8 Passive Income Streams That Require Little to No Set Up
Pep Justin
The notion of generating passive income can be an elusive dream for individuals who dedicate themselves to 9-to-5 jobs. The idea of earning extra money without putting in as much effort is tempting for everyone. Although completely effortless earnings may not be feasible, some accessible strategies can generate income with less effort. Experts here suggest several opportunities.
Monetize an Existing Blog or Website
Elizabeth Pharo, the CEO, and chair of the board at Divorce.com suggests that if you have a blog or website with a significant amount of traffic, you can explore options for monetizing it, such as selling ad space or engaging in affiliate marketing. In affiliate marketing, you can earn a commission by promoting the products or services of others on your website, and any sales generated through your referral can result in revenue. This can be a fruitful way of generating income, especially if you have a considerable amount of web traffic.
Subscribe to Patreon or Ko-fi
Pharo suggests that platforms like Patreon or Ko-fi are another viable option. These platforms enable you to create content for subscribers who pay a fixed monthly fee. The content you provide can range from exclusive blog posts to podcasts or videos. The biggest benefit of this approach is that it allows you to extend your audience base and generate a new stream of income from the content you are already producing.
Sell Digital Downloads
Pat Servin from HelpfulOnlineMarketer.com suggests that if you possess a creative inclination, selling digital downloads on Etsy could be an ideal passive income source that doesn’t require a significant setup. Digital downloads could include printables, SVG files, and sublimation files that you produce once and don’t need to ship physically.
You can also use your artwork to create merchandise such as mugs, totes, and journals and sell them on websites like Zazzle. This approach allows you to leverage your artwork to generate additional revenue, and Zazzle takes care of customer service.
Affiliate Marketing
Anthony Buzzetta, the CEO and founder of AI & tech company G TIER®, suggests that setting up an affiliate marketing site is a relatively straightforward method to generate passive income. By creating an affiliate marketing site, you can monetize your content through referral links, where you earn a commission for purchases made by customers who click on the link on your website.
To begin, generate content related to the products or services that you wish to promote as an affiliate partner. You can then incorporate referral links into your posts and utilize AI to create truthful and verifiable content.
Advertise on Your Car
Donnie Rand, the marketing coordinator at the American Association of Owner Operators, LLC, suggests that if you have a well-maintained vehicle, you could reach out to local advertisers to place vinyl decals on it. By promoting a brand's products or services on your car, you can earn between $100 to $500, depending on the vehicle type, the advertising company, and the daily distance covered. This idea is an excellent way to earn additional income without much effort.
Invest In Dividend-Paying Stocks
Baruch Silvermann, investor and CEO of The Smart Investor, recommends that investing in dividend-paying stocks can be a viable approach to generating passive income in the long run. This strategy works well when investing in a diverse portfolio of high-quality stocks.
"When you invest in dividend-paying stocks, you become a shareholder of the company. This entitles you to a percentage of the company's earnings, which is paid out to shareholders in the form of dividends," explained Silverman.
Drop shipping
Donny Gamble, CEO of Retirement Investments, a financial literacy website, suggests that partnering with drop shipping companies can be a viable way to earn a reasonable passive income. By collaborating with a drop shipper, you can have them ship out items purchased from your website in exchange for a commission on each sale. This approach allows you to concentrate on marketing and customer service, while the drop shipper handles all the logistics.
Vlogging/Podcasting
According to Donny Gamble, if you have an interest in content creation, vlogging or podcasting can be another fantastic passive income stream. To monetize your content, you just need to produce engaging material that audiences will enjoy watching or listening to and upload onto platforms like YouTube. You can earn from ads by monetizing your content, and further boost your income by joining affiliate programs or endorsing other products.
Key takeaways
Passive income is a great way to earn money without actively trading your time for it. It’s a source of income that requires little to no effort after the initial setup. In this article, we covered eight passive income streams that require little to no setup.
First, we looked at Monetizing an Existing Blog or Website which is a great way to earn money by promoting other people's products. Next, we explored Subscribing to Patreon or Ko-fi which are sites that let you craft content for subscribers who pay a fixed monthly fee. Then, we talked about Drop Shipping
We also covered digital downloads, such as printables, SVG files, and sublimation files, which can be created once and sold repeatedly. Another passive income stream is affiliate marketing. Additionally, we discussed Advertising on Your Car.
Finally, we talked about Investing in dividend-paying stocks, which involves investing in a diversified portfolio of high-quality stocks.
With all these options, it's important to note that some of these passive income streams may require more effort and initial investment than others.
In conclusion, passive income can be an excellent way to supplement your income or even replace your primary source of income. With a little bit of research and effort, anyone can start generating passive income streams that require little to no setup.
Thanks for reading
