Creating a podcast: If you have a microphone and a topic you’re passionate about, you can start a podcast and monetize it through sponsorships, advertisements, and paid memberships.
Investing in rental properties: Buying a rental property and managing it yourself, or hiring a property management company, can be a good way to generate passive income.
Licensing your photographs: If you have a talent for photography, you can sell your photographs to stock photo agencies or directly to businesses and individuals through platforms like Shutterstock and iStock.
Selling digital products: If you have design or creative skills, you can create and sell digital products like ebooks, printables, or templates on platforms like Etsy and Creative Market.
Creating a dropshipping business: A dropshipping business allows you to sell products online without having to hold any inventory. You can find products to sell through a dropshipping supplier and have the supplier ship the products directly to the customer.
Investing in a franchise: Franchises can be a good way to generate passive income, as you’ll be able to leverage the established brand and business model of the franchise.
Investing in a mutual fund or exchange-traded fund (ETF): Mutual funds and ETFs allow you to invest in a diversified portfolio of stocks, bonds, or other assets. This can be a good way to generate passive income, as the fund will be managed by professional investors and the returns will be distributed to shareholders.
Creating a mobile game: If you have programming skills, you can create a mobile game and sell it on the App Store or Google Play. You can also monetize the game through in-app purchases or advertising.
Investing in a high-yield savings account: High-yield savings accounts offer higher interest rates than traditional savings accounts, allowing you to generate passive income through interest on your deposits.
Renting out your car: If you have a car that you don’t use all the time, you can rent it out on platforms like Turo and Getaround to generate passive income.