I have been working as IT professional in USA from many years. Although I have been making thousands of dollars every month, I never had that peace of mind that I can retire with good wealth someday until I learnt about how to earn money online, especially passive income. Let me explain you how to Earn Money in 2020
We all are running a rat race. How many months you can run your family if you lose your job today? Think honestly for a minute.
All the billionaires in the world understood a simple fact that ‘creating wealth is million times better than getting rich‘.
The best way to do that is by creating multiple streams of passive income.
There seems to be no other more pleasing way to make money than having passive income flow in your balance every month. Passive income does not require your 24/7 work hours to get them.
You just have to take initiation at the beginning and let the money come to you.
So, rather than writing about some normal ways of earning money online, I am writing an article on the 20 best ways to earn passive income in 2020, almost effortlessly.
Also, my special thanks to everyone who made my previous article 3 simple ways to get a free amazon gift card a super success. I’m glad that it helped thousands of readers.
Successful People Understand Basics First
First and foremost, I recommend you to understand some basic terms so that you will not lose money after putting a lot of hard work. I lost some money as I overlooked the basics.
What is Passive Income?
There are 3 types of incomes.
Active Income is the income you receive by providing a service. This includes salaries, wages, tips, commissions, and businesses in which your material participation is required. Active income is also called as earned income.
Portfolio Income is the income earned from investments, interest, dividends, and capital gains.
Passive Income is the income you receive on a regular basis with minimum or no effort. It would take quite some time and effort to build such an income stream. Passive income is also called “Lagged Income” for the same reason.
You have to commit your time and efforts up front. It’s like a tree. You water and nurture the plant for few months with no returns. Once it grows big and becomes a tree, you will get fruits with very less or no time to take care of that.
Let the roots be strong.
Examples of Passive Income :
Income earned from rents, profits of ownership from capital, interest earned from owning a financial asset, royalties from intellectual properties (books, videos, music etc) are some of the examples of passive income. To do more research, read investopedia’s articles about passive income.
20 Ways to Earn Money in 2020 (Passive Income)
All of the below techniques are time tested and few of them worked really good for me as well. I earn $76,000 per annum with some of the below techniques.
1. E-book Writer
Just like a book writer getting his/her money from royalties, an e-book writer can eventually enjoy the profit of work s/he had finished with the e-book. If you master particular topics on particular subjects, write down your findings into a book and get it published on the e-book market.
You are going to make money from the charge per download. If you are passionate about reading or writing, then read 2 Best Ways to Earn Money from Quora (with income proofs) as well
2. Real-Estate Investor
There is no doubt that investing in real estate will be able to offer you huge profits. Either you want to sell or rent properties, all the money will go straight to you without you having to work so much hard.
In addition, remember that each day more people are searching for shelter.
You don’t have to have thousands of dollars to start a real estate business. You can start with as little as $500. A company called Fundrise does all the heavy lifting for you.
That said, investing in real estate can be a long-term profit-making source. For more details, read How to start a real estate business with no money?
3. App Builder
You must have got this idea already. There is a lot of competition in the market with thousands of apps under each category in iPhones and Android phones.
One of my friends developed 12 mobile apps. 11 of them gave him just a couple of hundred dollars each profit. The 12th one made him a millionaire.
Do you know that Joel Comm made more $1 million profit from iFart app? We won’t even talk about the crazy money that apps like angry birds, tik-tok and PUBG are earning.
It may drain out all your sweat at the beginning, but as soon as your app gets downloaded by smartphone users, you have passive income flowing into your account.
It is certainly a business full of competition, but isn’t it our life actually is?
You are incredibly lucky if blogging is one of your specialties. More people today quit their daily job to focus on their blog pages which are fortunately great sources of money. Those pages enable advertisements to share space where you get money from.
This is my favorite way of earning passive income. I own multiple blogs and earn passive income from various sources like google ads, local business ads, promoting brands etc. Read 5 Steps before you start a blog to work from home
5. Online Sellers
Build a website and sell your crafts on it. If people like your stuff, then you do not have to go anywhere but your home in order to make money. Passive income from this business can be really huge and appealing. Get your trending products on display, make a deal with customers, and you get your money. Read a detailed article I had written on 50 ways to promote your online business
6. Refer and Earn Life Long
There are numerous merchants or websites who will pay you for referring a customer to them. Referral could be as simple as installing an app with your unique promo code or promoting the brand in your social network.
The catch here is to find out companies who offer recurring referral income. You will get paid not only when the sale or installation is done, but also every time when the customer renews or upgrades his plan.
Recurring Refer and Earn Example : One of the best examples for recurring refer and earn program is selling insurance. Customers have to pay the term insurance every year or 6 months. Insurance companies pay high commission when the sale is made first time (first term) and lesser commission every time the customer renews.
Refer and Earn Sites List : I have prepared a list and sorted them on category basis to make your life easier. See refer and earn sites for list of companies who pay you for referring customers – one of the sure shot ways to earn money in 2020.
7. Credit-Card Cash Back
Surprisingly, there are more people use cash back from payments they make via credit cards. The amount of profit can reach 5%. You can even get a bonus from card signup and grant you with even more profits without you having to feel tired.
Which idea do you like most? For questions or clarifications, comment below. I will surely reply to you.
8. Rent Extra Space and Car
Got an extra room or garage apartment or a tent? You can rent that and make some decent money. List your extra space through Airbnb.
You can rent out your car through a couple of websites depending on your country. Taxi and Uber drivers would be interested to rent your car on a daily or weekly basis. Read How to get a FREE CAR in India?
9. Sell Your Photos Online
Forget about getting only likes on social platforms. You can now make money by selling photos online.
You may not become a millionaire. But sites like Foap and Shutterstock will pay you $5 per photo.
You don’t need to be an expert photographer. You can just take some decent photos from a phone with a decent camera. People nowadays are more interested in natural looking photos more than perfect ones.
10. Setup Vending Machine
Invest some money (or take a bank loan) to set up a soda or snacks vending machine. You just need to reload the stock once in a couple of days. People will put money, get what they want and leave the place.
Although you may not make thousands of dollars per month, profit margins would be high. The maintenance costs are low.
Increase your earnings by setting up vending machines at busiest places like shopping malls, food courts, events etc.
11. Stick Ads on Your Car
You can consider the idea of slapping an ad on your car if you drive a lot. Earn $200 a month from platforms like Carvetise with no investment.
You just need to answer a few questions about your driving habits. You will have a better chance of getting selected if you live in a bigger city and drive a lot.
This idea might be perfect for you if you drive for uber or other ride-sharing services.
12. Make YouTube Videos
Do you have something that can go viral? Are you interested in sharing information about an event or topic?
Record some good videos and upload them on YouTube. Apply for monetization once you achieve the minimum YouTube guidelines.
You can earn $1000 to $3000 per million views depending on your country.
I personally know many people making this kind of income on a monthly basis.
13. Create Lead Generation Websites
Another interesting way to earn passive income is by creating lead generation websites. Lead generation websites exist to give leads to local businesses.
For example, create a good website to educate people on buying properties. Provide a contact form on the page if they are looking for any help.
You can now sell these leads to local real estate brokers. They will pay you money per lead and may pay you more if they get a sale.
You can also put some ads on your website to make extra money. You need to be at good at SEO to get your page on top of the search results or use paid advertising for that.
14. Lending Club Investor
It is a platform made for everybody to get loans from investors. Then how much do the investors get? Generally, an investor can gain profit from the interest rate on Lending Club. You can earn 10% per year from the interest rate.
15. Create Online Courses
Create online courses on the topics you are good at. There are few websites who will accept your courses after reviewing them, promote them and pay you good percentage of the amount being charged for those courses.
You need to be a professional expert to be accepted by these websites. Two of my friends are making good money by creating online courses on the trending topics like machine learning, artificial intelligence, DevOps and Digital Marketing.
Edureka, Coursera, Lynda, Teachable are some of the websites who are popular in online teaching. These platforms does all the heavy lifting for you. Your effort comes into picture only during preparation and recording of the videos.
Read free social media marketing courses for details on different types of courses available in the market.
16. Coupon Website
This is an easier variation of blogging. In blogging, you have to think of trending/interesting topics, do some research, and then write an informative article. But on a Coupon Website, you simply have to search and update the latest coupons and deals from popular E-Commerce stores. You will get an affiliate link from these stores. And whenever a visitor goes via your link and makes any purchase, you will earn an affiliate commission.
Although this system may feel a little complicated in the beginning, it is actually very easy and rewarding. All you have to do is install a coupon theme on your WordPress hosting.
They come pre-integrated with coupon feeds, so coupons and deals from popular online stores automatically get updated on your website every hour. The commissions are managed by affiliate networks, who collect all your earnings from various stores and pay you at the end of the month by keeping a small cut for themselves.
I hope you found the ideas shared about “earn money in 2020” is useful. While all the above discussed ideas have a potential to generate high income, you need to choose an idea depending on your passion, knowledge and market of your country.
Which one of the above ideas looks best for you? Comment below.
Do you have questions? Post them under the comments section below. I will surely answer them.
[to be continued..]