1. Create a course

One popular strategy for passive income is creating an audio or video course, then kicking back while cash rolls in from the sale of your product. Courses can be distributed and sold through sites such as Udemy, SkillShare and Coursera.

Alternatively, you might consider a “freemium model” – building up a following with free content and then charging for more detailed information or for those who want to know more. For example, language teachers and stock-picking advice may use this model. The free content acts as a demonstration of your expertise and may attract those looking to go to the next level.

2. Write an e-book

Writing an e-book can be a good opportunity to take advantage of the low cost of publishing and even leverage the worldwide distribution of Amazon to get your book seen by potentially millions of would-be buyers. E-books can be relatively short, perhaps 30-50 pages, and can be relatively cheap to create, since they rely on your own expertise.

You’ll need to be an expert on a specific topic, but the topic could be niche and use some special skills or abilities that very few offer but that many readers need. You can quickly design the book on an online platform and then even test-market different titles and price points.

3. Rental income

Investing in rental properties is an effective way to earn passive income. But it often requires more work than people expect.

If you don’t take the time to learn how to make it a profitable venture, you could lose your investment and then some, says John H. Graves, an Accredited Investment Fiduciary (AIF) in the Los Angeles area and author of “The 7% Solution: You Can Afford a Comfortable Retirement.”

4. Affiliate marketing

With affiliate marketing, website owners, social media “influencers” or bloggers promote a third party’s product by including a link to the product on their site or social media account. Amazon might be the best-known affiliate partner, but eBay, Awin and ShareASale are among the larger names, too. And Instagram and TikTok have become huge platforms for those looking to grow a following and promote products.

You could also consider growing an email list to draw attention to your blog or otherwise direct people to products and services that they might want.

5. Start a print-on-demand shop.

You can sell your original designs on shirts, hats, mugs, posters, and other products, without dealing with inventory and fulfillment by opening a print-on-demand shop. All you need to do is select your provider—companies like Printful, Printify, or Gelato—upload your file, choose the products you want to sell, and advertise them on your online store.

Pros:
No inventory or fulfillment needs
Create original products

6. Self publishing

If you have a wealth of knowledge or an idea for a story, you can write a book and sell it online. Many people choose to use a service like Kindle Direct Publishing, which enables you to transform your words into an ebook or print edition and sell it on Amazon.

Pros:
Write something that you feel proud to share
Retain complete control over your creative process

7. Sell worksheets.

There are several places where you can upload and sell worksheets online. Typically, the way this works is you create a printable worksheet and upload it to a website like Etsy or Teachers Pay Teachers, where people can pay to download and use your creation.

Pros:
Easy and inexpensive to create
Utilize your specific expertise

8. Sell templates.

If you enjoy creating digital organization systems in programs like Microsoft Excel or Notion, you might be able to sell your templates. Many people monetize their creations on Etsy or other online marketplaces.

Pros:
Easy and inexpensive to create
Combine organization and design skills

9. Invest in High-Yield Savings

Savings accounts might be the most boring investment ever invented, but they are also the safest passive income opportunity.

At 0.15 percent interest or lower, you’d need to exceed the FDIC-insured $250,000 account limit to see any real action.

However, online savings accounts offer rates well above typical banks. Better yet, these rates are competitive with CD rates without locking in your money for several years.

10. Invest In the Stock Market, Passively

Investing in public stocks and bonds is the main way people build long-term wealth and passive income through their retirement plans or brokerage accounts. The data is pretty good; however, the average person like you and I should make passive income investments through ETFs, a mutual fund, or index funds with low fees.

11. Invest in CDs

CDs (or certificates of deposit) are simple and straightforward, and if I’m being honest, it’s not one of the most exciting passive income ideas or investment strategies out there.

But if your goal is to make money while you sleep, there isn’t anything more passive than CDs. Investing in a certificate of deposit is a great-low risk strategy to accrue interest risk-free.

12. Sell Stock Photos

Are you a photographer or someone who enjoys snapping pictures? Put that talent to use!

If you want to make extra money for your photos, you could consider selling your images as stock photos. Make your pictures available for sale as stock photo images by enrolling in a third-party site, such as Adobe Stock, Shutterstock, Alamy, Unsplash, etc.

If you have the skills and resources to do so, you could also sell your stock images on your own website.

13. Build An App Or Product You Can Sell

If you have a skill or service that you can share with others, you can build an app or create a product to sell. For example, if you are passionate about fitness and have a background in creating workouts, you could create a workout app.

You could also create a physical or digital product, such as a course, ebook, or physical book if you would rather do that instead of an app.

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