16 Alternative Sources of Passive Income

Our current economy calls for alternative sources of passive income. Alternative passive income streams are creative ways to boost your income without much hassle, whether for a specific goal, retirement savings, or just to skip the boring clock-in, clock-out routine. But do passive income methods really live up to their hype?

Generally, when thinking about alternative passive income streams, people think about real estate and stock investments. But let us break it to you! There are dozens, if not hundreds, of alternative sources of passive income, that too with minimal involvement. There are many unique and even fun ways you can make passive income, like owning a gumball machine or a vending machine. Fun, isn’t it?

Well, if you want to start this fun alternative passive income stream, we have the best and most premier selection of vending machines for sale online. And to be honest, they are arguably the best alternative source of passive income. They are simple to begin, have low initial cost, are highly scalable, and most importantly, give the best ROI.

So, if you wanna learn more about vending machines, you can check out our website for detailed answers.

What is Passive Income?

Before we get into how to make passive income, let’s understand what passive income is. They are basically income coming from creative ways that require minimal to no day-to-day involvement, hence the hype. These sources can be anything from stocks to laundromat vending machines, earning you bucks while you sleep.

This way of earning is not tied to your time, giving you the chance to earn outside of your working hours. But the real question is, do they really work? Honestly, it depends on which alternative source of passive income you choose. Some sources, like stocks, can result in a loss instead of a profit. But some ways are just a gift that keeps giving, like a vending machine business.

The Undeniable Appeal of Passive Income Streams

Talking about how to make passive income, do you wonder why everyone is chasing this alternative? What’s the appeal? Why is there so much hype?

Earn While You Sleep, Work a Different Job, or Travel

The most notable appeal of alternative sources of passive income is that you can continue to earn beyond your working hours. Without much day-to-day involvement, you can earn even when you are asleep or out there traveling. These alternative passive income streams work in the background, filling your pockets, without much hassle.

Reclaim Your Time and Flexibility

Your time is precious and should be spent where it matters. Starting alternative passive income streams allows you to spend time with family and friends, engage in your hobbies, or go explore the world. No worries about sacrificing your income.

Enjoy Stability Through Diversified Earnings

The best part? You don’t have to put all your eggs in one basket. You can use multiple alternative passive income methods for a better and stable life.

Make Money With Lower Overhead and Fewer Moving Parts

There are many alternative sources of passive income with minimum maintenance requirements, like toy vending machines. You will get recurring revenue with each customer without needing much work on your side.

The Truth About Passive Income

Let’s be honest, not all alternative passive income methods are truly “passive” from day one. You need to do upfront work, investment, and have a very good strategy for most alternative passive income streams, if you really want to maintain it for a long time. To make alternative passive income methods work, you need to plan and choose the best from all the alternative sources of passive income.

16 Alternative Sources of Passive Income Worth Considering

If you are thinking about how to make passive income, the choice can very well be overwhelming. If you choose the wrong alternative sources of passive income, it can be a costly mistake. This is why we have compiled a list of the best alternative sources of passive income for you to choose from.

Vending Machines

If you are looking for an ultimate set-it-and-forget-it type of alternative passive income stream, this is perfect. But are vending machines profitable? Absolutely! You can profit daily once your machine is set up in a good location. The best part? There are so many options, like toy vending machines, tattoo vending machines, snack vending machines, laundromat vending machines, etc.

Gumball and Candy Machines

Another similar one is the gumball and candy machines. These are kid magnets, and even adults can’t stop themselves from having little treats from time to time. Honestly, a gumball machine is a smart way to earn spare change. And don’t underestimate how quickly those coins add up to hundreds of bucks. If you are curious, how much is a gumball machine? Don’t worry, you can get it even for under $100.

Laundromat Ownership

If you want to know how to make passive income hassle-free, this is your answer. Laundromats basically work on their own with a coin or card method. The fun part is that you can set up two alternative passive income streams together by installing a laundromat vending machine.

Short-Term Rentals

Airbnbs have a lot of hype, and rightfully so. You don’t even have to go meet the renters, just talk online and rent your place for short travel stays. However, you do need to keep up with top-notch maintenance every now and then to not get bad reviews.

Storage Unit Businesses

There’s always something that you don’t have any use for but can’t throw away, right? This is why storage unit businesses are always in bloom. No need for much maintenance, just rent it out and get a good income monthly.

Invest in the Stock Market

We have a classic one here. A tried and trusted passive income method. However, it can be a bit challenging for complete beginners and also has some risks associated with market drops and company losses.

Peer-to-Peer Lending

If you can take risks, another great way of earning passive income is by lending money on different platforms. You can earn a high profit from interest. But again, it’s quite risky.

Build and Flip Websites

If you have a knack for programming, SEO, and web design, try making and selling websites for large lump sums. You can even monetize these websites with affiliate links and ads to earn passive income monthly.

Affiliate Marketing

One of the easiest alternative passive income methods is earning commission on promoting your favorite products on social media. A perfect win-win situation.

Write and Sell an eBook

If you have a knack for writing, turn your hobby into an alternative passive income stream. You can easily self-publish ebooks on Amazon Kindle Direct Publishing and earn without any hassle.

License Photos, Music, or Templates

Do you love taking photos? Making music, or even templates. There are so many platforms that let you upload your work, get it licensed, and open alternative sources of passive income. You earn every time people use your work.

Print-on-Demand Business Models

Another good one from alternative sources of passive income is creating fun designs for t-shirts, mugs, and other merchandise. Don’t worry, you don’t have to deal with inventory or even printing. There are platforms that do the rest for a very small price.

Advertise on Your Car

Own a car? Use it to open alternative passive income streams. Earn for just driving around. Companies wrap your vehicle in ads and pay you a good sum on a monthly basis.

Rent Your Car

Does your car mostly stay in the garage or driveway? Instead of selling it, bring it into use and rent it. You can earn recurring passive income without losing a valuable asset.

Buy a Local Business

Don’t have time to start from scratch? Invest in taking over an already running business. People often sell their running businesses for retirement or relocation.

Craft and Sell Handmade Goods

Batch produce simple products you are passionate about and sell them. One-time labor, but with good returns. You can even use dropshipping to scale up.

How to Make Passive Income: Tips on Implementing These Passive Income Ideas

All these options must have inspired you, right? So, let’s give you some tips on how to make passive income, so it actually works for you.

Start With the Most Practical Option - Not the Most Exciting or Lucrative

Flashing and buzzing ideas with lucrative income sounds good, but they aren’t the best in the long run. You pick them in the heat of the moment, but soon the excitement fades, and it doesn’t inspire you anymore. You must consider both your budget and time. For instance, you can start a gumball machine business in under $100 with almost no involvement. And you can learn how to start a gumball machine business in no time.

Automate and Outsource Where You Can

You don’t have to get involved in the business. Try using automation options like tracking software and auto order placements, or hire a restocker to outsource your work. This way, you can make your income truly “passive”.

Diversify Once You Have One Stream Working

Putting all your eggs in one basket is never a wise choice. Once one idea takes off and becomes stable, reinvest your profit to start new alternative passive income streams.

Parting Thoughts on the Best Alternative Passive Income Streams

There are amazing alternative sources of passive income, all you have to do is find out which one suits you. However, if you want a low-risk, high-reward passive income source, vending machine businesses take the win.

Without wasting any more time, browse Gumball.com for the best and most premier selection of vending machines for sale online. Start today, because the earlier you start, the better the income.