What is the Definition of passive income?
It might be a good start if laying down the definition of passive income comes first in this article, right? Passive income is technically defined as money generated through any forms of businesses that are primarily created and being operated in such a way that it does not even require more manning operations, that it can even run by itself.
A number of entrepreneurs are looking for some alternative and sustainable ways on how to earn money, increase cash flow, establish financial security, achieving long-term savings through a series of micro-businesses that require only a little to no participation of the business owner, thus calling it a passive income business.
These forms of creating and generating money come on hand since there are numerous available resources that can be used in order to achieve those following targets mentioned up above. These resources that you might be thinking of are resources that are out of reach by you, NO, because these resources are applicable and can be available to anyone who has the will to generate money in all good and possible ways you can even think of.
These entrepreneurs who will go into the world of business for 2024 and for the following years to come are actually in luck since there is already a massive outbreak of opportunities waiting for them to get started.
Although there might be a quite discrepancy when it comes to thinking that passive income will make you richer fast, it is actually the opposite. No one gets rich quickly.
Getting to that particular point of your life takes and requires enough time, much effort, and of course money to invest. But, never you lose hope because in this article you will about to be guided on the different passive income ideas especially laid out for you – beginners, for the next year. If turned to be successful with any one of these proposed ideas, then probably you might be having a good life in the long run.
But first, try to settle your mind in the idea that no one gets richer in just a short period of time. Since it is a passive income, this might require you to take patience with yourself, allowing both your mindset and your money to grow in the most unexpected ways.
So, here are some of the top 10 passive income ideas for you as beginners for this coming year 2024:
1) REAL ESTATE DEALING:
You might have already the idea that this first passive income idea requires a lot of money, to tell you that you will not be spending a penny for this first idea that has just been presented.
If you are the type of person who looks for a bigger and possible income without spending any amount of money, this real estate dealing will be your number 1 choice of earning money. Real estate dealing means that you will be working as the middle man for selling such property to another person (seller).
You just simply do the talking and dealing for such a time that you will be able to gain and lock the deal between you and the buyer of that real estate. Your possible income for this will largely depend on the percentage given to you by the real estate owner, which also depends on the amount of effort you put into looking and finding the prospective buyer for his properties.
Seems easy right? But here is the deal, this does not only focus on the land properties, you can also look for some space for rents such as apartments and dormitories by which you can help a lender find the best room he deserves.
2) VENDING MACHINE DEALERS:
Life can be made easier if aided by technology. And technology will never go out of one’s economy if just being used right and exactly as it is. Now, vending machines like car washing machines, coin-operated washing machines, food, and water Vendo machines, etc. are only some of the vending machines you can almost start up a passive income.
These particular machines are adaptable to certain economic trends. Like during this time of the pandemic, it is safer to transact to something that is quite less contact among real people.
Cashless and automatic applications are also part of these trends in business. And also when it comes to a target market, you can multiply the number of your prospect audience if you have the best and perfect spot for this. You can place these at schools, restaurants, and even in hospitals. Just simply imagine the total income you may gain from all of these while you are just simply relaxing in the comfort of your home.
You just let money do the work for you. And also it does not require personnel for this to be operated, so it might also lessen your expenses, thus adding it up as your total income and savings. Again, the best thing to remember is to have the perfect and best location for your vending machines in order for this to have a very good start in the long run.
3) MARKETING A PRODUCT OR ITEMS:
Do you have mobile phones? personal computers and a reliable internet connection at homes? If yes then this third passive income idea might be very suitable for you. All you have to do is to open any social media platforms, start making reliable and creative content of a particular product or item. Meaning to say you are just going to market a particular product and post it on social media.
But make sure that you have enough connection to the company to make sure that you will get paid for whatever you are going to do with their product. Your content might only be made solely for promoting the product. May it be in a form of a review or a full video commercial.
Either of which is applicable so long that you know what you will be including in your content. And also, make sure that you have that convincing power since you are trying to make the prospect buyers buy the product you are endorsing publicly, so you should be very good with your convincing and creativity skills. By this, you can already get paid even though you are already done making the content.
4) DO SOME RENTING OF YOUR OWN TOOLS:
If you have a collection of power tools at home like hand drills, grass cutters, lawnmowers, chainsaws, and the likes, then why don’t you rent it for someone who needs it at a particular time?
While these tools are collecting dust just around the corner of your house, let it be rented and you will find yourself sitting and even lying down on gold mines. Tool rental can be a very reliable source of income and can even be a highly profitable way especially if you have a list of tools stocked at homes.
To do this, you can start showing it off to some of your closest friends then spreading it to others as well. This will multiply the number of prospected users to rent your tools. One good thing to remember for this type of passive income is that you should be able to sort the type of people who will be using your tools responsibly. If you lend your tools to someone who is not that good at the safekeeping of any tools, then you should probably be wasting your money for him. So let it be rented by someone who is very responsible for using such tools.
5) ONLINE SELLING:
If you have been a very good influencer and have those persuasive skills then you should probably start doing some selling online. Why choose online? The first is that it is not costly. You will not be spending any amount for vehicles to be used, materials, and other resources.
You just only need your phone, internet connection, and of course the product you wanted to sell and promote online. Since it is done on an online platform, the possibility of having more clients and customers is high. Social media platforms are now a trend especially when you are participating in active selling. You can have this either in a simple post on social media or even a video of your selling procedures.
Most likely if you are going to select this idea you might as well buy the product that you are going to sell online or you can even look for a direct supplier and you will just do the selling, by nature you just turned out to be a reseller too. As a reseller, you need not spend a single penny for this, instead, all you just have to do is to have some legit and actual photos of the items you are about to resell so that you also know the quality of the product you are going to market online.
6) CAR, HOME SPACE RENTAL:
You have introduced already the rental tool on the previous list above. This time you will be taken to the higher possible income, renting your car and home space. If you own a particular car, why don’t you try to let it be rented with any of your friends?
A peer-to-peer rental can be done since you knew the person who will be renting. As of today, it had been a trend also for those car owners to turn their privately owned car into an Uber, where passengers can book their car on a particular day or event. All you have to do is just to accept the appointment and then you are good to go. you can also ask for an additional payment if you insist to be the driver of your own car. This is to avoid mishandling your own property, same as being mentioned above too.
7) ON CALL HOME SERVICE:
This next passive income idea might already require a little of your time. This can be applicable to those who are living in a subdivision where neighbors are quite occupied with some things that they can’t even do a simple task inside of their house. If this is the case, you can try to contact your neighboring house and ask whether they are planning on looking for someone to do the chores for them.
The tasks might just be limited to whatever you are offering just like cleaning the yard, gardening if you have that skill, driving, and even plumbing some portion of their plumbing system. All of these things can be made possible only if you knew any of these things of course. By then you will be able to maximize your time and at the same time earn. Just be ready to get your hands dirty at some point.
8) DIGITAL ARTS, LOGOS, and OTHER CONTENTS:
Are you that very artistic, imaginative, and creative? Well, this next idea might be very suitable for those skills mentioned already. The only thing you will do is to create any form of digital art online. May these arts be in a form of a logo, visual characters, infomercials, and many other digitally-related artworks.
This work of yours might be commissioned for a particular person, company, or group of people. All you just have to do is to think of creative ways to present a digital artwork in a manner that will be approved by the one who lets you do it. Or if you don’t want to be commissioned by someone, you can just simply upload your work to any social media platforms, maybe then you will get famous out of uploading some original content you have in mind.
Those who have really high interest in these things will likely get attention from the public since it is an art, it drives people towards its magnetic attraction. Liking and requesting you to do it for their sake, and of course, having an income as well.
9) Investing in Dividend Stocks:
Shareholders of companies that own dividend-income shares receive regular payments from the company. The company pays cash dividends from profits every quarter, all you need to do is own stocks. Dividends are paid per share, so the more shares you own, the higher your payouts.
Since stock income has nothing to do with any activity other than the initial financial investment, owning dividend-income stocks may be one of the most passive ways to make money. The money will be deposited directly into your brokerage account.
10) APP DEVELOPMENT:
There have been many types of research conducted to prove that by some years up to this day, app development might be one of the trends in achieving and earning hundreds and even thousands of dollars. So how will you do it?
You can simply start by generating easy concepts like how to expressly send money from one person to another. You can also think of some games to be developed. It will always be dependent on whatever app you will create just make sure that it will always be liked and most likely be idolized by your intended users in the future.
One day you might get perplexed by the number of users of the apps you just have created, so do not even hesitate to come up with the best ideas and innovations when it comes to developing and creating your own applications.
Passive income ideas for beginners
Businesses create a lot of avenues for a majority of the people. this particular endeavor is always on the top of earning and making money. However, there will always be a risk in making your own path out of this world of making money. Passive income might be considered as a low-risk possibility yet high on earning money. It might be passive by its name but when it comes to generating and making money, it might be the opposite word already, active! One thing that you should always remember in indulging in this one is you should be very hands-on when it comes to managing and smoothening your plans out in order for you to achieve that high-end and a positive result of whatever plans you will be making in the future.
Moreover, people entering this particular type of earning commonly find many ways in generating such money. Why? Because they know when, where, and how to start one. You simply start at a simple thing then slowly venture to bigger opportunities that you will be facing in the long run. Hence always be reminded that in every step you take in your actions, there will always be a corresponding consequence to it. So, make sure that earning money will always be your goal why you are doing such, may it be in a form of a passive or active income.
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