While there are many side hustles and extra jobs you can take on, the best way to boost your wealth is with passive income. Passive income refers to consistent income that requires minimal effort. With the right strategies, you could end up putting hundreds or thousands of extra dollars in your bank account each month without lifting a finger.
Sometimes making passive income involves putting a lot of work in for a few weeks before leaving it to accumulate wealth as you go about your life. Other passive income sources require barely any work at all but may need you to have some kind of product or property worth buying or renting out. Here are 5 quick and easy ways to make more passive income.
1. Rent Out Parts Of Your Home
One of the fastest ways to make passive income is to rent out parts of your property. Some people buy apartments or flats to rent out via Airbnb or Vrbo, or even list their entire homes while they’re away on work or holiday. Making a listing takes a few minutes and can result in hundreds of extra dollars a week if you get enough bookings.
Even if you can’t rent out an entire property, you can still make money from your extra space. Some people rent out their spare room or even convert their basement or attic into a private apartment for tourists. You could even rent out a trailer or a converted shed in your backyard if you live in a desirable area.
Alternatively, you can find other ways to make money from your home. Some people rent out garden space via apps like AllotMe. Spacer allows you to rent out your driveway as a parking space. You can even use your home as a storage unit with sites like Store At My House. All of these methods can earn you hundreds of extra dollars a month with barely any effort.
2. Create An Ebook
If you have a knack for writing and some knowledge or creativity to share, you might want to try your hand at writing an ebook. If you can write enough content, format it attractively, and make an eye-catching cover, making it into an ebook is as simple as saving your file as a PDF on Microsoft Word or Google Docs.
Once you’ve written your ebook, publishing it is also easy. Some people create personal websites to promote and sell their ebooks using online shopping cart software. You can also sell ebooks via websites like Payhip and Blurb. Even Amazon allows anyone to publish and sell their written works.
If your content appeals to people, you could start making sales with barely any effort. However, you’ll usually need to spend a little time promoting your ebook via blogs and social media. If you can build a loyal audience, you could even create more ebooks to generate regular sales while you go about your daily life.
3. Rent Out Your Vehicle
Just like renting out your home can be an excellent way to make extra money, you can also rent out your vehicle. Many people don’t need their cars all the time, so if you want to make money while you’re not using it, you might want to rent it out to people via HyreCar or Turo. This can quickly net you a nice bit of extra money and the only effort is handing over your spare keys.
Those who have a spare car can even make money daily if they live in a busy area. Plus, your car isn’t the only kind of vehicle you can rent out. If you have a camper and only use it a couple of months a year, you can rent it out for the rest of the year. If you have a boat, you can rent it out via ClickandBoat. You can even rent out your bicycle with ListNRide.
Sites like Wrapify and Carvertise also allow you to make extra money by advertisements on your vehicle. If you don’t mind plastering an ad on your car or truck for a while, you could stand to make hundreds of extra dollars. Do this with a car that you rent out and you’ll have two sources of passive income regularly coming in.
4. Dividend investing
Dividend investing can be a great way to make passive income. It doesn’t have to be hard or expensive. You can start with very little. There are ways to automate the monthly investment, so it does not have to take up much time either. With time and enough investments, it can start generating interest that you can use as a passive income source.
5. Sell Your Photos
Another fun way to make passive income is by selling stock photos. Many platforms allow you to post and sell licensing to your photos online, such as Adobe Stock, Shutterstock, and Alamy. If you enjoy practicing photography in your spare time, then this is an excellent way to profit from your hobby.
Selling stock photos is an excellent way to make money on the side as you can sell usage licenses to as many people as you want. That means that a single good photo could end up making hundreds of sales. The only effort required on your part is to take the photos and list them online with some relevant keywords.
With that said, selling stock photos isn’t as easy as it sounds. The market is overcrowded and you’ll need some outstanding and unique photos to start making good money. Nonetheless, if you find out what kind of photos businesses and brands regularly need and supply the goods, this can become a lucrative stream of passive income.
Making extra money on the side doesn’t have to take up hours of your spare time. These sources of passive income can result in huge monthly gains even with minimal effort. Start trying some of these out today and sit back and watch as your bank balance grows each month.