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Making money while you sleep.
Has a nice ring to it, doesn’t it?
After reading books like Rich Dad Poor Dad and 4 Hour Work Week, I became interested obsessed with making passive income.
Top Passive Income Ideas
Lending Club
Passive Real Estate
High Interest Savings
Robo-Advisors
Index Funds
Mindless Tasks
Credit Card Rewards
Photographs
Write an eBook
Ideas 10-27
What is Passive Income?
When you’re short on cash, a typical solution is to work more hours, right? Or to ask for a raise so you can turn your work hours into more money.
There’s nothing wrong with either of those actions, but there’s also another way.
Lots of other ways, actually.
They aren’t ways to turn your time directly into money. Instead, they are ways to plant seeds so your money will grow, even when you’re sleeping or at the park walking your dog.
In other words, even when you’re not out actively trying to make money.
It’s all about the concept of passive income. Just like a farmer who plants a crop, tends the fields, and harvests the produce, you can plant financial seeds that will produce income.
It takes some work up front, and some maintenance along the way, but if you plant passive income seeds that suit your climate (aka your personal preferences and skills), you can bring in a nice harvest.
And if you are trying to pay off debt quickly, or if you’re a college student who needs to make money but doesn’t have time for a part-time job, this can be a huge help!
Below you’ll find quite a few passive income ideas, so it’s likely that you’ll be able to find at least a few that cater to your situation and skills.
For the purpose of this article, we are lumping passive income and portfolio income into the passive category, and active income into the non-passive category – although the IRS categorizes and treats each type of income differently.
You can also check out some of my latest YouTube videos on passive income.
1. Invest in Lending Club
Earning interest on safe investments, such as U.S. Treasury securities and bank certificates of deposit, is safe and simple — the very definition of passive income.
The problem, of course, is that those instruments pay paltry returns – generally less than 1 percent. It may be passive income at its finest, but you’ll never be able to relax or retire on returns that low.
But now we have Lending Club. It is a web-based peer-to-peer lending platform where people come to get loans, and investors – looking for high interest opportunities – provide the funds for those loans.
Lending Club provides an opportunity to earn interest rates in excess of 10 percent a year – which is about 10 times what you will earn on more conventional interest-bearing investments.
Now let’s be clear on one point: those high rates do come at a cost.
