5 Tips for Creating a Passive Income Plan

If you have a job that you regularly go to and are earning money by doing work, you’re part of an active income plan. However, if you make money by putting in little to no work, you have a passive income. 

Typical forms of passive income include earning money from a rental property or building a blog. In the beginning, it might take some time and effort, but after time, you could be doing little work while earning income.

Here are five tips for creating a passive income plan if you’re ready to make money in a way that doesn’t involve much daily maintenance.

1. Selling Online Courses

Do you have knowledge to share? Create an online course using your skills and expertise and sell it online.

Once you establish an audience, you can promote your course to them. Over time, if it is proven a useful course, more people will purchase it, which earns you money without doing much work.

If it’s not an evergreen course, you’ll need to update it periodically. However, once you establish your course, you can sit back and watch the money come in. 

2. Rent Out Items

Owning useful items that people might ask to borrow could be bringing you extra money if you rent them out. These are items that you don’t use all the time, like a trailer, boat or even a trampoline. 

Other people may not have the money to purchase one for themselves, especially if it’s for a one-time purpose. You could also rent out your yard or a spare room as an Airbnb. You’re losing money if you just let these items sit, so get your money back and help someone out!

3. Create a Blog

Whether you type out a blog post or film a video of your blog, you can be earning money. If there’s an area of interest that you have or know there is an audience for, write out your experience and share it with others. 

You should have some experience with writing and shooting video, but it’s easy to learn. Once you publish a blog, you can create display or pay-per-click ads to begin earning money.

4. Get Cash Back on Credit Cards

Most credit card companies have a feature where you can get cash back if you purchase certain items. Even though the amount may be small, it’s still money you’re earning by doing very little work.

The cash back feature is usually through a points system. Once you earn a certain amount of points for using your credit card, you can cash them in for money. Remember to pay off your credit bills, though! 

5. Develop an App

Developing an app will take a lot of time upfront, but the passive income you’ll earn is worth it. If you have a unique idea for an app and have general knowledge of coding, this might be the way to go for you.

Allow more than just a few weeks for development. You want to get out all of the nicks and kinks before publishing it so people will be more prone to purchase it.

Earn Money Passively

Whether you create a passive income plan on the side or make it your full-time job, you’ll be able to make money by doing minimal work.