The 18 Most Profitable Passive Income Streams To Consider
Creating several passive income streams is a dream for many entrepreneurs. It can accelerate plans to make extra income, pay off debt, and invest in building wealth.
Income From Royalties
Earning passive income from royalties is more popular than you might think. It’s the money you earn as people pay you for a percentage of the sales of your intellectual property.
Income From Publishing
Of course, if you want to put in a little extra effort, you can publish books and music yourself instead of earning money from royalties. You’ll make a more significant profit because you’re removing the third party from the equation. The process is also faster than working with publishers and agents because you’re making the calls. Only you can weigh the pros and cons of working with a larger agency.
Income From Patents
Once you have the patent, you can create the product and sell it or license your patent to be produced by someone else who can then sell it. You’re the brainchild, but you don’t have to do much work when you license it. You can also sell patents if the price is right or used as collateral for loans.
Income From Affiliate Sales
Affiliate marketers promote products through email marketing, social media, or paid advertising for various products. Once marketers have built a large audience, they spend less time promoting the products. It only takes a few high ticket items and good blog posts or email evergreens to make a noticeable passive income.
Create An App
Mobile apps can create millionaires overnight or at least a few extra thousand for the right person. If you have a knack for coding and programming, maybe it’s time you create an app to make money online. Once you publish it, you’ll earn passive money for quite some time. Even if your app is free to use, you can make money through advertisements.
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