A common theme with any money management or budgeting expert is the recommendation to have a second stream of income. An additional stream of income fosters stability in case other income sources disappear. It could help offset emergencies.
There are many passive income ideas available, and we encourage you to explore the possibilities we have selected for you. Financial independence could be yours!
1. Content Curation
Content curation is an incredibly useful business strategy that utilizes the creation of content that people can’t help but bookmark and share. This strategy that can be used to grow a loyal audience without having expert knowledge. This isn’t a passive income strategy on its own. But it’s an incredibly useful tool that you can use to publish content that generates interest that people will love, share, and then engage with a business accordingly.
2. Invest in Crowdfunded Real Estate
Real estate can be an excellent means of earning a passive income. However, purchasing a home can be costly, and not viable in the beginning stages of your investment career.
A great way to start is using a crowdfunding platform to invest in real estate debt. Using a company like Fundrise would be an easy, low-cost way to invest in real estate. You will only need $500 to get started, and they have three main eREITs from which to choose!
3. Peer-to-Peer Lending
Peer-to-peer lending is when you loan money to other people who don’t qualify for traditional loans. Investment returns often range between 6-10%. Investing money in a company such as Lending Club can earn you much higher financial results if compared to a regular savings or money market account. This is also a great way to give back to the people around you.
4. Join Swagbucks
When you join Swagbucks, you can get cash back when you make online purchases. Buy things from more than 1,500 retailers including places you probably already shop like Amazon, Target, and Starbucks. You will earn points for each dollar you spend. And you could also get exclusive coupons and exclusive deals.
Install the Swagbucks Yahoo search engine, and you can even earn points when you watch exclusive videos Swagbucks has put together. Your points for gifts can be redeemed through cards or PayPal.
5. Driving for Uber
The hourly pay after expenses varies from city to city so make sure you do your research. In larger towns the wage will often be higher, in smaller cities, it will sometimes be a little less. The appeal of Uber as a passive income source is that you can set your schedule and there is no commitment. You can work your regular job and make an extra $100 in just a few hours on a weekend or some evenings.
6. Saving Money While Eating Out
Seated is a great app that you use to book restaurant reservations. Every time you complete a reservation, you get a gift code for $15 for Amazon, Uber, or Starbucks. So awesome! The rewards for using Seated are available within 24 hours of your completed reservation.
7. Refinance Your Mortgage
Despite living in a rising interest environment, long-term mortgage rates are still at a historic low. If you have the chance, refinance your mortgage. It can save you a few hundred dollars a month; Hard to find a better investment for your money!
8. Rent a Room
Airbnb is an excellent option for earning more. If you live in a sought after location, the chances are that someone would like to stay in your home for a few days are high. Airbnb connects those with space to rent to those looking for a place to stay. It’s cheaper than hotels. This makes it a great solution for travelers on a budget while generating you an additional income.
9. Create an Online Course
Online courses can be an excellent source of passive income. Here’s how they work: you create a value-packed online course that helps solve a problem or fill a need. The course can include things such as videos, e-books, and emails with pertinent information. Customers sign up to purchase the course, and your system automatically emails them everything they need to access the materials!
10. Create a Youtube Channel
You don’t need to be a celebrity to earn money on Youtube. Many people use YouTube to learn about DIY projects like fixing scratched CDs and origami. If you are talented, YouTube is a place you can showcase your talent and advice for teaching or recreational purpose. Advertising placed before, during, or after the video drive good revenue. You can also send viewers to your online store or blog to boost sales as well. The cost to get started on YouTube is meager, and monetization funnels are in abundance.
11. Invest in an Existing Business
Owning a business isn’t a passive income source, but investing as a silent partner in an existing business is. This can be a viable source of passive income and you are contributing to the business dream and financial stability of someone else.
12. Reduce Your Debt
By paying off or reducing your debt, you’re making enormous progress in building income. But just like other ways to generate a passive income, you should first invest money. The great thing about paying off debt is that it’s a straight return if you have a credit card that holds a 10% interest rate, paying it off is a 10% return on your money!
13. Selling Stock Photos
Have you ever wondered where your favorite websites, blogs, and magazines obtain their photos? These are usually bought from stock photo websites. If you enjoy photography, you can submit your photos to stock photo websites and receive a commission every time someone purchases one of your photos!
14. Create an App
If you are a smartphone or tablet user, then it’s safe to say you likely have several apps downloaded. You may also have had a fantastic idea for an app as well, but you did not focus enough on bringing it to life! You don’t have to be a programmer yourself. Hire someone to create that app for you. Then sell it on the App store as a passive income source.
15. Become a T-Shirt Designer
Websites like Cafe Press allow users to custom design items such as t-shirts. If your design becomes popular the sales you generate will earn royalties. Amazon Merch which is a service similar to Cafe Press, only provided by Amazon. You just upload your designs and Amazon takes care of the rest which includes making the product, packing it, and shipping.
16. Invest in Vending Machines
Vending machines are an excellent and low maintenance small business idea and semi-passive income source. You can replenish and cash them out once every couple of weeks.
17. Sell Digital Files on Etsy
If you’re into graphic design, this could be a fantastic passive income idea for you. A bunch of art for a variety of uses is already listed on Etsy for instant download. But yours is missing!
18. Create and Sell an eBook Online
Self-publishing is easier than people realize. To self-publish a book you’ll first need to write and edit it, create a cover, and then upload to a program such as Amazon’s Kindle Direct Publishing. Bear in mind there will need to be extensive upfront marketing before you can turn this into a passive income source.
19. Open a High-Yield Savings Account
Opening a high-yield savings account is a low-risk way to create a passive income. Choose an online bank like CIT Bank that pays significantly more than traditional banks. Of course, this won’t make you rich overnight. It is just a safe way to make consistent income and not risking losing your money.
20. Rent Your Car for Ad Space
Can you imagine that money can come to you just for driving your car and not having to pick up any passengers? You just have to allow companies to place advertisements on your car windows. It is that simple. You can earn a few extra hundred dollars per month while driving your car around town!
We are not saying you should overwork yourself to death to earn a second stream of income, that won’t help anything! But one of these ideas could make you wealthier if you won’t procrastinate and set your goals accordingly!