5 Ways to Start Earning a Passive Income Right Now
If you’re ready to quit the 9-5 grind for good, there are plenty of opportunities for earning passive income. Now, passive income doesn’t mean you’re just sitting around and doing nothing all day. Passive income is a low effort way to bring in money – but it’s still work. With that said, if you’re interested in earning passive income, you can follow our guide below to learn about the different ways you can start an easy side hustle.
1. Invest in a rental property
Real estate is a low-risk investment and a great way to earn a passive income. Whether you want to rent out the spare bedroom in your home or rent out a second vacation home, there are plenty of ways to make money through the rental business.
Unfortunately, this option does involve a lot of upfront work in the form of research and legal knowledge. For example, do you know the difference between a lease and a rental agreement? That’s just one thing among many, many more pieces of information you’ll need to know if you decide to get into real estate.
It may be in your best interest to meet up with a real estate advisor or agent who can guide you along the journey and help you navigate your state or county’s rental laws and regulations.
2. Invest in the right stocks
One of the most popular methods of earning passive income is investing in stocks. It’s an easily accessible way to earn money but it does involve research that you will need to spend time on before you blindly dive in. In fact, it may make the most sense to meet with a financial advisor to learn where you will see the biggest returns on your investments.
Remember, all investments have an inherent risk. So, you’ll want to establish a timeline and your risk tolerance over that timeline to pick the best stocks for your personal financial situation.
3. Monetize your blog
If you are a talented writer, it might we worth your time to start your own blog. Before you get started, it’s important that your blog serves a purpose. For example, you should write about a specific topic that people will actually want to read about. To monetize your site you can enlist the help of Google AdWords which will pay you depending on the amount of impressions your blog gets. You can also use affiliate links which gives you back a portion of the sales. Amazon is an example of a popular company that works with bloggers and provides them with affiliate links to use (and profit from).
Note: Make sure you tell readers about your monetization policy and that you may receive money for the links on your post. It’s important to be transparent with your readers so your blog seems trustworthy.
4. Write a guide or course
Do you have a specific skillset or knowledge base that the general public would find useful? Leverage that brain of yours and write a guide. You can either post it on your blog and make it downloadable to your readers for a fee or post a course on a website like Teachable or Udemy.
5. Take advantage of the gig economy
If you’re looking for a side hustle that doesn’t take a lot of effort, you could consider jumping into the bustling gig economy. You could work for Uber, Lyft, Postmates, and tons of other apps that require cyclists or drivers to deliver food or people safely to their designations.
You can also join a variety of freelance sites like UpWork or ClearVoice if you have a skill that can be used by big companies looking to outsource skilled labor.
Conclusion
Everybody wants a little extra income on the side. Maybe you want some extra money to go out to dinner more often or for traveling. Whatever you need the money for, having a robust bank account is never a bad thing. If you follow our guide above, you might be surprised how much you can earn to pay for your hobbies or other expenses. From renting out an empty room to writing an exciting course online, there are plenty of ways to earn money from a side hustle with little to no effort.
