The common definition of passive income is income that you earn without being actively involved.
That typically means that you continue to make income with no or very little effort on your part to maintain that cash flow.
Passive income is a way to make money with little investment of time and effort on your part. And a great benefit of this is if you are trying to make quick cash, or get funding for lifestyle ideas this is a great benefit.
1.Sell Your Own Products
You can sell just about any product or service that you like. It could be a product you have created and can manufacture on your own or it could be digital in nature (such as software, DVDs, or even instructional videos). We do this at truflife.com by selling clothing apparel. With great marketing this can be a great source of extra income.
2. Write an E-Book
This can be a lot of work upfront, but once the ebook is created and marketed it can provide you with a passive revenue stream for years. You can either sell the ebook on your own website or offer it as an affiliate arrangement with other websites that provide content related to your ebook.
3. Affiliate Marketing
This is a passive income technique that is better suited to people who have blogs and active websites. You can sign up to promote certain products or services on your site, for which you will be paid either a flat fee or a percentage of the amount of the sale completed. Almost all big businesses have affiliate programs. The percentage of every sale changes. Find a niche that you love and have an audience with and start bringing in the checks.
4. Index Funds
Index funds are a type of mutual fund that provide you with a way to invest in the stock market that is completely passive.
For example, if you invest money in an index fund that is based on the S&P 500 Index, you will be invested in the general market, without having to concern yourself with choosing investments, rebalancing your portfolio, or knowing when to sell or buy individual companies. All that will be handled by the fund which will base the fund portfolio on the makeup of the underlying index.
5. Make Money Doing What You Would Be Doing Anyway.
Yes, you can make some money doing some of the things you’re already doing.
You can also make your own schedule with UBER and pick up extra income by driving others around when you are already out and about anyway!
If you have any type of talent no matter what it is you can monetize it and make extra income. Photograhpy, Videography, Handy Work, Grass Cutting whatever if you’re good at it you can get paid for it.