Have you ever felt like you need more than working a full-time job? Passive income can help you build wealth with little to no effort. Generally coming from investments and side hustles that you can do passively enough, passive income can help you save money or maximize your monthly budget.
Stocks
Investments are one of the most popular ways to earn passive income. Even though they can be confusing at first, they’re worth learning. And no, stocks are not as volatile as cryptocurrency or NFTs can be, especially if you choose to invest for long-term results. Then, what’s the safest option for you? The answer is simple: a diverse portfolio. There are a few ways to place a safe bet, including:
- mutual funds;
- index funds;
- exchange-traded funds (ETFs);
- high-dividend stocks.
To start investing in stocks and building a sustainable passive income, open a brokerage account with a trusted institution and put some money into it. Don’t take up more than 25 stocks, though – that’ll be too hard to manage and fund.
Micro Jobs
It might be hard to believe, but small side hustles that are close to no effort will profit you. Play the most recent game titles, watch videos online, or even complete surveys, all for monetary compensation.
It takes just a few minutes to create a profile and add your wallet to start completing micro jobs online. Then, just pick up your smartphone when you’re free throughout the day. Up to an hour a day will let you earn a valuable passive income.
Digital Products
Given that you’re a creator, passive income will be even easier for you to set up. Sometimes, all it takes is creating a digital product to sell. Once you make it, it’s a smooth ride, and you can resell it as much as you want. Another bonus is that you don’t need to store it in any way because it’s all on the Internet!
You can create products like e-books, templates, PDFs, apps, and even music or films. The result depends on your occupation and hobbies. If you like knitting, for example, work on a unique pattern for other knitters.
Online Courses
Don’t limit yourself to only downloadable products. Your digital business can include online courses, too! Customers can stream the videos straight from the website. It doesn’t matter if you’re an artist or a math teacher; your pre-recorded lessons can be beneficial for anyone trying to learn a skill.
Sure, some time is required to write a course, film it, and add valuable assets to the bundle. Yet, you’re not spending anything other than your time or knowledge.
Real Estate
There are quite a few ways you can earn on real estate. Although you’ll have to invest in a property to make the most passive income, it’s possible without financial investments. You can:
- Rent out an apartment. Whether you’ve bought a house, an apartment, or a couple of real estate assets at once, you can rent them out. On the one hand, you’ll have to manage the process as a landlord. Conversely, when you collect enough rent payments, you can also hire a property manager to do that work. In the end, you’ll reach total passive income.
- Rent out a room. If you don’t have enough money to buy a second asset, make the most of the one you already own. Thankfully, you can always rent out an extra room. Your roommate will grant you a passive income stream.
- Rent out storage space. Is there some extra space in your basement, house, garage, or office? Receive some compensation every time someone uses it! Depending on the storage space’s size and location, you can make quite a lot every year.
- Rent out parking space. This passive income tactic is similar to the previous one. Your income will depend on the area you’re in. Yet, if you live nearby a busy street and don’t use your parking space, it’ll make someone else really happy and earn you a buck.
Conclusion
There you have it, five valuable ways you can start today to create yourself a passive income stream. However, if you’re looking to maximize your passive income, make sure to work with a financial advisor. They’ll help you set a goal, curate a budget, and invest safely, whether you choose real estate, stocks or whichever income method you want to get your journey started with.