An income that is earned without much regular activity on your part is known as passive income. Usually, it involves investing money in some ventures that tend to give you a regular income. Once you have put in the initial effort, it continues to pay you consistently. Your involvement in the initial stages could vary from intense to mild. If it does not involve money, you could be required to put in your time as an investment. To learn how to create passive income with no money, you will need to read on.
Passive Money from Money
Passive income can supplement your regular income and help you achieve financial goals much faster. Some of the ways to invest money and get passive income are getting dividends for the stocks you have bought, receiving rent for a property that you have purchased, lending money and getting interest income, reducing debt, selling things online etc. As you can see, all these methods require financial investment at an initial stage and can continue to generate regular income. But, you are probably more interested in how to create passive income with no money. Here is how you can do it:
There are various things that you can do to earn a passive income without involving money, but you will need to have a good amount of initial time investments:
- Write a Book for an Online Platform
You can write and self-publish a book for Amazon’s Kindle. It is easy to publish, but the money might take some time to start coming in. You might even need to write a few books before you can get recognition.
- Sell Your Photos/Music
There is a requirement for good photos for different media and people are willing to buy them for a good price. If you are interested in photography, you can upload your photographs to websites that stock and sell them. You can hence get paid for every photo that sells. You can do the same with music.
- Get into Affiliate Marketing
This involves becoming a partner with a company to promote their product through your website or blog. Each time their product sells due to your effort, you get a commission.
- Get Creative with T-shirts
Many Brands like to have their customised t-shirts. So, if your design idea clicks with them, you could earn royalties for every t-shirt sold.
- Rent Out Your Car/Home
You can even earn income by renting out your car which is just not getting used otherwise. The same can apply for a property which is unused. It could become a holiday home for someone. Though these do require some investment on maintenance, the major expense has been done and is getting wasted.
Instead of thinking how to create passive income with no money, you can use your existing unused resources or invest a small amount in the idea and then you can keep cashing in on them. A couple of such ideas are those of a car wash and a laundromat. These businesses are always required and do not require effort once they have been set up