7 Different Types of Passive Income To Help Build Wealth

Author:

Odeh Ahwal

Published:

May 23, 2023

Updated:

May 23, 2023

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In today’s fast-paced world, building wealth and achieving financial stability is a goal for many. A proven strategy to reach these objectives is by establishing passive income streams. Passive income refers to earning money without actively trading your time for it, but how can you actually do that?

Luckily, in this article today, I’m going to be sharing with you 7 different types of passive income ideas that you can contribute well to your wealth-building journey.

So, no matter who you are, what you do, or where you are in life, if you’re looking to earn extra passive income online, this quick guide could be of great help to you!

This article explores seven different types of passive income that can contribute to your wealth-building journey. By diversifying your income sources and creating sustainable revenue streams, you can pave the way for long-term financial success.

Make sure to read this post all the way through as I have a special gift for you, and if you find it inspiring and useful, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there!)

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7 Passive Income Ideas To Make Money Online

Are you an employee, a student, or just someone who wants to make extra money online? Passive income is the finest way of earning money as it requires minimal effort compared to active income—such as wages, salaries, and tips from a traditional full- or part-time job, and it has a higher earning potential.

Earning money using passive income approaches is much more than a myth. In fact, you can earn a passive income using online or partially online strategies.

Is this something you’d want to learn more about? Together, let’s explore these 7 different types of passive income to help you increase your bottom line and potentially build wealth.

1. Domain Names Flipping

Domain name investing is a lot like selling stocks—the key is to buy low and sell high. While it can be a little risky, playing your cards right can yield high returns. Essentially, you purchase one or more inexpensive domain names and sell them for profit.

It all starts with finding lucrative domain names using tools like Namelix and then checking the availability of the domains using different domain registrars. The GoDaddy bulk domain availability checker works like a charm if you’re looking to check for multiple domains at the same time.

For the highest return on investment, you can get quite a few domain names for cheap on marketplaces like Namecheap, and list them on marketplaces like Squadhelp and Flippa. Once you optimize your listings, you just wait for a buyer to finalize the transfer.

Again, the risk is that you may not be able to sell the domain name and lose your initial investment. So, it’s always advised to do your own due diligence and pick your domains wisely.

2. SaaS Business

With all that the internet is offering today, starting a software as a services (SaaS) business is not only limited to tech-savvy experts and developers. In fact, using marketplaces like Codecanyon, you can leverage other people’s development skills and buy their pre-built PHP SaaS scripts for less than $100!

You read that right! You don’t need to break the bank in order to start a profitable subscription-based business today. All you need to get started is to find the right SaaS business idea that will make you a proud owner.

If you want more of a custom tool, you can always find and hire experienced freelancers on marketplaces like Fiverr, Upwork, or Freelancer. With the fact that AI is a hot topic today, finding “ChatGPT and AI developers“ can be as easy as searching for the exact keyword on Fiverr.

3. Rental Income

With the wonders of modern technology, you can buy, lease, and manage a rental property almost entirely online to make passive income.

You can also use social media to market your real estate business to make things even easier and cheaper.

One of the smartest ways of real estate marketing on social media is leveraging pre-built 3D motion graphics offered by Standout Clips.

While the initial investment in real estate may be high, it can yield extremely high returns. Plus, the more you make, the easier it is to hire a property manager to take care of your tenants’ needs, so you can essentially run a real estate business from home.

4. Affiliate Marketing

Affiliate marketing is one of my top favorite passive income methods as it involves no risk AT ALL, requires very little work and capital, and has a very huge earning potential.

In fact, in a recent blog post, I shared exactly how you can be making $40,000 in affiliate commissions from 1 referral only using a brand new affiliate program called Employee Retention Credit (ERC).

Although affiliate marketing is a straightforward and easy business model, over 90% of affiliates fail to generate any income online because they want to make money immediately, fast, with no money!

If you’re willing to learn, explore, and invest in a game plan that affiliate marketers followed to hit their first 1 million dollars online, then you’ve got to check this ultimate blueprint out.

Why should you? It’s simple. Learning from people who have what you want and have achieved what you are looking to achieve is key! Plus, using the same game plan, John was able to turn from being fired to building a 22 million dollars empire online.

5. Content Creation

Have you ever heard the saying “Content is King”?

The truth is, content has too many forms and styles, and you can just be making thousands of dollars from the comfort of your home, passively, just from the content you upload online.

If you’re particularly creative, you can become a content creator and license various music, art, or photos. You can advertise your services online or post already-made products that other content creators will pay for the right to use. Using the same strategy, you can also create custom design products.

Essentially, you create one image or photo, and the website will print it and sell it on various items like mugs and t-shirts or even turn them into decorative posters.

You can even start your own blog for less than $2.75 a month and start adding value to people’s lives by sharing your useful insights. There are many ways how you can monetize your written content, some of which are paid ads, sponsorships, affiliate marketing, selling products, courses, merch, and more.

Feel free to reach out in case you need any help setting up your blog. I would be more than happy to help you out with this!

6. Faceless YouTube Channel

YouTube is the second largest platform after Google and here’s what you may didn’t know… It can make you a lot of money passively, for months or even years to come. Let me explain how.

When uploading videos to the platform, there are many ways in which you can potentially make money. Some of these methods are ad revenue, affiliate marketing, sponsorships, selling info products, courses, etc.

It’s pretty much like blogging but your content will be more visually appealing in the form of videos. But, what if I don’t wish to show up on a camera, record any videos, or show my face? You may ask.

Here’s where the fun begins! With the rise of different AI tools and technologies, you can make money on YouTube without even showing your face. In short, you will leverage different tools to make your videos from A-Z, without showing your face or even recording your own voice:

Namelix: A tool to brainstorm some Youtube channel name ideas
Canva: An all in one drag and drop graphic designing toolkit for creating thumbnails and images
InVideo: A drag-and-drop video editing software for creating the actual videos
VidIQ: An AI-powered YouTube analytics platform for finding the top keywords and topics
Murf: An AI-powered tool for creating realistic voiceovers for your videos

This way, you will do the work once and keep getting paid forever, as long as your videos are being watched! Feeling lost and overwhelmed? Fill in your information below to claim your free training on how you can start a cash cow faceless YouTube channel today!

7. Crypto Investing

As crypto gradually becomes massively adopted by the masses, a lot of coins and exchanges are offering passive income and staking opportunities, which is the act of locking your crypto in exchange for a period of time and earning interest on top of it. Even if you’re under 18 years old, there’s still a way around it!

It’s usually better than the bank’s interest, but you have to be careful of “too-good-to-be-true” kind of offers that promise a 50% return rate!

While investing in cryptocurrencies can be risky, with great risk often comes great reward. It’s always advised to do your own due diligence before investing your hard-earned money, and never invest what you cannot afford to lose.

The same applies to Non-Fungible tokens (NFTs). You have to be very careful when buying NFTs and only stick to reputable communities that have real use cases like Veve.

Some articles that I’ve recently published and can be of great help to you when considering investing in NFTs are:

Conclusion

Incorporating various passive income streams is a proven strategy to build wealth and secure financial independence. By diversifying your income sources and leveraging online business opportunities, you can create a sustainable passive income portfolio that steadily grows over time.

With everything that the internet is offering today, making money online is not a pipe dream anymore and it’s just becoming the new norm.

Different types of passive income exist to help you build wealth and become your own boss. The limit is only up to how dedicated you are and how creative you can be. While it does take time, strategy, and effort, the result is financial freedom—and that’s hard to pass up.

In this article, I’ve shared with you 7 different passive income ideas to help you drive extra money to your pocket and just increase your overall bottom line.

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Thanks for going this far and reading my article all the way through! If you found this post inspiring and useful, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there!)

Cheers,
Odeh Ahwal

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Odeh Ahwal

So behind every great blog is usually someone who runs it all. That would be me, Odeh Ahwal. I’ve created the eComDimes blog with a mission to help people provide well for their families by starting online businesses, share my experience, and just introduce you to different ways of making money online! At eComDimes, we help you turn your dimes into dollars!

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