Posted by Passive Income streams are fun to build and if done correctly, they can earn you money while you sleep. Whether your goal is to make extra money or retire early, there are multiple ways to achieve those dreams. However, if we are realistic, your first passive income stream will not allow you to retire early… may not even succeed at all.
Personally, over the last couple of years, I have achieved building multiple passive income streams. None replaced my full-time job just yet, but they do earn me some extra income. From Print on Demand to cryptocurrency staking and everything in between, I have tried a plethora of ways to earn passive income.
I have gone through the same struggles as you are right now with figuring out my “first passive income idea”. Hopefully after reading this post, you will get closer to making some money while you sleep!
What are Passive Income Streams? Definition:
Any project where you worked for a short period of time in the beginning and are later on receiving earnings from it without working can be considered a passive income stream! Of course, this does not mean you can work for a week or month and then see instant results. Usually, passive income streams take months if not years to build, and receiving earnings from them is not guaranteed.
Passive Income Streams Ideas:
- Print on Demand
If designing is your passion and you can work with software like Adobe Photoshop, Print on Demand (POD) may be for you. Print on Demand allows you to create designs for products such as T-Shirts and Hoodies from the comfort of your home. After uploading your creations to websites like RedBubble or Amazon’s POD platform Merch by Amazon you can start earning passively. The platforms will promote, sell, print, and ship your products to the customers for a fee. - Photo Licensing
If you own a high-quality camera, love capturing photographs of pretty much everything, and like to sort them out and put tags on each one, this one is for you. Start selling those photographs on platforms like Shutterstock. - Blogging
Is writing your passion? Have you ever considered starting a blog? While it’s a long-term game it can end up becoming a very profitable passive income stream! Try starting with a topic you are passionate about and working until you have written 100s of blog posts and optimized your website to the top of Google’s search result page! - Read my blog post on 20 more Passive Income Stream Ideas
Be realistic about your first Passive Income Stream
Many get greedy and want to go from 0 euros in passive income earnings to thousands in just a week. Money and Passive Income rarely work like that. In order to make your first 1000 euros per month through a Passive Stream you need one of two things: Time or Money. Having both can be a blessing!
If you need a lot of money fast…
…get a second job, a new passive income stream will not solve your financial issues.
You need a lot of time in the beginning to build your Passive Income Stream and that will not guarantee actual profit from it. Your idea may not work as you plan to or you may end up spending way more time than the profit you will make from your investment. For instance, your “cool” design that you uploaded on Redbubble and spent hours on may never sell…
Sometimes, in order to build a Passive Income Stream you need capital. You need some funds to invest in the stock market or cryptocurrencies or whatever your passive income stream is about. In those cases, you cannot start with no money. That is why I usually suggest people start working on their passive income after they have increased their salary and are able to save a large sum of it.
