.More people are delving into gaining extra income after the salary they get from their current job. Honestly, this is becoming a norm, especially for the current working-class individuals. With the cost of living (in the city) going up every year and salaries don’t seem to equal this increase, it has become a wiser decision to take on another job or consider ideas for passive income.
What is Passive Income
Passive income does not necessarily translate to money being earned while sitting on the couch and watching a rerun of Game of Thrones or sunbathing on the beach. Passive income involves lots of work. Creating an empire with the current salary that you’re earning is quite impossible unless you’re the CEO of a large company. But, if you’re interested in building wealth through passive income, I think we can help you with that.
Passive income is money you get on a regular cycle from doing little to no work. Unlike active income, like your salary – is like, the more you add hours, the more income or money you get out of it. Passive income has initial money you put upfront. You may have a certain work to be done before you reap the returns after a certain time with lesser money and lesser work involved.
A perfect example is investing money in fixing a property you owned or purchased and renting it out. Your initial investment is the money you used in buying or fixing the property. After that, if you rented it to someone, your passive income is the rent you get each month.
Let me give you suggestions as to how you can start earning your passive income.
1. Deposit Your Money in a Bank
There is nothing more passive than this – saving your money in a bank. Of course, if you want high-yielding income, your savings should be a large amount of money. Most banks have a small interest, but if you want your money safe and you just want to sit back and relax, this is the one for you.
2. Rent Your Home or Room with Airbnb
If you have not considered this, this is a trend which is better than letting people sleep on your couch for free. This may not be as passive as one could hope, but if the location of your home (preferably vacant often) or your room is ideal for tourists, the turnover of income for Airbnb is quite sweet. Some tourists especially those who stay longer in a certain place, prefer AirBnB than hotels.
3. Invest in Real Estate Properties
This is a big-ticket item on our list, but like my example above, this is one possible source of passive income that makes you invest a big chunk of money but could be your best investment ever.
4. Finance Dividend-Paying Stock
I know of a few friends who do this. Although the income is not the same every time, this sure is something you have to wait on and invest smartly.
5. Sell Digital Products on Etsy
You can sell digital products in your Etsy store like worksheets, guides, or any PDF materials. Of course, these will sell like pancakes if your products are awesome. So, instead of opening a store to sell your products, you can use sites like Etsy to earn your passive income.
You can have multiple passive income sources while doing a 9-5 job. Of course, it will be tricky. But if you are just planning on starting, you can search online for all the possible options you can take and see which one works for you.
There’s no one size fits all when it comes to things like these. But if your goal is to generate income, then we know that you’ll think this through. Which of the above ideas for passive income would you possibly do?