You’ve probably heard passive income defined as “making money by doing nothing,” but that isn’t quite true. The truth is you’ll probably need to put in some work first. If you’d like to see more commas in your bank account, check out these ways to earn passive income, including one so easy that you’ll wonder why you didn’t do it years ago.
- Write Your Own Blog
Blogging can also be one of the most lucrative passive income methods. Are you a work-at-home parent? Do you know a lot about fitness? Create a blog about it. From traveling to crafting, people are interested in reading about all types of topics. The key is to combine valuable information with a bit of your personal life and a little (or a lot!) of humor. You’ll need to spend time building a design, writing posts, and getting your name out there, but some bloggers who started with nothing now make six or seven figures each year.
- Create a YouTube Channel
Maybe you aren’t one to string together sentences for the internet, but you love being in front of the camera. Create a YouTube channel. You can provide tutorials, film funny videos, make ASMR, review products, and much more. As your viewership grows, YouTube will offer you the chance to monetize your channel by placing ads before, after, or within your video. Depending on the type of videos you make, you might even bring in money or free stuff by agreeing to review or mention a company’s product.
- Rent Out Space in Your House
Not all passive income comes from the internet. Do you have a spare room or an over-the-garage apartment? Consider renting it out. You could take in a college student or young professional who wants to save money while becoming established, or you could opt to add your space to Airbnb and choose when you have people in it. Either way, you’ll need to put forth little effort. Long-term tenants will pay or split rent and bills, and short-term tenants will bring in a few bucks, too. You’ll just need to keep a safe, clean space. Of course, it doesn’t hurt to offer Wi-Fi.
- Sell Your Photography
With the rise of high-tech smartphone cameras, you don’t even need a professional camera or editing software to sell your photography. Whether you actively seek out excellent photo opportunities or you just happened to get a great shot of the sunset, people all over the world could be interested in purchasing your image. Stock photography websites regularly buy photographs for a flat fee, or you can choose to upload your work yourself and bring in a percentage. Once you create an account, simply add photos as you take them.
- Save Your Pennies
Okay, so maybe it’s not quite “passive” income. After all, you earn your pennies. What you might now know is that there are tons of apps that let you stretch them even further. Don Gayhardt, a financial services leader with more than 20 years of experience, is a fan of apps like Acorns and Worthy. Acorns rounds up to the nearest dollar on your purchase and invests those pennies for you. Worthy acts like a savings account in that you can put in or take out money whenever you like, but it has a 5 percent annual interest rate, so the more money you have in it, the more you’re making.
Making passive income could take a lot of legwork and initiative, like starting a blog, or it could be as simple as downloading an app and creating an account. All you need to do to start bringing in more money is to decide which method works best for you.
