Passive income sounds ideal – you do nothing, and you get money. Sadly, many people have this misconception when it comes to passive income. In reality, most forms of passive income require some effort on your part. However, that doesn’t mean that it’s not worth with. With so many people losing their jobs due to the pandemic, more and more people have been looking for other ways of making money with passive income ideas. And while a single passive income venture likely won’t guarantee enough money to take care of all of your expenses, it can help supplement a stable income source to give your finances an extra boost.
Use your Property
There are loads of ways you can use your property to earn you an extra monthly income, and this is one of the most stable forms of passive income that there is. You also don’t need to do much. Simply rent out a room or property that you own, and you’ll be earning money by renting it out. You could also use your house as an Airbnb when you’re out of town. Another option is to invest in a property with the sole aim of renting it out. This can get complicated since you’ll need to know that this investment will guarantee you an income. For help with this, speak with a 1031 exchange specialist.
Investing
If you don’t want to use your property for an additional income, or you simply aren’t in the position to do so, there are still ways of investing. In fact, there are many, many ways of investing! This can be a tricky thing to navigate if you’re new to the investment world, so be sure to do your research and not just jump on the first investment opportunity that crosses your path. It’s also a good idea to start by investing small amounts of money until you have a better idea of what you want to do with your investment money.
Get a fixed deposit account
You’re probably aware of the fact that saving money during a pandemic is a hard thing to accomplish. That’s why a fixed deposit or similar account is a good idea. Not only will you be saving money, but you’ll also be earning money. How, may you ask? These types of accounts generally have much higher interest rates, meaning that by the time you withdraw your money, it will have grown exponentially. However, there is a catch. Since this is a fixed deposit, there’s usually a notice period for you to withdraw your money, which means you can’t access it immediately if there’s an emergency.
Sell your knowledge
This may sound bizarre, but if you have a lot of knowledge about something, you could write essays or books and sell them. Of course, the actual process of writing up this material is tedious and will take a lot of time, but if you upload it as an e-book, you can sit back and enjoy the money that comes from people buying it. Making a name for yourself as a fiction author can be tough since many people try to do it and the competition is fierce, so if you’re doing this for the sole purpose of making money, we suggest you stick to academic writing. For more information on publishing an e-book, click here.
Flip items
This is once again a method of passive income that may not be all that passive, depending on how you go about it, but an easy way of making money is to buy cheap items, fix them up, and sell them at a profit. This can be clothes, furniture, houses, cars – anything you can think of. If you enjoy doing this type of thing, the work going into it won’t even really feel like work. If you don’t want to do the work needed, you can always hire people to do the renovating for you, but keep in mind that your income will be lower since you’ll have to pay them.
Social media
We’re all aware that social media influencers such as Instagrammers or YouTubers get paid a lot of money. However, that doesn’t mean they don’t work hard. If you have a reasonable following on social media, you can make a decent amount of money. Some of these income streams require less work than others. You can get sponsorships or include affiliate links in posts to help you make money through social media. Don’t get too excited, though. You’ll likely have to reach out to a lot of companies, especially if you have a smaller following.