5 Proven Sources of Passive Income

Do you know the force of passive pay sources?

These days, it's possible to make money entirely or almost entirely passively. If you're wondering what passive income is and how to generate it, here are some ideas to consider.

What is passive income?

In simple terms, passive income is income that you earn when you do nothing or almost nothing. Plus, you don’t have to make it your day job to earn it, and even when you’re sleeping, you can still make money from it. It’s kind of magic. Sounds cool, right?

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But be careful! Passive pay isn't free or income sans work. There is a minimum of work, if not a lot of work, upfront. You will have to dedicate several hours, if not more than a month of work if you want to start earning passive income. But, once all the work is done and started, you will do little or nothing to earn money month after month. Let's look at the proven ways you should consider to earn extra money.

1. Online trading

You no longer need to be a professional trader to be able to understand and profit from the financial markets. Lately, the Forex market has been leading the way in terms of daily trading volumes.

Registering with a Forex broker is extremely easy and possible with a few hundred euros. If you want to grow your money but have no investment knowledge, don't worry. 

Regulated and reliable brokers allow novice traders to expand their trading knowledge. In addition, they offer demo accounts that do not require real money investment. Instead, you can trade using a virtual account but in real market conditions. You can make a deposit and start trading whenever you feel like it.

2. Create your online training

Selling an online course is one of the most popular and exciting passive income ideas. The online training industry is experiencing huge growth in sales. Whether you decide to host the course on your website or a platform like Learnworlds or Thinkific, you will always find customers eager to learn your pro tips and tricks.

3. Start an e-commerce business

To start an e-commerce business, you must first prove that you have the legal status of a micro-entrepreneur. The procedures can generally be carried out online.

The first option is to identify an interesting product and get in touch with a supplier with whom you will sign an agreement. You will also have to make efforts to create an online sales site.

The second option is to create your online store on specialized platforms such as Shopify. This type of platform offers you everything you need to start the business, including marketing tools, and customer support.

4. Paid surveys

Did you know that paid surveys allow you to earn up to 200 euros per month? There are dozens of paid survey sites on the Internet today. But how do you earn money with paid surveys? The advantage of surveys and polls is that anyone can participate. 

Student, employee, entrepreneur, or retiree, it doesn't matter. The only condition is to be between 15 and 18 years old, depending on the website. You can try it for a few days to see if this type of method suits you.

5. Create an application

Creating an app can allow you to generate more than decent passive income. There are two ways to do this. The first is to sell your app. The second is to offer a free app and monetize it with advertising.

 Although this is one of the most profitable options when it comes to passive income, it comes with a prior investment in acquiring adequate knowledge.