Passive income is adequate income that you receive on an ongoing basis without doing anything additional to create it. Passive income differs from earned income and portfolio income in that the money will keep coming in whether or not you do any work. This kind of money is smart money because someone else is doing the work for you.
There are many ways to make passive income streams, but here are some of the best methods.
1. Rent your property
If you own a home or apartment building, rent out spare rooms or apartments to bring in extra cash every month. Your tenants will pay their rent automatically each month as long as they have a roof over their head; all you have to do is make sure the property is in good shape.
2. Rent out your car
Join companies such as Turo and get paid when you rent out your car. This is a very effective way to make money off of something that would be sitting in your driveway doing nothing most of the time anyway. If you own a nice car, this can bring in quite a bit of extra cash each month.
3. Lease it out
The next time you upgrade your phone or laptop, don't sell it or trade it in right away; lease it instead (yes, that's a thing!) and then reap the benefits once the leasing period is over. For example, if you leased an iPhone X for two years with a monthly fee of $25, you would have paid the same amount as if you bought it for $999. But at the end of those two years, you will have spent less than what you usually would on that device.
4. Sell digital goods
Making money off of social media is easy! Post photos or videos on IG stories, tweet out your favourite quotes or fun links, go viral and make some cash! Every click brings in money, so why not try something new to bring in more passive income.
5. Get paid to refer customers
Do people ask for your opinion? Refer them to the business that you recommend and get a commission once they become a customer! This is very effective when someone asks where to eat or where to get their nails done.
6. Promote products on your website
If you have a blog, use it! Post affiliate links and get paid when someone clicks through and buys the product that you recommended! This is one of the most effective ways to make passive income because .edu and .gov domains receive higher commissions than other domains do.
7. Start an online course
If you're good at something (i.e., photography, guitar playing), why not teach someone else how to be great at what you know? Turn all that expertise into a series of lessons and then sell them as an online course (or even on Udemy)! Sites like Teachable make this very easy for teachers.
Bonus Tip
If you are looking for something more substantial consider buying an existing business. You can explore businesses for sale resources to see what is on offer.
In closing
Passive income is the best income. It keeps working for you even when you're not working!
There are many ways to make passive income streams, but here are some of the best methods.
1. Rent your property
If you own a home or apartment building, rent out spare rooms or apartments to bring in extra cash every month. Your tenants will pay their rent automatically each month as long as they have a roof over their head; all you have to do is make sure the property is in good shape.
2. Rent out your car
Join companies such as Turo and get paid when you rent out your car. This is a very effective way to make money off of something that would be sitting in your driveway doing nothing most of the time anyway. If you own a nice car, this can bring in quite a bit of extra cash each month.
3. Lease it out
The next time you upgrade your phone or laptop, don't sell it or trade it in right away; lease it instead (yes, that's a thing!) and then reap the benefits once the leasing period is over. For example, if you leased an iPhone X for two years with a monthly fee of $25, you would have paid the same amount as if you bought it for $999. But at the end of those two years, you will have spent less than what you usually would on that device.
4. Sell digital goods
Making money off of social media is easy! Post photos or videos on IG stories, tweet out your favourite quotes or fun links, go viral and make some cash! Every click brings in money, so why not try something new to bring in more passive income.
5. Get paid to refer customers
Do people ask for your opinion? Refer them to the business that you recommend and get a commission once they become a customer! This is very effective when someone asks where to eat or where to get their nails done.
6. Promote products on your website
If you have a blog, use it! Post affiliate links and get paid when someone clicks through and buys the product that you recommended! This is one of the most effective ways to make passive income because .edu and .gov domains receive higher commissions than other domains do.
7. Start an online course
If you're good at something (i.e., photography, guitar playing), why not teach someone else how to be great at what you know? Turn all that expertise into a series of lessons and then sell them as an online course (or even on Udemy)! Sites like Teachable make this very easy for teachers.
Bonus Tip
If you are looking for something more substantial consider buying an existing business. You can explore businesses for sale resources to see what is on offer.
In closing
Passive income is the best income. It keeps working for you even when you're not working!
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