How to earn a passive income
It is said that millionaires have diverse sources of income, in fact at least seven. In today’s world, relying on a single source of revenue is equal to committing suicide. Passive income is one way to generate more revenue streams. In this article, we will focus on five ways to make passive income;
Ways to make passive income
Renting out space
People need storage. One way to make passive income is to rent out the spare space that you have, for instance, a garage or basement. You can post an ad on online platforms such as Craiglist, Roost, or Pier space. Spare chair is another platform that is a little different. It uses the co-working space concept, where people can “work at home” without being in their homes.
If you live near a theater, park or stadium, or a large public meeting space, you can rent out your driveway. Stay up to date on events in your area and make online ads. You can rent your home out to filmmakers and producers too.
Teach some skills
You can teach a skill that you are passionate about. However, for it to become passive, you need to leverage technology. You will need to invest some time and maybe money initially, though. You also want to take the time to do some research. This way, you can target a particular market or address a particular need that people will pay for. One platform that you can use is Udemy. Find a niche that you have expertise in or are passionate about. You can hire a freelancer to help you come up with the content, and convert them to video.
One way to make money, though not entirely passive is promoting a company’s products or services. You can do this by creating promotional content like blog posts or videos. You can also run ads on your site and earn from Adsense. A new place to look for products or services to market is apps. There are apps that give coupons or gifts. You can promote those apps and earn. You can even create short eBooks on the same.
Investing in stocks
When you invest in stocks, you will be receiving dividends as payouts monthly, quarterly or annually. You can start with as little as $100. Over time, you can diversify over several sectors. If you do need access to capital, it is easy since stocks are more liquid. With stocks, you also have a chance to access a company’s cash flow through appreciation. All you need to do proper research before you make your investment. You may want to consult a stocks expert before you take the plunge.
You can lend out money using a site like Lending Club. The site connects sovereign borrowers and lenders. You earn about 5.23 to 8.82 % on your investment. You also receive monthly cash flow. There are other platforms like Reddit’s Borrow. On this platform, vetted users lobby for small personal loans. In return, you get some interest.
The above five ways to make passive income all require some upfront effort with regards to time, research and or money. However, after that initial investment, they become excellent passive sources of revenue.