Best passive incomes 2020
3 minute(s) read
Published on: Jun 14, 2020
Updated on: Jan 15, 2022
Build Passive income streams requires a lot of hard work, consistency, and upfront investment in the beginning. But after some time, once these passive income streams build and maintain themselves, they will become a steady source of revenue for you forever.
According to my personal experience, these passive income streams can help you achieve financial independence goals and increase your income tremendously.
There are a lot of new and old passive income ideas and strategies that can generate a fixed source of income for you and your family.
Here are some of the best income ideas mentioned below:
Selling products on your app.
You can build your own and starts selling products and services through it. You can also sell your app on the app store. However, any digital products do not require practical overheads and are sold automatically if they are high-quality products and are according to the need of your targeted audience. You can also sell your app on the App store.
Showing ads in the games
One of the best passive income streams these years is showing ads in the games. By doing this, you can earn a huge amount in dollars. The users will click the ads to earn some reward or to earn lives etc., instead of purchasing from the play store.
People who have any expertise in law, business, or any other field, then you can make your consultancy site. People come to your consultancy site and get your paid expert advice. Whether you are an expert in legal matters, social media, or human resources, your advice or opinion can easily generate a profit for you.
Affiliate marketing means you can get affiliated with the company to receive a specific amount (commission) on the product. Most of the bloggers, website owners, and social media influencers affiliates themselves with the company and promote their products or services by giving a description of their product or putting a link to the product on their social media site or channel. The best example of affiliate marketing is Amazon.
Manage Social Media Accounts
Every business owner knows that their social media presence is very important to make their business grow and succeed in today's marketplace. But many local business owners do not have the spare time to maintain their social media accounts.
You can generate passive income by maintaining your basic social media accounts or pages.
Create and sell an online course
If you have certain skills regarding any particular topic, you can create your detailed course and sell it to a relevant audience. For example, if you have a grip on algebra, you can do an online teaching course on the topic of algebra on platforms like Udemy. Once you set up the course, you will continue to generate people as long as people purchase it.
Invest in a local business
You can generate a passive income by investing in local businesses and becoming a silent partner. You will not need to do anything on your own. But it can be risky.