10 Best Passive Income Ideas to Make $1,000+ Per Month

Setting up passive income streams is essential if you want to achieve your financial goals... In this post, I'll show you 10 best passive income ideas to build and make $1,000+ per month....

Money Personal Finance

There are 2 main types of income. They are Active Income and Passive Income.

Active Income is the money received for providing a service or a product. It can be in form of a paycheck from an employer, or by selling physical products.

Passive Income is the money you earn on the side of your day job, or while busy with school work, with just minimal effort.

How Does Passive Income Work?

A lot of people think passive income is the type where you don’t put in any work. No, it’s not like that.

The truth is that at the beginning you will need to sacrifice something to set up your passive income idea. It can be your time, energy or money, or even all, but you will surely need to sacrifice something to set up your idea.

It is after setting it up that you can now be earning money from it even without spending a dime again or doing any active work.

If you properly build your passive income idea and get consistent with it, it will come to the point where your passive income will be more than your active income.

Having different sources of passive income is also really important now, as it can help you:

achieve your financial goals in the long term
achieve financial freedom
earn money while you sleep
diversify your income sources.

Now let’s take a look at the 10 best passive income ideas to build and make $1,000+ per month.

1. Invest In The Stock Market

Of all the passive income ideas I will be talking about in this blog post, this is my favorite one to do. This is because it has more advantages than disadvantages.

If you are young (like me), it can help you build wealth in the long term because you have a lot of time to invest and make money in the stock market.

Some things you need to know about investing in the stock market are:

You don’t need to start with too much money.
You don’t need to put in a lot of time.
You can make a lot of money in the long term.
You can lose money if you pick the wrong stock.
It will work for you if you are investing consistently.
If you are young, time is on your side. So, start investing NOW!

How Do You Invest In The Stock Market

Here’s how you can start investing in the stock market:

Do your research
Open an investment account
Decide how much you want to invest
Choose the stocks to buy
Continue investing

How Can You Make Money From The Stock Market

There are 2 ways to make money in the stock market. They are dividend income and capital growth.

Dividend income is the real way to make passive income in the stock market. You only make money through capital growth when you sell your stocks.

If you are interested in investing in the stock market, you should consider downloading the Trove Investment App. It is an investment app that allows you to invest in Nigerian, American, and Chinese stocks, bonds, and ETFs.

Tap here to create a Trove Investment Account and get up to $50 worth of free stocks

2. Invest In REITs

If you want to invest in real estate, but you don’t have too much money, or you don’t want to deal with tenants, then REITs are for you.

What are REITs?

REIT stands for Real Estate Investment Trust. A REIT is a company that owns, operates, or finances multiple real estate or properties that produce passive income.

How Can You Invest and Make Passive Income From REITs?

You can invest in REITs through the Trove Investment App. There’s a section on the app that allows you to invest in any REIT of your choice.

Once you pick a REIT of your choice and invest any amount of your choice, you will be paid a % as dividend income, while your capital is also growing.

3. Put Your Crypto In Savings

If you are someone who doesn’t want to be involved with crypto trading or studying crypto charts, and you still want to make passive income with your crypto, then this is for you.

Today, there are various crypto apps and websites where you can invest your crypto and earn more crypto at a high-interest rate. For example, you can put your crypto into savings or locked staking on Binance and earn popular cryptocurrencies like BTC, BNB, and so on.

Earning passive income with your crypto is actually a cool way to invest your crypto without trading. You can watch my video on how to earn passive income with your crypto on Binance.

4. Start a Youtube Channel

Starting a youtube channel now can turn out to be one of the best decisions you will ever make in a few years to come.

A lot of people are making a full-time income on youtube, and it has become so popular that about 75% of children between the ages of 6 to 17 want to become YouTubers.

There are people out there who want to start a youtube channel, but they are procrastinating. This is because they keep doubting their abilities and thinking they can’t make it on youtube.

If you don’t start, you can’t know if you will make it on youtube or fail at it.

Now, how do you start a Youtube channel?

Know how youtube works
Find your niche (make sure it’s something you have passion for, it will be so easy to grow)
Develop a strategy you want to work with
Check out other YouTubers in your niche, and see what they are doing
Get recording equipment (there are phones that have good cameras, and there are mics that cost less than $20, and if you can get a ring light too that’s good)
Start making videos

How Do You Make Money With Your Youtube Channel

Youtube Ads
Affiliate Marketing
Sell digital products
Brand deals
Sell Ebooks
Create a membership site
Sell merch

If you’ve been wanting to start a youtube channel for a long time, then you should consider starting now. You can check out Think Media or VidIQ on youtube for more tips on growing on youtube.

5. Start a Blog

Having a blog is unarguably one of the best ways to make passive income. It is a great way to express yourself through writing.

It’s also a great way to make money for yourself. You can be making as high as $5,000 to $10,000 a month with your blog.

One thing I love about having a blog is that you can start a blog about anything. Yes! Anything. You can create a blog about finance, animals, stories, tech, tutorials, food, fashion, etc. This list is too long.

There are different ways you can make money from a blog, but before I list them, you should know that you can’t start making money from your blog immediately you start.

You will have to build your blog and wait for some time before you can start making money from your blog.

Here are the different ways you can make money with your blog:

Google ads
Affiliate marketing
Selling digital products
Selling services
Sponsorship deals
Offer coaching services
Sell a course
Sell your merch
Sell an ebook

I have just listed 9 ways you can make money with a blog. There are still more if you make your research.

Now that you know how to make money with a blog, the next thing is: “Is blogging right for you?”

To be honest, blogging is not for everybody. Blogging is right for you if;

you love writing.
you have a passion for a subject.
you are patient.
you can express yourself through writing.
you can teach through writing.
you can commit time and energy to something.

If you have all these, then you should consider starting a blog.

Check out this guide on How To Start A Blog In 2023 & Earn $10,000 From It

6. Rent Your Properties

If you are looking for ways to make money without doing anything, one of them is renting your properties. It is one of the best passive income ideas out there.

You can earn an extra income passively by renting out those things people need but you are not using.

Here are different things you can rent out to make passive income:

Your empty apartment
Your car
Your bike
Your gadgets
Your equipment
Your office space

7. Sell Ebooks

Selling ebooks is definitely one of the easiest ways to make money in today’s world. You can write an ebook and earn great passive income for a very long time after writing it.

In fact, it is now easier for people to buy ebooks than go to bookshops to buy books.

Selling an ebook is really good because:

It is highly profitable
It is easy to write
It is very cheap to create

One thing you should know is that you will have to commit time upfront to write your ebook so well. You will also need to have a plan on how to edit, promote and market your ebook.

But after creating your ebook, you will have a passive income source for the rest of your life or for as long as you want.

If you are interested in writing and selling ebooks but you don’t know how or where to start, then check out this guide on How To Create Ebooks In 8 Steps

8. Sell a Video Course

Another great way to make passive income is to create and sell a video course.

I have a video course on Crypto Trading which I created in November 2021 and I’m earning passive income from the course.

Before you build a course, you should consider these 3 things:

Identify what you are good at
Decide how you want to record your course
Know how you will promote your course

Building a video course requires some upfront commitment and work and some little investments.

If you want to make a lot of money for a very long time from your course, then you should build a course that is well-detailed and informative.

After creating your course, you will also need to dedicate time to promoting the course. The more you promote your course, the more successful it will be.

If you are wondering how to create a course, then check out the Course Creation Guide which will help you on how create a course, and make money with your course.

9. Put Your Money In A High-Interest Savings Account

One of the easiest ways to make passive income is definitely to open a high-interest savings account.

Having a high-interest savings account is better than having your regular savings accounts in the bank because of the following reasons:

Your funds are insured
Liquid accounts
Very easy to open
Available to anyone
Up to 10X interest rate
You earn more cash because of higher interest rates

With a high-interest savings account, you earn passive income by just saving your money and nothing else.

If you are from Nigeria, you should consider opening a high-interest account now with Cowrywise. It’s free to open.

Tap here to open an account on Cowrywise and start earning high interest on your savings.

10. Affiliate Marketing

Affiliate marketing is an advertising model where the owner of a product pays others (affiliates) to promote the product and make sales.

There are so many companies that allow people to sign up as affiliates on the platforms to make money.

You can sign up on some of these platforms and get your affiliate account or link and refer people to these platforms and earn a commission.

There are different ways you can maximize your sales with affiliate marketing.

You can create videos or blog posts where you review certain products that have affiliate links, or you create guides on how to use these products and attach your affiliate link to the video, blog post, or guide.

To find the right product to promote, ensure you do some research to find the brand or platform that matches your audience’s needs.