The image of the entrepreneur who relaxes on a far away exotic beach somewhere while money flows effortlessly into his bank account has become the appeal of the buzz term ‘passive income’. In this article we are trying to dig Top 10 passive income stream ideas.
What is passive income?
With a passive income stream money can be earned without one’s presence or ever watchful eye and the result is freedom in a whole new sense of the word. You can travel anywhere, you can live remotely, you can delve into artsy passion projects you may have postponed for years, whatever it is you want to do. In its most basic sense, passive income is a method of generating revenue with little to no work. No work translates to more time and being able to spend that time on only the things you want to do.
Digital vs real world
There are two general ways to think of and attain passive income. Lets compare digital vs real world passive income stream ideas.
The first is to think digitally. A digital product or service only needs to be created once and then can be sold numerous times or by subscription. A digital business model can also have little overhead, employee costs, or can be managed remotely through outsourcing channels.
Digital income streams
Top 5 examples of digital passive income stream ideas:
- E-books & audio Books
- Posting and selling professional photographs and videos on photography websites
- Create audio tracks / jingles / songs and mixes
- Publishing an E-Commerce store with dropshipping
- Having niche video tutorials and online seminars
The second way to think of passive income is through real world applications. There are ways to create a passive income stream even with physical products and already created businesses. Having ownership in anything can be your ticket to a steady passive income stream.
Real-world income streams
Top 5 examples of passive real-world passive income stream ideas:
- Licensing agreements with other businesses
- Writing and publishing books through a professional publisher
- Script writing, acting, or holding any stake in a movie or t.v. show risiduals
- Investing into high growth companies, stocks, or index funds
- Holding equity in a company and having others run and manage your business for you
Even if you don’t have the inspiration or creativity to build your own product and the task of making your own seems overwhelming, you still have options. You can comb the patent office for expired patents or you can link up with entrepreneural minded friends and ask if you can lend a hand. The best thing you can do is to just get your foot in the door of what might end up being a passive income stream for you later down the road.
In truth, there is no limit to the possibilities of creating your own passive income stream, and one alone might not get you to your goals. It is recommended to combine several sources of passive income. Then, maybe, the image of yourself as the smiling entrepreneur sitting on an exotic beach somewhere can in fact be realized.