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5 Passive Income Ideas to Build Wealth

Having multiple streams of income is important for a long-term wealth strategy. Here are five passive income ideas to explore!
Angelica Hartgers

#1: Create an Online Course or Training

It's the age of the online courses. Education is moving to the digital platform, and there's no better time than now to capitalize on it. Think about a topic you feel strongly about, or know well enough to teach, and consider creating an online course on platforms like Teachable, SkillShare, or Udemy.

2. Write a Book

Again, thinking in terms of a topic you know well, or are passionate about, consider writing a book. Once your book is written, be sure to self-publish it so that you can earn the most money on your royalties. Use this royalties calculator to determine your potential profits.

#3: Build a Drop shipping Business

In today's digital marketplace, it's increasingly common to find online e-commerce stores that use the dropship model. You can source your products, and have the manufacturer deliver straight to your customers. This means that you don't have to worry about stocking a warehouse or dealing with shipping!

#4: Affiliate Marketing

Consider building affiliate relationships with other companies and services. When you become an affiliate and promote their products, you will get a portion of the sale basically. This passive income idea is best for those with blogs, websites, and social platforms.

#5: Sell Digital Files on Online Marketplaces

Want to sell ebooks, graphic art, and/or templates? Digital files are increasingly popular! You simply create your file, then upload it on marketplaces like Creative Marketplace and Etsy. When a customer purchases your file, it will be automatically available for download.