Passive Income Ideas for 2020
Passive income is everyone’s dream. It is the ability to make money without you having to punch a clock for 8 hours a day. To earn passive income means to earn money even while you sleep or without your undivided attention.
It is best to start your passive income journey with your goals in mind. For example, you might want to start earning passive income to:
- Get out of debt
- Save for a vacation
- Build up an emergency fund
- Fix up your house
- Repair or Replace your car
- Save for retirement
- Blow on hookers and cocaine
I mean the possibilities are endless, but it’s best to start with those goals in mind and work towards those goals. It will help with the motivation, and the smaller the goal you are trying to reach the more it will keep you encouraged to keep going.
Make it feel like little wins! #winning
Now, before we get to far down the road let’s clear up one thing first. Passive income will take work! Like that old saying goes, there is no such thing as a free lunch. Blogs won’t write themselves. Vending machines won’t grow food and they will go empty if they are not restocked and maintained. Software doesn’t write itself (yet) unless it’s..you know…Skynet.
It’s true, it won’t happen overnight, and you might feel like Mr. Bean here waiting for your passive income to roll in. But with enough hard work and time, it will happen!
The benefit of passive income is that your hard work pays off over time by continuing to generate revenue with little or minimal effort to maintain.
For example, your blog will continue to need updates with fresh ideas, but ideally you are not clocking in 8 hours a day of writing, 5 days a week. I mean, you totally CAN if that’s your thing, but if your goal is to generate income passively, working 40 hours a week doesn’t sound too passive.
Now, it might take several weeks or months to get your blog content up to par, but eventually your content will be sufficient and will only require editing or tweaks here and there to maintain. Depending on your blog and topic, hopefully the goal is to eventually hire content writers that can continue to do the heavy lifting for you.
Passive Income Ideas for 2020
In no particular order, here are 13 Passive Income ideas in 2020:
- Start a blog
- Store other people’s stuff
- Host an Airbnb or VRBO
- Write a book
- Publish an E-book
- Start a podcast
- Create Software
- Buy an existing business
- Vending Machines
- Stock Photos
- Start a YouTube Channel
- Crowdfunded Rental Properties
Start a Blog
Blogging in a way is almost like an ad you take out in a newspaper. You have to put some hard work up front into design, content, graphics, SEO and marketing, but once it’s published it shouldn’t require too much rework or editing.
Once you start to see some recurring revenue, then you can begin to outsource your content creation for a more hands-off approach. You will still need to approve the topics being posted and make sure they get published ok, but the heavy lifting will be done by others. In fact, if you have a virtual assistant, once you approve the post and its content, your virtual assistant can do the scheduling and publishing for you.
One of the main focuses of our site is to help you get a blog up and running. We have a post to help you start a blog and to help you monetize your blog. Our resources page also gives a quick glimpse of the tools we use and recommend. We also discuss why blogging for income makes sense.
Soon after you get your blog started you’ll want to start working on your email list to start engaging with your audience and building your sales funnel.
I’ve read that millionaires typically have more than one stream of income (sometimes 5, 10, or more) so starting a blog is just one piece to the puzzle and can help boost your side hustle in so many ways.
Store Other People’s Stuff
I love love love this idea. Unless you’re a clutter bug, you should have some extra space around the house or apartment. Most apartments have outside storage. Maybe your neighbor is hogging all of theirs and could use some of your unused space.
Most homes have garages, outdoor sheds, or attics for extra storage. You could even charge different prices for the type of storage you offer.
I have an extended driveway that was unused and let a buddy of mine store his boat back there. He didn’t pay me, but he gave me the keys and said I could go out whenever I wanted. Pretty cool trade off if you ask me. This idea might not make you rich, but every little bit helps. Renting out storage space at least pays for a couple of nice date nights every month or helps you save up for that renovation job.
Look at neighbor.com to see what others are charging and list your space for rent today!
Host an Airbnb or VRBO
Both VRBO and AirBNB are well established sites that you can easily get started with. They both have mobile apps and great websites to help you manage and market your properties.
The hardest part will be like any other rental property that you have and that is going to be cleaning and maintenance. It will be even harder to do if you are not in the area frequently and need to rely on other people or companies to provide the cleaning service for you.
However, the task or keeping it maintained is not impossible and you will get it figured out soon enough. Just keep your long term goal in mind: Lovely vacation rental or maybe your retirement home on the beach.
Pro Tip: If you live in a touristy area it might be a great idea to start a rental property cleaning service side hustle!!
As always, don’t forget to like and share our content with your friends and family. Leave a comment below to let us know what you think about the ideas so far. We’re always looking for feedback and ways we can help grow our own side hustle. Hustle on!