Passive income is a great way to earn extra money because, as the name suggests, the income comes without having to put in the same effort as with a traditional 9-to-5. While each method takes some effort, many are built around the idea that even if your direct involvement decreases, the income remains lucrative.
Also: GOBankingRates’ Best Online Banks 2023
How To: Protect your financial future with gold and silver
More: Target, Amazon, and 4 more retailers that will reward you for turning in your old stuff
There are also no shortage of ways to earn passive income. While there are traditional means such as rental income and investing in the stock market, there are ways that can really tap into one’s unique talent and abilities. Of course, with so many different ways to earn passive income, it’s important to choose one that not only works for you, but also has the potential to be worth your time. With that in mind, here’s a look at five possible ways to get rich with passive income.
It is clear that rental income is one of the most lucrative and reliable ways to earn passive income. Homeowners without rent have the option of using their home equity to purchase an investment property. Of course, for those who do not yet own property, this is not an option. However, there are plenty of other ways to earn rental income.
If you have extra space in your house that you don’t use, you can rent it out to someone for a long-term roommate. While not ideal for everyone, platforms like Airbnb offer ways to rent out spare rooms, extra space, or sometimes just a piece of furniture to travelers. Which means you can earn extra income without having to commit to a long-term roommate.
In addition to real estate, you can list your car on rental sites like Getaround or Turo while you’re not using it so it makes money instead of sitting in the driveway. In addition to cars, there are similar platforms for everything from boats to RVs to motorcycles and bicycles, so you can put your stuff to work for you instead of having it vacuumed.
Take our poll: how do you think the economy will fare in 2023?
Investing can seem like a daunting prospect to the unfamiliar, but there are more ways to do it than playing the market. After all, investing is really just making your money work for you by making even more money.
One of the easiest ways to do this is to open a high interest savings account. The return may not be as great as that of a well-performing stock, but you don’t have to worry about the potential risks either. There are also more specialized options, such as CDs, that offer much higher returns for longer investment periods.
Aside from conventional routes, there are options like cash back credit cards, some of which can pay back up to five percent of your purchases each month. There are also cashback sites like Rakuten and Swagbucks, which count points based on purchases you already make, which can be used for gift cards or even cash back with money you were going to spend anyway.
There are ways to earn passive income through investing that may be a little less conventional. You can invest in things like vending machines through Gumball, in movie, TV and music royalties through the Royalty Exchange, or even in real websites and domains with sites like Flippa.
Granted, not every approach will suit everyone, so if you’re serious about bringing in a new passive income stream, make sure you take your time and research exactly how involved you need to be. While the return may be higher than a more conventional route, there may also be a greater potential for risk.
Start an online project
Making money online is not always a sure thing, but if done right it can prove to be extremely lucrative. There are plenty of ways to go about this, so you can choose a method that suits your specific strengths.
Starting a blog, YouTube channel, or podcast on a topic you’re interested in is a common approach, especially if a wider audience also shares that interest. If these types of projects get serious web traffic, these platforms can make money. For the more creative types, you can create products and sell them on sites like Etsy, and for the techies, there’s app creation or website maintenance and flipping. For those who have a specific expertise, you can put together an online course about it, or even write and publish an e-book.
As with most forms of passive income, you get out what you put in. While it may take a while for you to start seeing noticeable returns, it’s important to be patient.
You can also earn money by participating in advertising campaigns, which can be a useful way to earn passive income. For example, if you’re not in a situation where you can rent out your car, you can still monetize it by getting it wrapped. Sites like Wrapify match car owners with companies that pay you to advertise for them by wrapping your car in their logo.
If boxing your car isn’t your thing, there are other ways to advertise, including sponsored posts and affiliate marketing. Both options include a strong following on social media, or running a blog or website with enough traffic. Merchants pay a commission for every click that leads to a purchase.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: 5 Passive Income Streams Worth It
- Mantralaya job seekers pay high price for looking for shortcuts | Bombay News
- 5 ways to make your backyard look more expensive
- Here’s Lubbock’s New Deals, Stores Closed Jan 2023
- The quantity and quality of indoor lighting is important, especially in winter | Home | Spokane | The interior of the Pacific Northwest
- San Francisco Construction Company gets homeowners 2-3x ROI on their equity