Passive income is the dream. It’s a great feeling to know you’re generating income in your sleep. For some, it’s why they get into the stock market, website development and real estate. And in today’s economy, there’s no better time to start.
There are various reasons why you might be looking for extra income. You may want to generate some disposable income to or simply ensure you have enough money for a rainy day. It could also be much more long-term focused where you want to ensure there’s money saved for investing so you can retire comfortably.
Trying to obtain extra income might seem rather tedious at first. It demand a lot of “burning the candle at both ends” but that’s usually the startup cost. Passive income is a type of extra income that can be done in the safety and comfort of your home. Better yet, you won’t need to work under an employer or a contractor in order to make it! At the end of the day, you’re your own employer.
Typically, passive income comes from two sources which is either rental property or a self-sustaining business. Initially, this is not a replacement for a job as money tends to flow in slowly.
One of the most infamous ways to make passive income is to write your own programs. Meanwhile, you could educate people on a subject you’re passionate in. You can easily make an audio or a video course would be your best bet. And this is easy to do through websites like Coursera, SkillShare, and Udemy.
If you’re an aspiring writer and enjoy literature of all kinds, then publishing an e-book is also a great idea and can boost your credibility for your main job as well. Applying to be a “senior [title]” is helpful when you can “show” that you’ve done the work. And if you’ve written the book on it, you’re an immediate contender.
If you’re the tech-savvy type, you could create a mobile application to garner people and obtain money. Even if you don’t want to deal with the marketing and visibility of the app, you can sell it to other businesses that might benefit from it. Obviously, this can be more time-consuming compared to others.
Meanwhile various online stores make it easy to sell unique, custom wares. For instance, if you’re the artistic type, you could sell photography, crafts, or drawings online. You can use websites such as Shutterstock and Alamy for pictures; Zazzle and Cafepress for designs; or Etsy for specific crafts.
If you are willing to try it, you could rent out a house or part of your house for a profit. This is a rather straightforward way to gain money and you can gain money right away from this. However, it comes with a major risk since you are letting strangers borrow your property.
Most of these passive income ideas start as something small, but can grow into your main source of income.