Passive income ideas?

[bells-couriers]

Hi all I'm currently looking into adding another stream of income and Id like to try an Internet service that requires little time,

I've been looking at what passive income ideas are good to try, I'm not expecting big income off any of these but so far I've got

1.xbox live trial codes, these are selling on ebay currently at £1.50 - £2.50 I've found a site that generates trial codes totally free and I understand you can automate the code to be sent via ebay message once clear payment has been made.

2. Car radio decoding, I've done some research and I can currently get radio codes for most ford radios via the serial number again free of charge a good little earner again for those who wake up to a flat battery and don't know there radio code.

3. Internet ads, I understand if you have enough subscribers on YouTube you get a fee once ads are intruduced on your account.

4. Drop shipping, I don't know much about this but thought it's worth sticking on the list as a passive income.

5. Currency investing, something I've always had an interest in but never gone any further than that as of yet,

Anyone care to add there comments on a passive income so I can research it would be much appreciated.

 

[Mr D]

Writing a book
Writing music
YouTube videos

 

[Pish_Pash]

I would say most of what the OP has listed are not "passive" income (as in set it up, watch the money roll in & do little else)

ideas 1, 2 & 4 - Customers are time consuming......so..you'll get heaps of emails/problems (re automatically sending out emails - can you write code?)
Idea 3 - needs content (to generate traffic to your channel...good content = traffic = revenue), content takes time (though once you've generated the content, this is perhaps the most passive of all you've listed)
idea 5 is not passive, very risky & needs a certain type of person that isn't too emotionally attached to his/her money (it also is essential that you know the ramifications of the global news flow ...something innocuous can be of real significance wrt currencies)

You could add affiliate marketing (google it) & blogging (again not that passive) to your list

Basically you're asking for what everyone dreams of - set something up, sit back then watch the money roll in - sure, many have pulled this off, but I'd say for 99.99% of people ...their chosen path is likely far from 'passive' - so what's your edge? (it's significant that you're having to ask others how to do it!)

 

[Chris Ashdown]

The only real thing is affiliate marketing where you have a web site and a link on it directs people to another site say a insurance broker and if they manage to sell insurance to the person who clicked the link then they pay them a small percentage of the order value or a pre set amount.

It may be cheaper for companies to get contacts this way than say Pay per click as they only pay out on results.

The real problem is that your site must be highly rated anyway for people to find you and interesting enough for them to read through and find the link

Imagine having a site about fine tuning a Ford xxx engine for racing, you could have a link to a firm [email protected] that is the expert for either doing it for you or new parts. if this gets a order then they pay you some dosh

Drawback is you need them to find your site first which means it must rank well like UK Business Forums

 

[Gordon - Commercial Finance]

Have a listen to the Smart Passive Income podcast or read the website.
https://www.smartpassiveincome.com/
Pat Flynn generated something like $100,000 a month and he talks through how to do it. Good way to learn the ropes and what is passive and what isn’t.


And for the record, currency investing is perhaps the opposite of a passive income. It is an active liability if you will.

 

[TheGaffer]

I would suggest Matched Betting (if you are old enough) where spending around an hour a day can easily generate £500+ a month.

 

[Gordon - Commercial Finance]

I would suggest Matched Betting

I do agree and have seen this in practice but it’s not really passive...

 

[TheGaffer]

I do agree and have seen this in practice but it’s not really passive...

True, but it's extremely easy and requires very little time, for big returns.

 

[Ashley_Price]

My friend has a passive income business. It nets her around £6000 a month for doing "nothing" as it's all automated. She can be away on holiday and the money just rolls in.

She sells online courses, written by other people and she takes a percentage on those sales.

She sends out a regular newsletter to her 100,000+ subscribers and gets sales generated from those newsletters plus other business.

People see this and think, "Wow! I could do that..."

But what they don't know is the time she put into getting it all set up, including researching and writing the original course which she still sells (at £500 each). This probably took two years, with fitting it round her other businesses.

So, the point here is it if you want a passive income, you can't just set it up and let it run, you will need to put a lot of time and effort into getting to a point where it will be self-generating.

Yes, you can read "The Four Hour Work Week", about the chap who changed his whole business model so he works about four hours a week (and admittedly this is where my friend got the idea from for her business), but you only have to read about the 12 hour days/7 days a week that he used to work that got his business to the level that it could be automated.

 

[Alan]

Passive income is a myth.

There area only 2 types of income
1. return on capital invested
2. return on graft

In Ashley's example she grafted for 2 years an created a capital asset, that asset now return £6,000 a month, so that 'asset' is worth £1,440,000 at 5% - so two years work valued at £770,000, not a bad job. Of course if she could have grafted for 2 years as CEO of a bank and netted £10,000,000 her 'passive income' would be £41,666 ( unlikely but used for illustration )

All of the OP's list except 1. are return on graft. 1 is slightly different as it requires graft to create automation ( an asset ).

 

[Paul Ogi]

I am researcher, tester and investor exploring passive income opportunities, there are many programmes but we all need to be cautious

 

[Anderz]

You got two ways to earn money:

1: People at work
2: Money at work

M1: Get a regular job. Never get ahead
M2: Invest done by Pro people.
M3: Multiple sources of income.

Now if you can find pro people to help you invest then that's one option.

Get people to work for you. That leaves time but not totally passive.

Online you can setup affiate sites and work with paid traffic. Once you got converting ads it leaves time again. If orders and delivery are taken care of you work only on traffic and conversions.

Web shops can be setup fast and make money from day 1 with ads on like Facebook. Once ads are found not much time spend.

You do have to work but be smart and creative and really think can really save time and earn what you want.