Making money passively is not an impossible task. In fact, there are dozens of ways to make money for work you did once. The idea behind passive income is that you perform a task one time, and continue to reap dividends on that original investment. This can be in the form of surveys (go here for a Survey Junkie review), investments, and much more. If this sounds good to you, read on to learn about five ways to passively make money.
- Rent a Room in Your House
Do you have a large house or a spare room you’re not using? Don’t mind company? A great way to generate passive income is to rent out a room for your house. Every month, that room will generate cash that you can put right in your pocket.
Of course, you don’t want to rent a space in your house to just anyone. That passive income can quickly become problematic if the wrong person were to move in. Take general precautions such as background checks and income verification before you rent out a room.
Renting a room is probably one of the easiest ways to generate passive income, as it requires only minimal effort. The biggest challenge you’ll face is finding the right candidate, but once you’ve found one, you can sit back and reap the rewards.
- Online Tutoring Courses
If you possess a talent such as musical knowledge, English language skills, etc, you can easily generate passive income on one of the many online course sites. Udemy is an extremely popular option, offering courses on everything from marketing to music and everything in between.
When you create your course, you’ll set the price for the course and post it to the site of your choosing. From there, you’ll generate passive income each time someone purchases your course. While it may take some effort to create the course, that effort will repay indefinitely. As long as your course is actively being purchased, you’ll have a steady income stream available to you.
Creating online courses requires only simple tools like a camera and some video editing software. You can always outsource any of the more difficult parts of the project, or parts you’re otherwise unfamiliar with. Language courses are some of the best sellers, as well as marketing and business courses.
- YouTube Videos
YouTube has evolved into one of the largest social platforms on the planet. You can find videos related to just about any subject on the Google site, which is free to use and free to upload videos to. While running a YouTube channel requires weekly effort, each video you upload (once monetized) will generate passive income.
YouTube pays out via ad revenue. Each time your video plays, if you’ve enabled monetization, an ad will appear. Advertisers pay to have their ads shown on your videos so each one of your videos will generate income when it’s being viewed. That’s a pretty great way to make passive income, as it can continue indefinitely.
There is a formula to a successful YouTube channel, and some of the top-grossing channels generate enough income for their owners to actually make a living off of it. Many have built entire brands off of their YouTube channel, generating income from things like merchandise as well as their ad revenue.
- Turn Your Car Into Ad Space
Did you know you can generate income with your car? And no, we’re not talking about driving for Uber. There are companies that will actually pay to place ads on the outside of your vehicle, effectively turning it into a mobile billboard.
Wrapify is one such company that pays its users for ad space on their vehicles. There are no upfront costs, and you can choose from Lite coverage to a Full vehicle wrap. The amount of money you generate of course will depend on the wrap, but you can make anywhere from $264 per month to around $452 per month.
With no upfront costs, this gig is all profit. You simply deliver your vehicle to be wrapped and then go on with your daily routine, generating money as you drive. What’s easier than making passive income every time you drive your car?
This is probably one of the most popular forms of generating passive income, and while covering the numerous details about investments would require an entire book in and of itself, we’ll just talk about the basics for the sake of this article.
The basic idea behind investments is that you put up a certain amount of money, and you’re paid more than you invested upon the success of said investment. You can invest in startups, stocks, real estate, and much more, but the overall concept is the same: making more money than you originally invested.
Investing can help provide you with a secondary passive income stream, but be careful when investing with people or organizations you’re unfamiliar with. Investing isn’t something you can just jump into and hope for the best. You need to do your research, learn about the various markets and how the investment process operates, as well as any costs associated with managing your portfolio.
Passive income allows you to increase your monthly gross income without much effort. While there may be some work or monetary investments upfront, the methods we’ve mentioned above are, for the most part, simple to start up and maintain. If you’ve never given passive income any thought, there’s never been a better time to do so with countless resources available on the web.