7 Passive Income Ideas to Grow Your Wealth

Making money in today's world doesn't require a traditional nine to five job. While you still need to work and make money that you can invest in other pursuits, it's possible to get all the money that you need through passive income streams. Those streams put money in your pocket while you have fun with friends or sleep at night. With the best passive income ideas, you can grow your wealth and get money for your later years easily.

Affiliate Marketing

Anyone who uses the web can make money through affiliate marketing. All you need is a website and people who visit it. Companies such as Amazon pay to advertise on your site. While you won't get much from the ads that people see when they visit, you can earn quite a bit when they follow those links and buy from the advertisers. Affiliate marketing is especially popular on Instagram and other social media sites. Some companies pay you money for showing photos of you using their products. You might get free products to try too.

Small Loans

As long as you have money that you can afford to lend to others, you can make money from small loans. Also called peer-to-peer lending, the process is pretty easy. You work with a website that allows people to seek loans. When you give them a loan, that person makes monthly payments to pay what they borrowed as well as the interest that you charged. The risk of not getting your money back is very small.

Real Estate Investment Trust

According to the minds at Money Morning, "Between the pandemic, shutdowns, and the market volatility it all caused, investors have been pouring money into stable income producing investments like REITs." Instead of putting all of your eggs in one basket and investing in a rental property that you own, you put your cash in a REIT that consists of multiple properties. You may make money as the investment does and split it with the other investors. These are a good choice for those who want to make passive income from real estate investments but don't want to buy properties or work as landlords.

Use Your Car

You can use your car to make extra money when you drive for a rideshare company such as Lyft or Uber, but this is far from your only option. As long as you need to drive, why not advertise a local company on the side of your car? These companies make for the magnets that include their business information. The magnet will not damage your car or stick to the paint. Other companies pay you based on the total number of miles that you drive. You have the chance to make money as you run errands or have fun on vacation.

Become a Dropshipper

Dropshippers serve as the middleman between companies that sell products and people who buy those products. You essentially sell items on a website and buy from the seller. Once you accept payment, you pay the drop-shipper for the item and let them send it to the buyer. As long as you can write compelling ads and find products that shoppers want, this can help you earn thousands every month. Not all websites allow dropshipping though, which is why you'll want to read the site's details carefully before creating an account.

Sell Photos

With so many people advertising their photography skills online, you might think that there isn't a market for photos. Many website owners and blog writers don't want to deal with taking photos and editing the images to use on their sites. That is why they buy pictures from photographers. You can take photos with a digital camera or your cell phone and upload them to a website. While you might sell the full rights to some images, you can also offer a cheaper option that lets others use your images without giving up your rights.

Rental Properties

Those who have more money to spend can make cash each month as a landlord. Once you pay the mortgage and upkeep, any money left over goes right in your pocket or bank account. You might make enough from one home that you can buy another within a year. Apartment buildings are often a good investment because each unit rents for a specific amount and lets you collect multiple rent payments at the beginning of the month.

Why settle for a traditional job that doesn't give you the freedom that you want? Thanks to REITs and other income opportunities, it's possible to make thousands every month without lifting a finger.