You can earn royalties of up to 70% of the selling price on Amazon, but you could incur some fees along the way. That scenario begins with you downloading the free KDP self-publishing kit. Amazon’s Kindle Direct Publishing service allows authors to self-publish digital and paperback books and provides the platform to sell the finished product again and again. Several competing companies offer writers the chance to publish their own e-books, but none have the reach of Amazon. You can create a profitable YouTube channel and monetize it with advertising, merchandising and other ways to earn passive income. If videos, not writing, are your thing, make money from them. The basic steps are picking a topic you love, choosing a platform like WordPress and creating interesting, funny, useful or otherwise compelling content so that your blog can generate cash through revenue streams like ad sales or subscriptions. But it is possible if you’re willing to put in the work, and that work could eventually lead to a steady stream of relatively passive income. Major photo distributors like Shutterstock and Alamy accept submissions just be sure to follow all the guidelines. Instead of wasting your photo-taking talents on Instagram, make your hobby pay by selling your photos online and generating passive income that streams in when people buy them. While the goal is to turn a profit, even if you just break even on your monthly expenses, the renters will still be paying down your mortgage and building equity for you as the value of the property appreciates over time. What is the most profitable passive income? Buying an investment property and renting it out. Once you find a match, you can take some or all of your tenant’s rent and put it toward paying off debt - like your mortgage - or invest it in other passive income streams. Don’t worry - the days of rolling the dice on a creepy roommate with a classified ad or a post on Craigslist are over because of services like SpareRoom and Airbnb that help you advertise your space and screen tenants. Owning an investment property is out of reach for many, but if you’ve got an extra room, the space can become your ticket to a reliable stream of passive income. Your old clunker won’t bring that much a newer model with all the bells and whistles has a better chance. Turo provides insurance and says you can make about $10,500 a year renting your car. Consider signing up as a car host if you own a reliable car that you use infrequently. Sites like Turo let you rent your car for a daily rate. You can also list your surfboard, stand-up paddleboard, snowboard or skis. The site claims you can make up to $500 a month renting your bike. Spinlister takes a 17.5% fee on the rental, but you can set your prices to attract renters and make out reasonably well. By signing up for Spinlister, you can rent your bike to somebody who needs two wheels but doesn’t want to buy a bike of their own, such as tourists who want to see your city by bike. Offer Your Bike for Rentĭon’t let your perfectly good bike sit in the garage and gather dust. No upfront investment is required, your car won’t be harmed - as long as you don’t have prior damage or rock chips - and Wrapify estimates that if you fully cover your car, you can earn approximately $264 to $452 a month. Sites like Wrapify pair drivers with major companies that will pay big bucks to turn cars into moving billboards. You can earn hundreds of dollars a month to pay bills if you’re willing to turn your car into an advertisement.
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