It is almost every persons’ dream to earn enough money to live off, without putting in a lot of effort. Earning money through a number of different channels that require minimal effort on your part, is known earning passive income.

Earning passive income can be great for people who cannot work a normal 9-5 job, or people who want to earn a bit of money on top of the money that they already have.

In 2020, there are a lot of options available when it comes to generating passive income, so you should be able to make money through several different options.

1. Invest in property

A great way to earn a significant amount in passive income is to invest in property. A lot of people tend to buy and investment property so that they can rent it out to others and make a profit that way. When it comes to buying and selling rental properties, there are a number of companies out there that can help you to get the most out of your investment.

Online property marketplaces like Roofstock are great for people who are looking to buy or sell an investment property because it allows you to look at all of the details that you need to know about the property before you decide to invest.

Once you have rented out the property, you can expect to get a small amount of money each month, so you will be able to make back the money your spent on the property and even more money in no time.

2. Write a book

They say that everyone has a book inside them, so if you have an idea for a book, you should try and write it. Writing a book is a great way to make passive income because you will get to write about something that you are passionate about, with a chance to generate revenue.

These days, it is even easier to make money from book sales because you can turn your book into an eBook or an audio-book, so that everyone can have access to what you have written.

Once the book is written and you have put your story out there, all you have to do is wait for someone to buy it, which is great for people that want to earn some extra money while they are working.

If you really want to generate some revenue, you should look to writing a non-fiction book rather than a fiction book, because they will educate your reader and sell better than other books.

3. Create YouTube videos

If you love making movies or filming yourself then you should consider becoming a Youtuber if you want to make a little bit of money.

Although it might look like a lot of fun, making videos can be hard work and requires a lot of editing and cutting scenes to make your videos better, so make sure that you have basic film editing skills before you go down this path.

The key is to try and bring something unique to your videos while appealing to people in your chosen niche. If you can do that, you should be able to make a little bit of fun while you have fun filming your videos.

4. Rent out your clothing

A great way to make some passive income is to rent out some of your existing items.

For example if you have a lot of clothing that you no longer wear, you might want to rent out a few pieces to make a bit of money. Clothing rental websites like The Volte are great for people that have a lot of clothing that they do not want to sell, because it allows them to make money off the items that they already own.

Clothing rental is becoming more and more popular because it is an environmentally friendly way to find a new outfit, so it is a great niche to get into as more people want to rent instead of buying clothing.

5. Peer- to-peer lending

If you have a bit of money that you don’t need right away, you should consider becoming a peer-to-peer lender to earn some passive income.

Lending money is almost like a money rental service, but it benefits the lender significantly, because they can earn a significant amount in interest if they know what they are doing.

For example, if your friend needed to borrow $5000 urgently, and you wanted to lend it to them, you would offer to lend them the money, as long as they paid the loan back in a certain amount of time and they paid a little extra in interest for having the privilege of getting a loan in the first place.

As the lender, you can negotiate the terms of your loan and the interest that the person getting the loan will have to pay you, so you can make a significant amount of money from peer to peer lending, if you know that you are lending your money to the right people.

6. Create an app

If you have a great idea for an app and you have some basic skills in programming, then you might be able to create an app that can help you make some money.

The key is to find your niche and try to create an app that helps solve a problem, or make life easier for those who will use it.

Once you have created the app, you can sell it an online retailer like the app store or Google play, and every time someone downloads it, you will earn some money. Even if you do not have a background in computing or programming, you can still make money off of your ideas by selling your idea to a developer.

There are a lot of different ways to earn passive income in 2020. The key is to try and find a way to earn money that works for you.

If you don’t have a lot of money to invest to begin with, then you might not be able to invest in property, but you can find other ways to generate revenue, like writing a book or renting out your items.

So if you want to earn a little bit of extra cash to use whenever you need it, you should think about earning some money passively, so that you can use the rest of your time for more important things.