There are thousands of ways to earn passive income. To find the best way for you and your family, consider the following 10 tips to start earning passive income today:
Uber uses a location-based app that allows for hiring an on-demand driver. Signing up to drive for Uber takes less than five minutes. The beauty of using your car to provide rides or to make deliveries is that you can set your own schedule. You can work as little or as often as you want, with earnings averaging around $10 an hour, depending on your location. Uber drivers are paid weekly through direct deposit. By scheduling to drive a few nights a week and/or weekends, Uber is a great way to earn passive income.
2. Residual and Royalty Income
If you enjoy photography or are talented at graphic design, consider making your work available online for a fee. Sites such as istockphoto.com and ShutterStock.com accept photography while CafePress.com and Zazzle.com accept design work for t-shirts and mugs. While not 100% passive due to the amount of work required up-front, residual and royalty income builds as you are paid repeatedly for use of your images and artwork.
3. Start a Blog
Consider starting a blog about your favorite hobby or interest. Cooking blogs, book club blogs, and gardening blogs are just three examples of blogs that may attract followers. Monetize your blog by linking to Amazon products you write about and with Google Adsense.
Do find your niche; don’t try to write about all things, rather concentrate on one thing, i.e. recipes.
Don’t link to products you yourself wouldn’t use because doing so will result in a lack of trust from your audience.
Most importantly, stay consistent with your blog entries. If you plan to be away or super busy one week, write a few extra blogs and schedule them for posting while you are away.
4. Cash Back on Shopping
Ebates and Paribus are just two options for earning cash back for purchases. Ebates is an affiliate of more than 2,000 online stores. Stores such as Macy’s and Bed, Bath, & Beyond show you what percentage of cash back you will receive when shopping with them. Ebates pays four times a year, either via Paypal or by check. Paribus pays when something you purchase online goes down in price within a specific period of time. Paribus refunds you the difference, making it a great way to comparison shop and earn money for sales you might have missed.
5. Rent a Room
Airbnb is rising in popularity with nearly 100 million choosing this option for overnight lodging instead of a hotel. This short-term rental idea is also popular with the site, Rent Like a Champion. If you live near a major sporting venue or large arena, Rent Like a Champion is a great option. It is also popular for among college students who don’t want to live on campus.
6. Consider Purchasing Rental Properties
Investing in rental income is one way to start earning passive income. While a larger step than some of the other ideas, the potential for significant monthly income is much higher. Start small with one property to see how you like being a landlord and talk with others already in the business. Consider all financial implications such as taxes and maintenance.
7. Sell Online
eBay and even Facebook marketplace are ways to clean out your closet and earn money. Research what similar items are selling for and consider shipping and packaging costs. While not a steady source of passive income, it is a way to simplify and earn cash at the same time.
8. Storage Facilities
As more people accumulate more stuff, the need for storage grows. Storage units are self-serve and require little maintenance or management. Investing in a storage facility containing rentable units generates passive income with little effort.
9. Rent Your Car for Ad Space
If you don’t mind wrapping your car with an advertisement or placing ads in your car windows, then this just might be the easiest passive income of all. Simply sign up for service like Carvertise, drive around town, and earn several hundred a month.
Generating passive income is easier than you might realize. While most ideas take effort up-front, investing in building a stream of additional income pays off over time. If you need assistance with planning your financial future and how to best invest your new additional income, contact us today.
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