Who wouldn’t want to make more money? Many of us take on extra work, whether it’s at your current job or as a side hustle. But we all get only 24 hours each day, and sometimes you don’t have enough time to balance between work, family, social commitments and other interests.
Passive income is the solution to this dilemma. Here’s a mix of traditional and modern options for your first passive revenue streams.
Rent your property
Getting into real estate is one of the tried-and-tested means of earning some passive revenue. And while there are various strategies to make money from real estate, one of the easiest for beginners is rental income.
In many areas, housing prices are going up and increasing the demand for affordable rental properties. Buying a multi-family unit gives you a place to live, while the revenue from renting out the other units will subsidise your mortgage and still leave you with some surplus. Look for ways to simplify your duties, such as listing your property on Airbnb for exposure. Hiring accountants for landlords will also simplify the financial challenges of managing rental property.
Monetise your website
Making money off a website is a relatively new option when it comes to generating passive income. Thankfully you don’t need to aim for viral hit status; instead, build your content slowly and steadily. Try to start a blog about something niche that’s in your area of expertise. Write a post every day, and you’ll eventually build a platform which lets you join an affiliate network and begin to earn passive income from running ads on your site.
Invest in the right stocks
Traditional financial advice has always involved some form of stock market investment. With a sound approach, you can grow the money you’ve invested, and also earn additional income through dividends. The great thing about stocks is that you can be as passive as you like and still see your investment grow, but at the same time, you can make an effort to learn more about the market, and see dividends of 15% or more if you pick the right stocks.
Sell a digital product
Another relatively new option is to earn passive income from the cyber economy. You can create a simple digital product, such as a how-to guide, or compilation of stock photos, and market and sell them online through the right channels. What makes this so effective as a passive revenue stream is that you only have to work on the initial product once, and then continue to earn money through multiple downloads over the long term.
Help fund a business
Providing some of the capital investment needed by a startup can lead to significant returns if you find the right idea or product. This method of growing your wealth has been around for a long time, but always involves a high level of risk. You can test the waters with small commitments, through various platforms such as Kickstarter, Worthy, or StreetShares.
Share your expertise
If you have a particular skill that’s in demand, such as writing or marketing, consider making money by teaching through an online course. Modern technology makes it possible to record and compile the material, such as course slides or videos, and package it for release in a format that’s user-friendly, while requiring no further involvement on your part – you’ll keep earning money each time someone buys the course.
These are just six of the ways you can begin to earn through passive revenue streams. Get started, and enjoy making money without trading away your valuable time.