If you want to earn extra money with relative ease, whether it is to save up for retirement or prepare for a well-deserved vacation, one of the best things you can do is generate side income.
What are the perks? For starters, you put extra money in the bank, but the main perk is that it may not require as much effort as getting a second job. While some options may take a little work to get started, once the initial work is done then you can sit back, relax, and let the cash roll in.
Let’s talk about five ways you can started generating passive income.
Rental income
It does not matter what you choose to rent. Trailer? Apartments? Basement? Any of these can be prosperous ways of generating income. The thought of renting might be a nerve-racking prospect, but really there are only four major things to consider before you dive into rental property.
First, make sure what you are trying to rent is a wanted commodity. Second, think about how much monthly rent you hope to charge. Carefully weigh that against the third thing: a property’s total costs and expenses. Make sure expenses aren’t cutting into the profit you’re hoping to get.
Last but not least, consider whether or not there are other financial risks to owning the property. Once you have carefully weighed those four things, buy a place and get renting!
Selling information products
Got mad skills? Sell them online. There are several sites where you can create a videos and courses to provide education for others.
Udemy and Skill Share are great ways you can upload courses for money. It may take some time to create your course but once it is uploaded you’ll be able to make money off your sales repeatedly.
High yield accounts
If you want to play it safe, you can always generate income by putting your money into high yield savings and checking accounts. Certain banks will make sure you get a little back depending on how much you save (or spend).
Certificates of deposit (CDs) are another way to save big, depending on the APY (annual percentage yield) and how much you put into one. CDs are nice because you can get income simply by setting money aside for a year or two.
But where do I get started, you may ask? Start by taking a look at which banks can help you get the most money back on your earnings here.
Dividend-paying stocks
Dividend-paying stocks and ETFs will take a little money to get started, but they can have a fantastic pay-off. You can invest in accounts and expect a wide variety of percentages on your return, depending on which stocks you choose to invest in.
Time and consistency are best when investing, but eventually it will generate that passive income you desire. Never looked into stocks before? Check out 3 Beginner Tips to Get Started Investing in Stocks and Make Money While You Sleep with Dividend Stock Investing to help you get started.
Affiliate marketing
With websites, online stores or blogging you can make cash through many different means: affiliate marketing, which gets you money when someone signs up for or buys something, display ads, which pay based on amount of traffic that goes to the site, and CPC ads (cost per click), which will you get you revenue when someone clicks on the ad — whether they buy something or not.
All three are valuable forms of passive income which can help you generate cash. Simply consider which form of revenue generation will be best for your particular site, store or blog and start earning.
