Let’s face it, most of us would love to earn more money. However, most of us have very little time to supplement our current income with a second job. Rather than look for a second job, you should be looking for ways to earn passive income.
Passive income is the money you consistently earn for a job that you have done already without having to put much effort into sustaining it each and every day. So, the money flows in while you go on enjoying your life.
Here are some positive things about passive income:
• It gives freedom to arrange your time
• It brings less stress and anxiety
• You get to enjoy the job that personally fulfills you
• You have the freedom to choose location and time for work
• It provides financial stability
So if you’re interested in earning passive income, here are 7 passive income ideas for extra cash.
Engage yourself in some writing
There are two ways you can earn from writing. Firstly, you can start a blog, and secondly, you can write an actual book and publish it on Amazon. Each one of us has some useful knowledge and unique creative ideas and stories, and sharing it with other people can bring us money. All it takes is a good concept and the courage to make the first step. Moreover, targeting the audience also matters, it speeds up the whole process of making a success.
Become an affiliate marketer
This one matches perfectly with starting a blog. You actually sell products or services by linking them to your blog. Many people choose Amazon for this, as it offers practically anything you can imagine. However, there are many other similar platforms like ShareASale. Like with writing, the most important is to find a target group of consumers. The products or services you advertise have to be related to things you write about in your blog. People appreciate personal reviews of products you advertise.
Many people are making passive income through drop shipping which requires you to simply market items on a blog, YouTube channel or merchant site such as Amazon or eBay. You act as the middleman as you facility transactions between the buyers and manufacturers. You can source your items through a variety of places such as Printful, Aliexpress, and WholesaleB2B.
Create online courses or tutorials
The same as with writing, there are people willing to learn via online courses and you certainly have something to share with others. Again, make a good plan, target your audience and try to create a quality content. Try your luck with Udemy or Teachable. Don’t be discouraged by the fact that there’s already so much of everything. People do recognize when someone puts extra effort to make the content look different and appealing. Simplicity is the key. Give lots of useful information, but use language which is widely understood.
Cash back credit cards
You practically do what you already do, use your card, and you get rewarded for it. Depending on a bank, each gives a different percentage for every purchase. The idea is to make your money work for you, not against you. Something like-earn while you spend! For example, Amazon’s credit card gives 5% back on Amazon and Whole Food Market purchases.
Lease the extra space
If you have a room you don’t use, it can be a perfect source of passive income. All it takes is to arrange it well. Make it look practical and simple but still pleasant and cozy. Don’t overcrowd it with stuff, but add some nice details. The options are numerous. It’s up to you to decide whether you look for a long-term tenant or you prefer people to change constantly. You can rent it to students or you can choose tourists as a target group. There are many platforms where you can advertise such as Airbnb.
Invest in Bitcoin
It’s always important to diversify your investments to reduce risk. Bitcoin is the best hedge against stocks, mutual funds, and bonds. Not only is Bitcoin a hedge, its growth has been phenomenal over the past 5 years. Rule of thumb, never invest more than what you can afford to lose so always be careful with any kind of investment you maybe be thinking. This is a great guide to Bitcoin and this YouTube channel educates on Bitcoin and Cryptocurrency news.
As you can see, it takes an initial effort and some investment to get ideas started. However, if you plan it well and work hard, it is definitely worth it. There are opportunities everywhere and this is just a small sample of ideas you can try today. Always keep your eye out because you never know if you stumble into something else that can also make you passive income.
Guest author Kate is a passionate writer who likes sharing her thoughts and experience with the readers. Currently, she works as a real estate agent at hu.flatfy.com. She likes everything related to traveling and new countries.