Whether you’re saving up to buy your dream home, want to work less, spend more time at home with your family, or you just want to earn a little extra fun-money, generating passive income lets you fund your goals without putting in extra time. It’s like getting a second paycheck every week for doing the same work.

But passive income does generally requires some initial work and investment to establish. However, once you’ve set your income stream up, it will continue generating income with a minimal amount of additional effort from you.

The goal is to create an income stream that “pays you back” 24/7, whether you’re in the office, at home, or sipping pina coladas on a beach.

So how do you start making money even when you aren’t in the office?

Passive Income Ideas Anyone Can Leverage

Create a digital download

This is a lot easier than it sounds.

Find something you’re knowledgeable about… something that interest you… maybe a hobby or something you love to talk about. This can be anything you have knowledge about that can help people who don’t know what you know, but can benefit from it.

Then advertise and sell it.

These days, all it take to do that is a website, blog, or even just a social media profile…

Simply advertise your digital product there for people to download or drop them into a longer sales funnel to generate income through automation.

Rent out items you no longer use

Or items you do use… but not that often.

This doesn’t have to be Airbnb. We’re not talking “just for homeowners.”

Anyone can rent out their stuff to produce revenue.

Not using your car for a weekend?

You can rent it out through Get around, Turo, or Fat Llama.

Only use your parking space Tuesdays and Thursdays?

Rent it out the rest of the week through Just Park, Your Parking Space, or Park on my driveway.

There are loads of websites out there which let you list your assets…

And for girls, or guys whose wives love to shop, you can even rent out clothes on websites like Style lend.

Affiliate Marketing

Affiliate marketing is one of the easiest passive income techniques out there for anyone who has some sort of audience… whether it’s a website with traffic… or an instagram page with a few hundred followers…

All you have to do is promote products you feel comfortable recommending. For every sale you make, you collect a commission.

This method is so effective that many big brands utilize it as one of their primary promotion techniques. After all, it’s better to have a million “salesmen” out there than a few hundred. As a result, there are tons of affiliate marketing companies you can join.

You just have to provide a few details about yourself and your business. Once you’re approved, you’ll be able to generate affiliate links for the products you’re promoting, from digital products to books, clothes, vacations, and more, every time someone clicks on your affiliate link and buys the product, you get paid.

Turn your home/spare room into an Airbnb

Airbnb provides great passive income for anyone who has a spare bedroom. It’s not just for vacation rentals, or even for renting an entire houses. If you’ve got a spare room in your property, get it listed on Airbnb. You set the price to rent it and all you have to do is take care of the room.

If you’re going on vacation and your house is going to be empty it’s a great way to get paid to be on holiday. Hello cheaper getaways! Depending on the location some Airbnb properties can make hundreds per night, so it’s well worth looking into to see what your house or room could bring in. Airbnb insures and processes all transactions so that your income is guaranteed and your home is protected.

Real Estate Investment Trusts (REITs)

For those interested in getting involved with real estate investing but don’t have the financial requirements for it, this option can be ideal for you.

Real Estate Investment Trusts, or REITs are when a group of people come together to invest in real estate properties rather than investing alone. This means you still get to invest in the property, but don’t have to invest your entire principa to do so.

The size of the REIT determines how much of the property you can actually own but you can invest in multiple REITs to increase your return (subject to having the cash up front). And because you’re only contributing to the investment rather than taking it on alone, IF the value of the property drops, you’re protected from a huge loss.

Make Your Money Work For You

Regardless of which strategy you find most appealing, the goal is the same: Your money should be making you more money! The above strategies provide lucrative passive income opportunities for investors without breaking the bank. Research what opportunities best suit your needs and then get started on your financial goals!