Unlike active income, which requires your time and effort, passive income continues to flow in with little to no daily effort. Here are ten ways to create passive, recurring income streams:

Real Estate Investing

Investing in rental properties can provide a steady stream of monthly income from rent payments. With platforms like Airbnb, you can also rent out vacation homes or even a room in your house for short periods.

Peer-to-Peer Lending

Platforms such as Lending Club allow you to lend money to individuals or small businesses in exchange for a return on investment. It’s a relatively passive way to earn money as long as the borrower doesn’t default.

Stock Market Investments

Investing in dividend-paying stocks, ETFs, and mutual funds can generate recurring income. However, the stock market comes with its own set of risks, and it’s essential to understand them before investing.

Real Estate Crowdfunding

Platforms like Fundrise and RealtyMogul allow you to invest in commercial and residential real estate projects for a relatively small amount of money, sharing in the rental income or sale proceeds.

Online Courses or Ebooks

If you have expertise in a specific field, consider creating an online course or writing an ebook. Once the initial work is done, these can generate income each time a new student signs up or someone purchases your book.

Affiliate Marketing

By promoting other companies’ products on your blog or social media platforms, you can earn a commission for each sale made through your referral link.

Renting Out Your Car

Apps like Turo allow you to rent out your car when it’s not in use. It’s a way to monetize an asset that might otherwise sit idle.

Blogging or YouTube Channel

If you have a unique perspective or valuable knowledge to share, consider starting a blog or YouTube channel. Monetization through ad revenue, sponsorships, or merchandise sales can become a passive income stream over time.

Creating an App

If you have a unique app idea and the means to develop it (either through coding skills or hiring a developer), an app can be a significant source of passive income, especially if it becomes popular.

Selling Stock Photos

If you’re a skilled photographer, you can upload your photos to stock photo websites. Each time someone downloads your image, you receive a royalty payment.

While these strategies can help you create passive, recurring income, remember that most of them require some initial effort, time, or financial investment. Yet, once they’re set up, they can provide a level of financial security and independence that can be crucial in retirement.