Making money with passive income is the dream. It, in theory, means that you’re making money in your sleep, or lounging by the beach. And by making passive income, you’re going after millionaires’ favorite income streams. So today we’re talking about 6 passive income ideas to build wealth around the clock. Want to read more
Making money with passive income is the dream. It, in theory, means that you’re making money in your sleep, or lounging by the beach. And by making passive income, you’re going after millionaires’ favorite income streams. So today we’re talking about 6 passive income ideas to build wealth around the clock.
Want to read more about passive income? Read our post here: https://www.dollarsprout.com/passive-income-ideas/
While passive income allows you to take that vacation while still making money, it doesn’t just happen… It’s generated from an existing asset. Like investing money or investing time and effort. But by taking the time or money to generate an asset up front, it can produce more money for you over time again and again. And that’s why passive income is highly sought after.
So today we’re sharing 6 ways to make passive income.
Open A High-Yield Savings Account.
If you have money sitting in a regular savings account, you’re probably making a few cents each month on interest. But you could do better! By putting your savings in a high-yield account instead, you could be making around 2% a year on your savings! A high-yield savings account is a great place to put that emergency fund or any other shorter term savings goals you may be working towards.
Invest In Crowdfunded Real Estate
Many people consider investing in real estate to be the ultimate form of passive income. But now there’s a way to invest in real estate while not dropping hundreds of thousands of dollars on a single property. Instead, you can get in a real estate investment trust. This trust is a pool of money from many investors that is manager by professional real estate investors. The money in the pool goes towards investing in real estate. Investors put money into it, and the returns are distributed back to the investors!
Rent Out A Room In Your House.
If you’re a homeowner, renting out a spare room in your home is a great way to earn mostly passive income. As an Airbnb host, you can decide when your extra room is available for renting, set the daily rate, and make the rules!
Affiliate Marketing With A Blog
Affiliate marketing is a way to make money by promoting a company’s products and services and earning a commission for each sale you generate. The best way to do affiliate marketing is with a blog. A blog is your website where you can write about whatever you’d like. If you do a blog post reviewing a mattress that you are an affiliate for, you’ll link your special affiliate link in the post. And if anyone follows your link to make a purchase, you get a commission!
Start A YouTube Channel
Creating a YouTube channel is some work! But it can be a passive income source! Right now, YouTube requires that you have 1,000 subscribers and 4,000 hours of watch time over the last 12 months to be able to monetize. So it does take some work to get it growing… But once it’s reached that level, you can earn passive income from ads on your videos!
Write An Ebook
Have some great information that you’d like to share with the world but don’t want to start a blog? Write an e-book! E-books are often much shorter than normal books, which puts less of a burden on you to produce a masterpiece. The most successful e-books are usually non-fiction. Like how-to guides and other explanatory pieces on a certain topic.
When it comes to picking which passive income stream will be best for you, you can pick a combination of these or try them all! The right path for you will depend on your short term and long term goals, how much time you have, how much money you want to earn, and how many hours of work you’re willing to put in.
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