Passive Income and Side Hustles
Make money while sleeping. That has a nice ring to it, doesn’t it? When someone says that they need an additional source of income, the stereotypical solution mostly offered to them is to look for a part time job, right? But what if your situation doesn’t provide you with the extra time or energy to put in more hours of work?
The concept of amassing wealth for oneself through passive income has understandably great appeal, more so if you are worried about being able to save enough money from your employment income to meet your retirement goals. Adding these passive income streams and side hustles to your portfolio can slowly help you build your earnings and even accelerate your financial goals tremendously.
Although passive income is highly sought after, it is often misunderstood by many. Such streams require a lot of nurturing in the beginning, both in terms of time and money. Gradually, these income streams start to build and in due time, are able to sustain themselves and even bring you consistent returns without so much effort on your end.
Before we delve deeper into some great passive income ideas, it is important to first and foremost clear some misguided misconceptions. The term “passive” makes it appear as if you do not have to do anything to bring in the income, doesn’t it? This is certainly not true! Most, if not all, passive income streams will need at least an upfront monetary investment or an upfront time investment.
Therefore, whether you are looking to make a few extra bucks, or looking to amass enough money to completely override your employment paycheck, the following creative ideas could be of great help to build your passive income streams.
Write an eBook, a normal book and collect royalties
This may seem like so much work upfront, but once the book is completed and properly marketed, it can be a source of passive revenue stream for years and years to come. You could decide to sell the book on your very own website or even offer it as an affiliate content provider to other websites that deal with related content.
Put your photography skills to work.
Are you a fan of photography? If so, then perhaps you could convert your hobby into a side hustle and alternative income source. Wondering how? There are plenty of photography websites on the cloud, like iStockphoto or Shutterstock among so many others, that can provide excellent platforms for you to market and sell your photos. One photo alone could represent a residual income opportunity, because it could be sold over and over again. Any and all technicalities of the picture sales are usually handled through the website.
E-commerce – sell your products on the internet
There are endless possibilities when it comes to this. You could just sell about any products or services you want. It could be products that you created yourself, products on behalf of others, goods digital in nature such as software and DVDs, or services.
All you need to do is set up a website or blog that you will dedicate to market and sell these products. On the other hand, you could also sell your products on an affiliate basis by either giving it to other related websites or through selling platforms.
Invest in real estate.
Invest in real estate.
Investing in real estate tends to fall more in the category of side hustles or semi-passive income, since it is a little bit of an active venture. Despite this, once you get your investment property fully established and rented, most of the work that remains is managing the property and maintaining it.
Moreover, if you completely lack the time to manage your properties, there are several professional real estate managers who could do the job for you at a little fee. With this the investment becomes more passive. You can never go wrong with investing in real estate.
Making YouTube videos and v-logs.
Making YouTube videos and v-logs.
With the dot com generation, this is a venture that is growing at an alarmingly fast rate. Quick question; how often do you log in you tube to watch videos? You were probably doing that right before this, weren’t you? Now, how about making money while doing what you like?
You could easily create videos in just about anything you like. Be it music, opinions, tutorials, movie reviews, comedy – you name it. Once you’ve made your videos, attach Google Adsense to them and this overlays your videos with automatic adverts. Anytime a viewer clicks on the ad, you earn some money from Adsense.
The catch with v-logging however, is to aggressively promote your content on social media platforms since that is where the market is. Once you have a big following, all you need to do is to make videos, sit back and watch your passion make money for you.
Build an app.
Apps could be incredibly lucrative sources of income. Just think of how many people have smart phones today. Almost everyone! People are always downloading new apps – and for good reason; they make life way easier. There is technically an app to suit almost every need.
This being said, you may be wondering if there as so many apps already out there, then why would you want to create one more. Isn’t the market already flooded? Isn’t there insane competition? Well, yes, but if you can come up with something fresh and creative, then there is no need to worry.
If you do not know how to code, you could easily hire a developer to build the app for you based in your ideas. Though this may cost you more, you may end up with a more professional-looking app. The end result is an app with the potential to earn you good money.
Earning passive income or some money through side hustles, is exactly everything that it’s cracked up to be. Grab an idea, make a good plan, and dedicate your time and efforts until the income stream comes into fruition. If you have the drive and the passion to make money, then there is nothing that should stop you.