In this day and age, many people aspire to develop their own businesses. In order to make your dream a reality, it is crucial to have two things – a drive and an idea. If you are reading this article, it must be that you have the necessary amount of drive to get rid of the shackles of toiling away the best years of your life in an office. And it is no wonder, since you are just one idea away from changing your life from the ground up. Inspire yourself to make the most out of your life – check out these 6 passive income ideas that will build you real wealth below.
What are the first steps to implementing a good passive income ideas?
But first, you need to fully acknowledge that embarking on this journey towards making your own first million is more than just a pipe dream. Why, you ask? Because it is necessary for you to treat your plan seriously. If you do not take yourself seriously, nobody else will either. The realization that you believe in your project is the very first step towards realizing it. So, shake off any insecurities that might have gotten under your skin over the years of working for somebody else’s dream. Now it is time for you to live your best life – fearlessly.
Now that we have, hopefully, encouraged you to go out and start thinking about your future, we have some potentially bad news. Every single person has the potential to do amazing things, and it is what you can do with this information that will determine the course of your plan:
You can look up to the successes of other ingenious people to inspire yourself to do better. Keeping in mind that you need to outdo your competitors in your line of work is a healthy way to deal with the fact that the competition is numerous and frequently ruthless.
You can look for a like-minded individual that will help you fulfill your business plan. Perhaps you need the expertise of an IT software engineer or an economist to kickstart your idea? Brush up your social skills and contact the people who share your vision.
Surrounding yourself with one or several experts in a certain field will bring you closer to realizing your passive income ideas.
Align yourself mentally with one of these two courses of action. Think about what stimulates your ambition best – is it healthy competition or a supportive, skillful partner?
6 Passive Income Ideas That Will Build You Real Wealth
Now that we have hopefully lit up your dormant drive, it is time to look at some almost fool-proof passive income ideas. Even if you have your own unique vision, in our opinion, it may be useful to have a change of perspective once in a while.
It is crucial to devise every step of your business plan carefully.
Blogging, Vlogging – Capitalize on your unique outlook on life
Compared to usual passive income ideas, blogging is different because it can be either surprisingly lucrative or completely unprofitable. It mostly depends on your personality and your unique approach to a certain component of life.
It is a common misconception that only extremely good looking or talented people have a chance to become successful bloggers. There is more to life than good looks, and some of the most successful bloggers, vloggers, and YouTubers made a fortune by forefronting the qualities that, in fact, have nothing to do with physical appearance.
Turn your love of travel into a profitable passive income source by blogging or vlogging about your trips.
Check out PewDiePie, Jenna Marbles, Casey Neistat, Vsauce… The personalities of these YouTube alumni won people over with their unique mixture of quirkiness, knowledge, humor, and relatability. To achieve true greatness as a blogger, it is essential to look beyond the superficial and display what is humane and relatable in all of us.
For example, if you are an avid traveler, you can invest in a good camera and show the online community what attracts your attention and what it looks like to experience the world through your camera lens. Gradually, you will have enough resources to live anywhere in the world and further upgrade your enterprise. Step by step, you will enrich your blog, and voila – you are living creatively and in a way that fulfills you, while making passive income.
We will not spend too much time explaining what affiliate marketing is. You see it every day on the stories of Instagram influencers you follow – the everpresent sponsored label on stories and posts advertising face cream or powder protein is just one facet of affiliate marketing. However, you have to have a certain following to attract sponsors, so read our idea number one to find out how to start your online influencer career.
Dropshipping your favorite goods
If you have not heard of dropshipping, it is a type of online shop in which you offer specific items to customers online. The catch is that you do not stock the items but buy them at an affordable price from a third-party seller when somebody orders it from your dropshipping page.
You know the feeling when you cannot find something that you want to buy without spending hours searching for it online? Well, you can help people find that product now. Find a dropshipping website such as Shopify and start your own mini importation business!
Rent out your place on Airbnb
If you happen to have a summer house or a cottage in the country, you might want to consider turning it into a source of passive income. You would be surprised how lucrative the travel industry is. So do not worry – even if the given accommodation is in the middle of nowhere, somebody somewhere will want to rent it, as different people prefer different types of vacations.
Renting your grandfather’s old house might actually be a profitable passive income idea
Again, this is where the business-savvy part of your personality comes in. As with dropshipping, you need to think of what is currently missing on the market, or what could be extremely profitable in a year or two from now. So, take a look at your surroundings – it might be the case that there are no vegan restaurants that make homemade food for takeaway, for example.
A final piece of advice
Whatever you choose to do, start small and test if this is a viable business plan, and then build up your passive income, invest again to raise your passive earnings, wait for your passive income to pile up, and invest again. Essentially, choose one of our passive income ideas that will build you real wealth and follow this time-tested model.
Ahmmed Adekunle Aleem well known as SIR 3PU (Sir Triple) is a Personal Finance and Music Blogger. He’s a Content Editor at Wiseloaded.com & Financenaija.com.
If he’s not online, then he’s playing Video Game or watching Manchester United’s match