3 Passive Income Ideas I’ll be Working On this Year
Hope to see some of them turn successful.
Accept the fact: this pandemic has taught us how unreliable jobs can be.
So why not invest part of your time in building a successful passive income stream. They might not pay your bills (unless they turn successful) but there’s no bad in adding an extra income to your regular salary.
That’s why I decided to invest my time in building a successful stream of passive income sources. Since I’ve just graduated last year and not currently working, I thought these ideas might help me to generate a regular income and in the future might help me avoid the 9–5 routine.
Here are the 3 passive income ideas I’ll be working on this year.
1. Selling on Redbubble, Teespring, and Merch by Amazon
Print-on-demand products are in great demand today. People are always looking for cool t-shirts, mugs, stickers, and stuff. If you are good with creating designs, you can sell yours on these platforms.
The best part is you don’t have to bear the hassles of printing, setting prices, packaging, and delivering. Everything is maintained by respective sites.
Though there are lots of other print-on-demand platforms to sell my designs, I found Redbubble, Teespring, and Merch by Amazon to be the best. First, because they have a huge amount of traffic (in millions) and second, they don’t charge a penny to set up the account and list your designed items on sale.
I’m already working with Redbubble and have 20 designs till now (I even made a sale:). I’ll soon use my designs on Teespring and Merch by Amazon. If you want to know more about the process, you can check out my article below:
I Made a Sale within One Week of Joining Redbubble
No ads, no marketing, no promotion.
2. Selling eBooks and low content books on Amazon
An ebook can be a great source of passive income. Thanks to Amazon KDP, you don’t have to find any publishers to publish your book.
Amazon KDP is a platform for independent writers who can self-publish their books without any cost. All you have to do is set up your account with KDP and start selling ebooks on Amazon.
If you don’t have enough time to write an ebook, you can also sell low-content books on Amazon. A low content book means a book with little to no content, e.g. notebooks, journals, coloring books, etc.
I have recently signed up with Amazon KDP and planning to publish low content books for now. For later, I hope to write an ebook and publish it soon.
3. Investing in Stocks and Mutual Funds
My last idea is investing in stocks and mutual funds.
Though I don’t have any prior experience in investing, one of my friends has been doing this for a year. With his guidance, I may be able to make some profit.
I don’t believe in investing in stocks and mutual funds without any study or guidance so won’t recommend you to do so either. Better to have anyone to guide you through the journey as it can be risky.
But altogether, it can help me make serious money if I invest wisely.
As of now, these are the 3 income ideas I am or will be working on this year. If I found any other source during this time, I’ll add it to this post. I hope to make $500/month from one of these ideas by the end of this year.
Hey, why don’t you tell me what passive income ideas are you planning to invest in? I’ll be waiting.
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