1. Sell an ebook Online
Nowadays it's easy to create and publish your own content. With the use of Amazon and online shopping platforms, it makes it easier to buy and sell products. After you write a book, make sure to promote and market the right way and eventually the passive income with translate to royalties.
2. Create Your Own Youtube Channel
Find a passion or interest of your liking and create a Youtube channel. That way, you're making money while working on things that excite you. For me personally, It's a win-win scenario where (depending on subscribers and views) you can make pretty good money on the side. Just be sure to upload content at least once a week.
3. E-Commerce
E-commerce is another great way to create passive income. Depending on how much time and energy is put in, you could do this full-time. Before getting started, I recommend searching for products that are popular and in high-demand and start there. Be sure to use Google, Facebook, and other marketing platforms to help promote and sell your product.
Most people in e-commerce use a term called "dropshipping" where you don't actually keep the inventory locally. A "third-party" ships your product directly to the consumer once it is sold. Therefore, you do not hold the product nor do you have to worry about shipping duties. Depending on what you're selling and your profit margins per product, you can also think about high-ticket drop shipping in order to increase your profits per sale.
4. Real Estate
Buying and renting properties is a great way to create passive income. Buying real estate includes:
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Single-family homes
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Apartment complexes
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Land
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Mobile homes
The only downside to this passive income is that you need a reasonable amount of money saved in the beginning in order to purchase the real estate.
5. Stocks
Purchasing stocks that yield high dividends is a great way to develop passive income for the long-term. When it comes to stocks, don't expect to see the returns quickly. If you continue to invest in the market, you will see greater returns.
