The 4 Best Passive Income Ideas to Generate Extra Money
Are you among the 72 percent of Americans who find themselves stressing about money each month?
As well as making the world go round, it is also capable of making us dizzy, whether we are stressed about making ends meet or can’t seem to make the step up into financial freedom.
What has worked for many however is building up passive income streams. Fancy giving it a shot but don’t know where to start? Well, buckle up as we provide you with four of the best passive income ideas that can help you start making a little extra to take some of that stress away.
1. Rent Out Your Space
Space is at a premium, especially in big cities. So if you can, using this to your advantage is one of the best ways to make passive income!
Buying and renting out an investment property isn’t feasible for many. However, more attainable alternatives are things like renting out a room, your storage space, or even a parking spot.
All of these options have different levels of commitment but all apply the same principle. Creating passive income from unused space by tapping into a market that is ready and willing to pay you for it.
2. Invest Wisely
Getting involved in the stock market is something that gets those who are uninitiated nervous. But this time tested technique is a favorite for a reason. It works.
If your priority is having an occasional payout to help you along your way then focus on things like dividend stocks. These are companies that offer shareholders quarterly payouts from any profits made.
Fancy getting into real estate without the commitment? Then real estate investments trusts (REITs) may be for you. These investment trusts manage a multitude of properties and will pay out dividends to investors which allows them to avoid paying income taxes and more.
Regardless of how you invest though be sure to do thorough research before investing to ensure success.
You also want to keep on top of your taxes when getting into investing. Check out WealthAbility tax advisory to find out exactly how to choose a tax advisor.
3. Get Blogging
Everybody and their mother seems to be starting a blog, and with good reason. There is real money to be made when done right!
Getting started often involves an investment in time and energy. But once you have isolated a niche that you are passionate enough about and have the formula to create appealing content then you can have a passive income train that can be very profitable.
The great thing about blogging is the diverse ways that you can create the best passive income. Affiliate links, ad money and even selling online products like e-books can sit there for years and steadily drop dollars into your current account.
4. Sell An Online Course
If you are a professional with years of experience then don’t underestimate the value of the knowledge that you hold.
The online teaching industry is expected to reach about $325 billion by 2025, certainly not a number to balk at. Why not get a slice of that pie? There is likely a captive audience already in your chosen field.
You can be as involved as you want to be once you have ironed out the modules and exercises for people to learn from. Want to offer private one-to-one tuition? Offer live masterclasses? Or perhaps you would prefer minimal contact?
The flexibility available in selling an online course makes it one of the best passive income sources if you are willing to put in the hard hours and piece your course together.
Choose The Best Passive Income Source For You
We are all different, and the best sources of passive income for one person may be different from another. But one thing is certain. The opportunity to attain financial freedom has never been so close, so choose wisely!
We hope you enjoyed our picks for the best passive income streams.
For more financial insights check out the rest of the great content on our site!