Reading Time: 5 minutes 5 Ways To Make A Passive Income
This is a collaborative post by Ellie Jo about making money.
Bringing in a passive income on top of your salary is only a benefit. Not only will it allow you to save more, but also reduce your stress when it comes to money, and if you can always treat yourself to something nice.
Sometimes to bring in a good passive income you will need to invest in yourself, but the right investment can bring in a good reward – after all life is about risk vs reward! From investing in real estate to affiliate marketing or an easier option of renting out your parking space, there are many ways for you to bring in some extra money.
Depending on how motivated you are, it may be that you just switch to a higher interest bank account to make some extra cash. For a lot of people, the more income you have the easier life can be. Below are five ways to make a passive income.
Invest In Real Estate
If you are in a financial position where you could buy a property and rent it out, then real estate could be a good option for you. The initial investment of buying a second property can be high, but in the long run, it can lead to a passive income opportunity and a big profit when you sell the property.
You may think that being a landlord requires a lot of your time, which is where a property management company comes in. They can help you, reducing the stress that you are taking on. Most of the time, running a rental property requires little of your time as the tenants will look after the property for you. If there is any damage that doesn’t count as fair wear and tear, you can charge it back to them.
Affiliate Marketing
Affiliate marketing is a great way to earn money during the day or whilst you are sleeping. The easiest way to implement affiliate marketing is through the use of a blog. By starting up a blog, you can promote products that you love.
If your reader buys the product, you will then earn a percentage of the sale. Don’t get me wrong, running a blog does require you to work on it and be consistent with posting, but once up and running can bring in a great income. If you enjoy running a blog, and your readership is high enough, you could potentially get some brand deals and go full time.
Rent Out Your Parking Space
Do you live in the city and have a parking space or a driveway that you don’t use? If this is the case, you could be missing out on some passive income. A clever little way to make some money is to rent out your space.
There are a variety of apps that you can sign up for and list your space to the public. Most of the systems are free to use and you can select the days you would like to offer your space, in case you have a friend or family member visiting.
Why not try this out for a month or two and see if you have any interest. This is something that could earn you some money without having to do much as all. Plus, if you aren’t using the space then why leave it empty.
Good Interest Bank Account
The words high-interest bank accounts don’t really exist, but if you are going to leave your money in a bank account, then why not make the most of it. If you are currently getting an extremely low-interest rate, why not move your account to one that offers a better rate. Rates aren’t particularly high at the moment but even an extra 1% will bring some extra income.
There are many online comparison sites that you can use to find the best saving account for you, depending on your current financial position. It may be that your current bank offers it and you haven’t realized it. Some accounts require you to pay a fee in order to access the higher rate which could be right for you, whereas others include things like home insurance, contents insurance, or life insurance.
Selling Stock Photos
Are you a keen photographer or just enjoy going out and capturing a photo every now and then? With phones having impressive cameras built into them, it’s never been easier to take a great photo that is of high quality. Why not look through your camera roll and see if you have any photos that look professional that someone may potentially want to buy from you.
If there are some, then why not list them on a stock site. Stock sites will list your photos and pay you every time a photo is purchased from them. This means with very little work, you can be earning an income at any time of the day. The more photos you take, the higher your earning potential. If you start bringing in a good income, it could be worth investing in a DSLR camera and spending a couple of weekends exploring and taking even more photos. It may be that some don’t get downloaded but the ones that do will bring in a small income that you can save and invest in other things.
There are so many ways to make a passive income on top of what you currently earn. As mentioned above, some may require some investment whilst others don’t. Make sure you do your research before investing in anything to make sure it’s the right thing for you. Why not try one of the things above and see if you can bring an income with it. Sometimes things don’t happen instantly, so persevere and believe in yourself. The easiest way to make a passive income is by doing something you love, as this way it doesn’t feel like work or a job.
Next, read 3 Ways To Make Money – Without Leaving Your Couch!
Rachel is an Austin blogger, educator, mom, wife, young breast cancer survivor writing about health, saving money, and living a happy life in Austin, Texas.
Rachel has written for HuffPost and Hometalk and has been featured on KXAN, Studio 512, Fox 7 Austin, and CBS Austin.