10 Passive Income Ideas for Tech-Savvy People
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The digital environment today has definitely made it easier to leverage technology in generating passive streams of income. If you are good at technology, there are many ways you can make money off your skills and knowledge. This article details ten such promising avenues to help the tech-savvy build sustainable passive income streams.
Passive Income Explained
But before we delve into those ideas, let’s have a grasp of what passive income is. Unlike active income, you earn passively such that you’re not working for every penny you make. Rather, you take the major steps in setting it up and maintaining it, the income stream starts, and once it starts, it does not stop from your doing.
1. Online Courses: Design and Sell
With Udemy, Teachable, and Coursera, sharing your skills is quite easy. If you are a skilled programmer, digital marketer, or any other technical skillful person, then designing online courses to sell can be an option for you. After development, such courses can, to a fair extent, generate revenue constantly as more and more students keep joining.
2. Design and Sell Apps
Mobile applications are very much a part of our lives. With skills to develop apps, design your own and sell it. Possible streams of income will include sales of the app itself, in-app purchases, and advertising. Successful apps can generate a substantial passive income over time.
3. Build and Monetize Websites or Blogs
You can monetize your expertise by creating a website or blog. You will be able to create streams of passive income through advertising, affiliate marketing, sponsored content, and digital product sales. Your potential income will be bound by how big an audience you manage to attract.
4. Invest in Real Estate Through Crowdfunding
Technology has changed the face of real estate investment. Platforms like Fundrise and CrowdStreet help you get into real estate properties with relatively small money. Of course, not entirely passive, these platforms cut down a big chunk of hassle in management, thus accommodating tech-savvy investors.
5. Create and Sell Stock Photos or Digital Art
If you are talented in photography or make digital art, sell your work on websites offering stock photos like Shutterstock or iStockphoto. These websites let you reach people all over the world who are going to potentially purchase your pictures, thus making you earn royalties for every image sold.
6. Make and Sell Printables
Digital printables include planners, worksheets, and even wall art. Basically, anything that you can design with some flair to it, can be turned into a printable and sold on a website like Etsy. This is a nice little side hustle that can prove highly profitable and requires little work on your part.
7. Writing E-books or Producing Audiobooks
Share your expertise in written or audio form, and you will possess one of the highest-paying sources of passive income in your portfolio. Formats such as Amazon KDP and Audible make it easy to create and distribute e-books and audiobooks.
8. Dividend-Paying Stocks or ETFs
One can be assured of passive income by building a portfolio in dividend-paying stocks or ETFs. The basic research and investment done are all that will be needed at the initial stage, as the dividend payments keep generating returns thereafter.
9. License Your Intellectual Property
If you have invented a product or software, think of licensing your IP. Licensing agreements can generate on-going royalties to you—without much business involvement in operations.
10. Build and Monetize Online Communities
Online communities with common interest help one to generate passive incomes in terms of membership fees, advertisements, and affiliate marketing fees. Some efficient tools for this are Patreon and Discord.
All these ideas have some passive income, but mostly they all are invested in initially, time-consuming, and laborious before they can come to fruition. There is no guarantee for profit, and deep research should be made for entering any business with very circumspect risk factors.
It requires careful selection and implementation of the strategies to have multiple streams of passive income. By doing so, one can be certain to attain financial freedom in due course of time.
Sources:
Investopedia: https://www.investopedia.com/
The Motley Fool: https://www.fool.com/
Entrepreneur: https://www.entrepreneur.com/
