Passive income refers to income that is earned without active involvement or effort on an ongoing basis. In other words, it’s income that requires little to no effort to maintain once it’s established. Some examples of passive income include rental income from real estate, dividend income from stocks, and royalties from intellectual property.

Passive income can be an important component of building wealth and achieving financial independence. It allows individuals to earn money even when they are not actively working or trading their time for income. Building passive income streams can provide a source of financial stability, flexibility, and freedom. However, it’s important to note that building passive income typically requires some initial investment of time, money, or both, and often involves some level of risk.

Passive income is a great way to build wealth and create financial freedom.

Here are 15 passive income ideas for building wealth:

1. Real Estate Investment Trusts (REITs): REITs are investment vehicles that allow you to invest in a diversified portfolio of real estate properties, and earn passive income through rental income and capital appreciation.
2. High-yield savings accounts: You can earn interest on your savings by opening a high-yield savings account, which typically offers higher interest rates than traditional savings accounts.
3. Peer-to-peer rental platforms: You can rent out your belongings, such as your car, bike, or camera, through peer-to-peer rental platforms and earn passive income.
4. Stock market investing: You can invest in stocks and earn passive income through dividends and capital gains.
5. Create a mobile app: If you have coding skills, you can create a mobile app and earn passive income through in-app purchases or ads.
6. Sell stock photos: If you’re a photographer, you can sell your photos on stock photo websites and earn passive income each time someone downloads your photos.
7. Buy and hold cryptocurrency: You can buy and hold cryptocurrencies and earn passive income through staking or mining.
8. Online surveys: You can participate in online surveys and earn passive income.
9. Rent out your space: You can rent out your extra space, such as a spare room or a parking spot, on platforms like Airbnb or SpotHero.
10. Create and sell online courses: If you have expertise in a specific field, you can create and sell online courses through platforms like Udemy or Teachable.
11. Create and sell physical products on Amazon: You can create physical products and sell them on Amazon through their FBA (Fulfillment by Amazon) program.
12. Rent out your website: If you have a website with traffic, you can rent out ad space and earn passive income.
13. Invest in a business: You can invest in a business as a silent partner and earn passive income through profits.
14. Buy and hold rental properties: Similar to REITs, you can buy and hold rental properties and earn passive income through rental income and capital appreciation.
15. Create and sell print-on-demand products: You can create designs for products like t-shirts, mugs, or phone cases, and sell them on platforms like Redbubble or Teespring.