There are many ways to earn and supplement income, but most will agree that passive income is one of the best kinds. Passive income is when you earn money through little to no effort; certain types of passive income will continue to generate income for you over a period of time with almost no maintenance on your part.
Whether you’re looking to replace your current income entirely, or simply want to add another income revenue to your budget, passive income opportunities can benefit everyone. Below, we’ll show you some tips on how to generate passive income so you can start earning additional money ASAP!
Peer-to-peer lending is when private investors loan money with interest to those in need of loans. Websites like Lending Club can help you get started, and often the investment amount required is as little as $25.
You no longer need to be a millionaire to invest in real estate. Companies like Fundraise make it possible for you to start investing with as little as $500. When you make your investment, it will purchase your shares of trust on the property. Once the real estate you’ve invested in has developed and made money, you’ll be given a share.
Rent Your Property
Because of companies like Airbnb and VRBO, renting out your residence, space in your home or your vacation home is as easy as pie. VRBO will charge you just $400 to rent your vacation home year-round, which is essentially nothing when you consider how much you can make each month by renting it out regularly. Airbnb will allow you to rent your spaces similarly while charging just a 3% fee on each booking you make and charge for.
Write an eBook
While you will need to make some substantial effort, in the beginning, writing an eBook and then selling it online can be a great way to earn continuous residuals with basically no effort.
Create an Online Course
This is another area that would require some initial work but will continue to turn a profit afterward with mostly no effort on your part. If you’re an expert at something or retain an interest in a particular area, consider creating an online course that other’s can purchase to learn and use for guidance.
Get a Cashback Credit Card
You will need to be able to pay off any credit card debt at the end of the month for this to work properly, but utilizing a credit card that offers a percentage in cash back for your purchases can build up quickly.
Sign Up for Shopping Rebates
Companies like Ebates have designed a platform that will give you cashback based on the items you are already purchasing. Simply create an account and utilize your Ebates app whenever you do any online shopping – you could see a nice check each month just for shopping!
Advertise on Your Ride
The space on your car is considered valuable advertising real estate by some companies. If you’re willing, and if you have a decent commute, consider signing up to have advertisements placed on your car. You can earn up to a few hundred dollars a month by doing nothing but driving around! Wrapify.Com is a company you can sign up with to get your car wrapped in advertisement.
Advertise on Your Blog
If you have a blog, or are considering starting one, don’t pass up the opportunity to advertise on it and earn some extra cash. Google Adsense makes the process easy for you and is generally pretty easy to add to your blog.
Sell Your Photographs
If you enjoy taking photos and have a knack for it, consider selling your images on websites such as Shutterstock.