but you can still find some altcoins faucets which are paying quite well. There is always a chance of that specific altcoin to rise. The downside of altcoins is fact, that you won’t be earning much instantly, at the moment of claiming coins and some initial action is required to receive coins. Airdrops from the other hands are a far better way of earning cryptocurrency, usually coin developers, cryptocurrency exchange or service is organizing promotional events where they can distribute cryptocurrency. To receive coins you usually need to register, share your email, like or share some content, in short do some basic task and for that amount of coins you will get it’s in most cases a good deal.
3. Passive income via staking rewards from Proof of Stake coins
Last but not least, in my personal opinion staking PoS coins is beginning of a new era of making money. Earning stable passive income with Proof-of-Stake coins great way of earning money. What is even more interesting is fact that you are not limited to staking one coin at a time. Also with development of automated staking platforms like MyCointainer everyone can stake like a pro. With pool staking there is no need to waste time on staking wallet maintenance or software updates and you don’t have to worry about constantly being online. What is more you are staking coins and generating profits from Masternodes at the same time. Staking services gives you standarized and more frequent crypto reward generation (due to pool staking effect) which is perfect for diminishing staking randomness.
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