7 Passive Income Ideas (that earn $1,000+ per month)

7 passive income ideas that don’t require you to do a lot of “active” work to continue making money. DISCLAIMER! This video is not an individual investment recommendation.
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DISCLAIMER! I am not encouraging anyone to start investing. In my videos, I share my experience and knowledge that do not guarantee investment success.

(1) YOUTUBE VIDEOS
YouTube is the passive income stream that just keeps on giving. From sponsored videos to ad revenue, you’ll find that you can make recurring income from your YouTube channel.
The secret to creating a successful YouTube channel is creating content on a consistent schedule for a long time. That’s it. If you stick with it for the long haul, eventually you’ll start reaping the passive income rewards.

(2) RENTAL INCOME
A cash flowing rental property is a fantastic way to bring in a monthly income. To make this truly passive you can outsource the running of the properties to a management company.
However, the internet has made investing in rental properties easier than ever before. There are a lot of ways you can invest in rental properties depending on what your goals and interests are. You can be a limited partner in large residential or commercial properties, or you can buy homes and be a landlord - all online!

(3) ONLINE COURSE
Selling online courses is one of the best passive income ideas of 2020.
Perhaps, you have a certain knowledge and excelled skill level with a particular topic. You can use these skills that you have earned during a very long career to make you money.
You can create an online course to teach anything from Algebra to guitar. The best part about this passive income idea is that once you do the initial work of setting up your course, you will continue to get paid when people take it.

(4) RENT OUT STORAGE SPACE
Did you know one in 11 Americans pays for extra storage space?
The self-storage industry is booming and has been for years. As passive income ideas go, this business model is a pretty simple one.
While you could buy or build a full-scale commercial self-storage complex, that’s not the only option. Some people rent out space in their garage!
It’s easy to turn your basement, garage, spare office room, even closet, into passive income and a great side hustle earning up to several hundred dollars a month. In New York City, they estimate a spare basement rental to generate almost $10,000 per year!

(5) SAVINGS ACCOUNTS
It doesn’t get any more passive than putting your money in a savings account at the bank or one of the many online banks offering high yields. Sadly, the banks brick and mortar banks that most people use don’t value them and barely pay any money in interest. The big banks like Wells Fargo, Chase, Bank of America, and the others essentially pay around 0.08% interest. The best high-interest banks are online only so you won’t need to mess with going into the bank to get started. The best part is that as of this writing, they pay over 2% interest per year. That means you’ll be making $4,000 per year off of your couple hundred thousand dollars instead of $200 like you would with a megabank.

In the video, you'll learn about two more passive income ideas and find out more details about those listed above.

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Time codes:
0:00 What passive income means
0:48 One of the most popular passive income ideas
2:15 A different look at rental income
3:15 Start sharing your knowledge and expertise
4:14 About The Great Courses Plus
5:23 This passive income ideas is booming nowadays
6:50 Two things you might not know about savings accounts
8:00 Use your car to earn some passive money
8:35 My own idea of having a passive income

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