If there’s one truth when it comes to making money, it’s that there are so many ways to pull in that cash. While many of us work for our money, others let their money work for them to gain financial freedom. That’s when a passive income stream comes in.
The reality is, generating passive income is not a ‘passive’ process altogether. But if you work smart, soon enough, you won’t have to work hard at all. In that vein, here are five smart passive income ideas.
1. Opt for alternative investments.
Investing money is undoubtedly one of the most common passive income streams out there. However, it may not be the easiest way. This passive income stream takes a lot of time and dedication to get going. Then again, that depends on the platform you use. Don’t just jump on any bandwagon that pops up on your Google search. Rather, make use of an alternative investment platform like Yieldstreet. It’s a reliable investment platform that provides opportunities to both investors and borrowers — to help them reach their financial goals faster.
For the most part, investments outside the stock market don’t yield much. These can include certificates of deposit, peer lending, mutual funds, and individual stock. Neither are they accessible to a broad audience. Yieldstreet has managed to remedy this by offering tangible investment and borrowing opportunities. They provide asset-based investments that reach even the smallest can afford. With their operation mode rooted in technology, even the concept behind their services is not rooted in archaic principles.
2. Invest in real estate.
Instead of your money sitting in a savings account, why not invest in a new rental property or the real estate industry? If you have a good credit score, you can take out a mortgage and use your savings as a deposit. At face value, investing in real estate seems like hard work. You have to create listings, hold open houses, and try to land that buyer.
However, buying and selling a rental property can be as easy as ABC — if you use sites like Nalula real estate. They offer vital information on how to buy and sell a property. This way, you’ll know the state of the real estate market before delving in. Also, you’ll also understand if you’re buying or selling in a fair market.
3. Rent out a spare room on Airbnb.
If you’re not ready for the commitment or that comes with buying and renting a whole new house, why not renovate a spare room in your existing house and rent it out? Renting makes a great side hustle to get some extra cash. Even with a dingy old room, there are so many ways to spruce it up and make it more attractive to renters. The only front you’ll have to sacrifice on is a little bit of your space, but the extra cash is most often worth it. This is a great option for retirees who don’t want the hassle of being a full-time landlord. You can even make enough money to use the extra income as your retirement plan.
4. Sell an online course.
If you fancy yourself a knowledgable person, why let that knowledge go to waste? Besides the fact that Covid-19 has everyone into distance learning by default, it does have its benefits. So, tap into this market by creating and selling a course. You can then showcase the course on the Udemy marketplace, or sell on your personal blog (if you’re already a blogger).
Alternatively, you can sell other people’s courses on your own website through Udemy’s affiliate marketing program. Even more, if affiliate marketing is something you enjoy, then it won’t seem like much of a chore, and the money will keep rolling in.
5. Sell stock photos.
Here’s another fun passive activity. If you enjoy taking photos and editing images, why not start a small business selling stock photos? There are now many platforms on which you can post images for sale and purchase. Here you can upload your pictures and earn royalty from each picture sold. Even better is the fact that the startup cost is low.