In 2019, the average American had $41,600 in their bank account.
Are you not quite there? Then you’re probably wondering about how to generate some extra cash.
What if we told you there’s a way to get more money with minimal effort? It’s called passive income!
Read on to get 4 great passive income ideas you can use to generate some extra cash this year.
- Create an Online Course
Are you an expert at a certain thing? Then why not put that knowledge to good use? This is an outstanding way to start a passive income since you won’t have to learn anything but how to record and piece together videos.
It’ll take a little bit of time to finalize your course, but once it’s done, it’ll keep money rolling into your bank account!
It can be a little difficult marketing your course on your own, so it might be an idea to use a platform like Udemy. They’ll take a small cut, but it’ll be worth it when you can get your course in front of a large audience.
- Try Dropshipping
Dropshipping is a type of e-commerce where you really don’t have to do all that much to see money come in.
Traditionally, retailers have to source products, get a manufacturer, get and store the products, and ship those products out to customers, all on their own. But with dropshipping, many of these steps are eliminated.
Instead, you’ll work with a supplier and they’ll handle all of the above. Plus, everything is digital, so you don’t have to worry about storing products either. You just choose what you want to stock in your online shop and that’s it, which makes it one of the best passive income ideas around!
What’s great is you don’t have to pay your supplier until your customers pay. So if you’re worried about risk, there’s very little associated with dropshipping.
- Do Peer-to-Peer Lending
If you’ve got some extra cash lying around, then peer-to-peer (P2P) lending can really pay off. You don’t even need that much either; many websites allow you to lend out amounts as low as $25 per loan.
As the lender, you’ll earn some interest on all payments. It’s an excellent way to make an extra buck or two.
- Rent Out Property
We admit that being a landlord can be a difficult job. But by going about it in a smart way, it can be an excellent way to build a passive income.
You should start off by looking at turnkey properties. As the name suggests, all you have to do is turn the key and everything’s ready. In some cases, it might already come with a tenant, so you won’t even have to search for someone to live in the property!
Which Passive Income Ideas Will You Try?
With all these passive income ideas, you’re well on your way to generating money with little effort. From creating a course to renting out turnkey property, you’ll see cash roll into your bank account without taking on much additional stress. And as a result, you’ll be able to treat yourself and your loved ones to the things you want!
Did you find these passive income tips helpful? Then get more pro tips by checking out our other posts!