8 Passive Income Ideas
Most people would love to have some more money coming in every month. You could pick up a few odd jobs around town, or you could start filling out surveys online for a few extra dollars. But there are actually ways to make money that you'll eventually no longer need to do much to maintain. This type of income stream is called passive income, and there are many ways that you can start earning money in ways that will eventually become very low-maintenance or are easy right away.
1. Rent Out Your Spare Rooms
If you're looking for a really simple way to make some extra income and already have a house with some extra space, consider renting out a spare room. Plenty of people need housing, and your space might fit someone else's needs. Although you'll lose privacy, you can rent out a room next to your family. Otherwise, you can convert a basement into a separate apartment.
2. Make a Blog
When you have a blog, there are many ways that you can monetize it. A blog takes some work to get going, but basically, you pick a niche, then find ways to make money off of it through Google Adsense, affiliate links, and sponsored posts.
3. Drive for a Rideshare Company
If you're going in a certain direction, why not give someone going the same way a ride? Companies like Uber and Lyft let you drive people to their destinations for pay. You can also do this in shifts, so you could potentially make a good amount of money.
4. Make YouTube Videos
Everyone loves a funny cat video, and if you put together a collection of many videos and build a following, you can make a good amount of money. You'll make money off of the ads that you place before the videos, but you need to get subscribers to build up your base of viewers.
5. Invest in Rental Properties
Rental properties can bring in a lot of passive income even though you need some startup cash. But you can do a lot of it online and spend very little time doing it. Otherwise, you can also buy your own houses and become a landlord.
6. Sell Stock Photos
There are numerous places that you can sell your professional stock photography. Companies like Pexels, Dreamstime, Shutterstock, and other places let you put your photos up on their sites, then when a client buys the rights, you make part of the money.
7. Create Digital Files for Etsy
If you love graphic design, you can use your skills to create planners, artwork, and other things that people want to download for their personal use. Otherwise, you can make other types of art that you digitize. People pay a certain price that you set for the download, then you make the money for each download.
8. Download an App
Although it's not a lot, there are some companies that will pay you to download their app and keep it on your phone. Basically, they want to collect information about your usage, but some companies will pay you an extra $50 per year to obtain this information, and you don't have to do anything after you download it.
Although some of these ideas take some work to get going, after some work, you can have a source of income that you do very little to maintain. Consider your strengths, then get in there and figure out what you'll really thrive doing.