We all want to make money without having to do any work, right? With the internet, there are countless opportunities to make some extra cash – or even to make a full-time income – without having to put in the hours at a 9-5 job.
So, I decided to put some of these “passive income” ideas to the test, to see if any of them could actually make me rich. Here are the six passive income ideas I tested, and my findings:
1. Creating and selling an online course
I’ve seen a lot of people selling online courses lately, so I thought I’d give it a go. I created a course on a topic that I’m passionate about (online marketing), and then marketed it through my blog and social media channels.
The results? I made just over $100 in sales in the first month. Not bad, but not enough to quit my day job just yet. Plus, creating and selling the course took a lot more time and effort than I anticipated. So, while this is a viable option for making some extra cash, it’s not as “passive” as I had hoped.
Dropshipping is a business model where you sell products that are sourced from and fulfilled by a third party supplier. This means that you don’t have to deal with inventory or shipping – the supplier takes care of all of that for you.
I set up a dropshipping store using Shopify and Oberlo, and started promoting it through social media and Google ads. After two months, I had made just over $1,000 in sales. Not bad! But again, this wasn’t as passive as I had hoped since I still had to spend quite a bit of time promoting my store and adding new products regularly.
3. Investing in dividend stocks
Dividend stocks are stocks that pay out regular dividends (a portion of the company’s profits). These dividends can be reinvested back into the stock (to purchase more shares), or they can be cashed out (received as cash). Many investors prefer dividend stocks because they provide a consistent stream of income that can be reinvested or used however the investor chooses.