Top 7 passive income streams 2020 and you can use to build real wealth. Residual income ideas and recurring income ideas.
Passive Income Streams may sound sexy but require an upfront investment and a lot of nurturing in the beginning.
After some hard work, you build a snowball effect that is when you can earn a strong passive income stream while you are asleep or on vacation.
Although the word “passive” makes it sound like you have to do nothing to bring in the income this just isn’t true.
All passive income streams will require at least one of the following two elements:
1) An upfront monetary investment
2) An upfront time investment
You can’t earn residual income without being willing to provide at least one of these two.
Here are the TOP 7 passive income streams in 2020:
Selling Stock Photos
Do you ever wonder where your favorite websites, blogs, and sometimes even magazines get their photos?
These are normally bought from stock photo websites. If you enjoy photography you can submit your photos to stock photo sites and receive a commission every time someone purchases one of them.
➡️ List Website You Can Submit You Stock Photo ⬅️
Licensing Music
Just like stock photos you can license and earn a royalty off of your music when someone chooses to use it. Music is often licensed for YouTube Videos, commercials, and more.
If you are an artist or musician this is a perfect chance to promote your creativity and earn royalty at the same time.
➡️ List Music Platform You Can Submit Your Song ⬅️
Affiliate Marketing
Affiliate marketing is the practice of partnering with a company (becoming their affiliate) to receive a commission on a product. This method of generating income works best for those with blogs and websites.
Even then, it takes a long time to build up before it becomes passive.
Sell Digital Files on Etsy
People are into home decor especially young millennials like us. It just makes the house look happy and green with simple canvas art decoration.
The seller had made a bunch of wall art, digitized, and listed it on Etsy for instant download. There are other popular digital files on Etsy as well such as monthly planners.
If you’re into graphic design this could be an amazing passive income idea for you.
List Your Place On Airbnb
If you have a house, apartment, spare room, or even backyard start to list your empty space.
Airbnb is great because you can earn money on a space you already own. It does require a little work upfront to prep your place, list it, and clean up after guests, but it’s pretty passive.
Rent Out Your Car
Similar to listing your place for rent, you can also list your car for rent. This can be truly passive because once you list your car, it can earn you income when you’re not using it!
➡️ List Rent Out Your Car Platform ⬅️
Vending Machines
Vending machines are another great low maintenance small business idea. All you need to invest a vending machine and place at the grocery store or convenience store.
You can give the owner of the store 3% every time you cash out the machine. You need to fill up the machine every two weeks.
While it can be tempting to want to pick seven passive income stream ideas to get started with I’d really encouraged you to pick one in the beginning. You need time and the ability to focus to really grow a passive income stream.
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