Best Passive Income Ideas
Some of these may not be new to anyone. Yet, I think we tend to forget all the easy ways to make money in this rough economy. Given the right circumstances you too can prosper. Try these best passive income ideas at home for a little extra something on the side.
5 Best Passive Income Ideas
1.) Vending Machines: Vending machines are a great way to make passive income. Plus they are relatively cheap to purchase, $800.00 - $3,000.00, depending on the type and if it’s new or used. If you place a vending machine in a key location you may need to restock every day. Vending machines come in all different sizes. A Royal 650 Merlin IV vending machine which sells drinks can hold 648, 12 OZ. drinks. If you had only made a 25 cent profit off drinks you would make $162.00 a day (assuming you sell out every day). But, with a strategic location and permission from the owner that is not a hard goal to obtain. Eventually, you will be able to purchase more and generate a larger income. It is an easy and profitable way to earn money on the side which is why I rate it at #1 and is truly the best way to earn passive income.
2.) Online writing: Online writing is a great way to share your ideas with the world. It is also a good way to relax, especially if you enjoy writing. If you write a blog or use Hubpages you can generate revenue on the side. It is especially useful for stay at home moms and those that may be retired or spend a good time at home. The only catch, as you may already know, is there is a lot of competition. It may be hard for some to advertise their work which may only generate a few dollars a month. Nevertheless, it is a great way to relax and generate a passive income.
3.) Gardening: If you have a garden or some land to begin one, it can be a cheap way to earn money on the side. Once your plants are ready to be picked you can sell them to your family, friends, and neighbors or perhaps take them to a farmers market. Keep in mind that your profits will be determined by your success. If you live in a harsh climate or are not the greatest gardener, you reconsider putting in the time since your profit relies heavily on your success. In otherwords this may not be the best option for you.
4.) Recycling: Every day millions of American’s throw away their recyclables. One way to capitalize on this is asking your neighbors for their recyclables that they throw away. Perhaps, you will be able to get them to start putting their cans in a bag for you. If you are more of an introverted individual you can stick to recycling your own. You get about 25 cents to 90 cents a pound but changes between states. If you have a large family who drinks soda regularly, you can make several hundred dollars annually with little or no work.
5.) Babysitting: This can be the best way to earn passive income for those that are stay at home parents, why not make some money? You can watch your neighbor’s children while watching your own. Of course, this may require some more work on your part. But, it is a way to make money while doing your daily duties. Between all of these tasks you may be able to generate a sufficient amount of income.
6.) Photo Booths: My wife came up with this idea and it holds the same concept as a vending machine business. Most of us have used photo booths before and they can generate a steady income if left in one location. You may also want to rent them out for weddings and special events. Their down fall is that they are relatively expensive to own; prices range from $3,000 to $7,000 dollars. With one machine, it may take a while to profit from the initial expense.
7.) Carpooling: Never underestimate your ability to make some extra money. If you have a car, it is likely that someone you know may not have one. This is especially true if you are still in high school or college. Now, it is likely that you may go somewhere that someone else will want to go. Be it school, the mall, or out to eat. The point is that you can charge them a small continuous fee for going somewhere you are already going and extra for the places you aren't. I made around twenty to forty dollars a week just by allowing people to shuttle around with me. The great thing is that you determine your own income and your own schedule.
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