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Passive income has become one of the most talked-about topics in personal finance. It represents a way to make money with minimal ongoing effort, allowing you to free up time for other pursuits while still building wealth. The internet has opened up countless opportunities for generating passive income, and the good news is that almost anyone can get started with the right approach. Here are five of the best online passive income streams you should consider.
Building and Selling Digital Products
One of the most lucrative ways to earn passive income online is by creating digital products. These can include eBooks, online courses, printables, stock photos, or design templates. Platforms like Gumroad, Etsy, and Teachable allow creators to sell their products globally.
The beauty of digital products is that once they’re created, they can be sold repeatedly without additional production costs. For example, if you write an eBook or design a series of planners, you can upload them to a marketplace and let the platform handle the sales and delivery. While there’s an upfront effort in creating a high-quality product, the long-term income potential is impressive.
