Want to make more money without giving up so much time? Want to build up your bank balance and retire early? Want extra money to spend as you please each week? It's all about building up more passive income.
While your primary source of income will be your job, there are many ways to make money on the side. These often take a small amount of effort and can result in big profits. It can mean investing some of your own money, but it's well worth the payoff. Here are some the most useful sources of passive income you should consider.
Property Investments
Investing in real estate is the best source of passive income. You can rent out a house or commercial building you invest in and gain money back from it. Over time, you can make improvements to your property. In the long-run, you can sell it for a much higher price!
There are many routes to investment. Real estate agents can often advise you on investing. You can also use various online resources. Investing in triple net properties is a highly reliable way to invest in real estate. Make sure you do your research and find a valuable property before investing.
Accumulating the funds for a property investment can be tough. Some people take out loans and mortgages to cover the costs. You'll also have to cover some maintenance costs. But if you choose your property wisely and use it well, you could make a ton of money!
A Blog
Many people don't realize how profitable a blog can be. If you put a little work into generating traffic for your blog and post great content, you might pick up sponsorship opportunities. Many companies will pay for advertising space on popular blogs.
The beauty of it is you can blog about whatever you want! Perhaps you want to post about your love of traveling. Holiday companies and travel equipment sellers might pay you to advertise their services. If you're lucky, you could even get a free vacation out of it!
You could also focus on a niche interest. For example, you might want to become the number-one blog for news and guides about virtual reality news or an obscure sport. You can attract loyal visitors and monetize from things like ads and perhaps even eBooks.
An App
It's hard to ignore how popular apps are today. People use them in every facet of life, and we see more in the Android and iPhone app stores every day. If you have a unique idea for one, why not turn it into passive income?
Many app developers offer their services for relatively cheap. You can give them your plans, and they can bring your app to life. You might want to profit from ads. Many smartphone games these days make tons of money from in-app purchases. Other than customer support, there's virtually no work to do, and you can potentially earn a lot.
Sell Online
Selling online can take a little effort, but it can also make you a lot of money. Many people earn some passive income by selling their old stuff on sites like eBay, Amazon, and Craigslist. All you need to handle is delivery.
You could also sell merchandise online. Online merch sites create and sell t-shirts, posters, mugs, and other things for you. Most of these also deliver the products for you- all you have to is provide the design. You might want to put your artwork on some merchandise, or profit from your blogging brand. It can be an excellent to make some passive income.
Shawn Manaher is a former financial advisor, has founded 5 online businesses, and is a coach, speaker, podcast host, and author. He's been featured on Forbes, The Consults Corner on TAE Radio, The Writing Biz, What's Your Story, and more.