5 Passive Incomes In 2020
Generating passive income is the American dream that everyone wants to live. However, passive income requires investment and hard work. With time, your passive income ideas will bloom into a money-making machine, and you will start to hate your current job.
Contrary to popular belief, passive income ideas only require time, not money. There are countless online platforms where you can generate passive income. In this blog post, we will look at 5 passive income ideas for 2020 and how you can achieve them by spending little to no money.
1. ignite Your Passion: Write your way to success
In the 21st century, digital marketing has taken over conventional ways of advertisement, and content is king. If you have a flair for writing and enjoy putting your thoughts in words, you can make a lot of money on the side.
Medium is an online publishing platform developed by the co-founder of Twitter. This platform enables writers to show off their skills and earn money in sleep. All you have to do is sign up and become a member on Medium. The membership fee is $5 per month, which you will recover in just one blog.
2. Sell Your Skills: Become a freelancer
2020has been the year of freelancing, and many companies in the US have transitioned to outsourcing their work to cut down costs. Freelancing job posting has increased by 41% in the second quarter of 2020, and it has been increasing since then. To make passive income from freelancing, all you have todo is create your account on Fiverr or Upwork and connect with the customer. Once you score an order, outsource it and share the commission.
3. Become A Digital Teacher: launch online courses
COVID-19 has made us realize the importance of internet and remote working. People are more tech-savvy and enjoy working and studying remotely. You can easily cash out on this opportunity by making multiple videos of your skills and boosting them on social media. When you receive an inquiry, place your rates and sell your lectures. This is the best passive income idea for 2020, because you don't have to make a new video every day. Just make them once and float them in the market.
4. Earn While Sleeping: Write an Ebook
eBooks have seen a massive increase of 31% during COVID-19 as people spend their leisure time reading. If you are interested in making money in your sleep, then writing an eBook is your best option. eBook writing is not as difficult as it seems, and you can choose a general topic in your expertise. Whether it's raising a baby or making millions online, your eBook will make huge profits if your topic matches the buyers' search queries.
5. Invest In Stocks
If you belong to the economy's financial sector, then investment in stocks is your way forward. Many high-end companies have reduced their share price due to the pandemic. It's your time to buy their shares and invest for 5 years at least.
Earning a little money on the side can help you on your rainy days. If you have leisure time on your hand, invest it in the right direction. This is a once in a lifetime opportunity to build your side earning. So, go all out and start working on your passive income ideas.