8 Outstanding Passive Income Ideas That Will Make You Money While Snoozing
When it comes to ensuring longtime financial stability, there’s one keyword that comes to mind: diversification.
It’s common knowledge at this point that many Americans can’t build wealth off of traditional 9-to-5 jobs. This is a systemic problem that has no clear solution, meaning, for now, Americans need to get smart about how to make extra money.
Finding sources of passive income can be the best and smartest way to reach economic stability. Time is money after all. If you can be cushioning your bank account while away or at a different job, why wouldn’t you?
The idea of passive income is an enticing one, but many Americans don’t know where to start. If you find yourself in that same boat, read on. We’ll walk you through eight amazing passive income ideas that can help you bring in the dough in 2019.
1. Rent a Room
Paying rent or your mortgage can be one of your biggest expenses each month. An easy way to take a chunk out of that cost is to use any extra space you have to your advantage.
Renting out a spare room can be easy and doesn’t require too much extra work. You could use a popular website like AirBnb to list your room, or simply rent it out through friends and friends of friends when they come to town.
The only work involved in renting a room is the preparation and clean you’ll have to do on either side of a stay. But for the amount of money it could bring in, this small work is well worth the cost.
2. Start Investing in the Stock Market
The classic form of passive income is one of the backbones of the American economy: the stock market. You’ve probably had parents, relatives, teachers, and so forth bother you about investing from a young age.
The stock market can be a risky and cost-prohibitive door to passive income. If you have a lot of money and are looking to make more, there’s hardly a better place. if you’re looking to make passive income because you don’t have much money already, it might not be the place for you.
If you really want to see some money come in, you could invest in dividend-paying stocks, which give payouts to shareholders each quarter. Make sure to do your proper research before investing in any particular stock.
3. Affiliate Marketing
If you run a website online, you have a large source of potential passive income already available at your fingertips. Even if you don’t, website hosting is relatively cheap considering the high potential for profit.
If you include affiliate links on your website, you’ll receive a commission anytime a user buys a product. No further work has to be done on your part. Some website owners are making over $50,000 a year through affiliate marketing.
But that’s not the only form of passive income you can make through your site….
4. Lead Generation Sites
You could also make money from linking and referring to local business. For example, let’s say you run a website about law, lawsuits, and settlements. People online come to your site to find the information they need on such things.
Local law offices and lawyers may pay you to have you refer web visitors to their services. They also may pay you to include links or advertisements for their services on your site.
This system can work for almost any topic or subject matter, depending on your personal interest.
If you want to be on the cutting edge of passive income possibilities, consider investing in cryptocurrencies. New forms of financial systems, such as Bitcoin, are increasingly becoming the topic of discussion.
Those who invested in bitcoin at the beginning of its existence are now millionaires. While much is still not known about the future of cryptocurrency, it’s a path well worth looking into if you want to make some passive income.
If you’re confused about how cryptocurrency works, you can peruse this great resource to learn more.
6. Create a Mobile App
This one requires a lot of work up front, but the payoff can be endless and limitless. If you know anything about tech design, creating an app doesn’t have to be difficult.
If you can figure out a simple need that people need to be filled, creating an app for it can start sending money your way for years to come. There are many individuals who make thousands and thousands of dollars a year off apps they created.
Once an app exists and is on the market, it never has to stop making you money.
7. Rent Your Belongings
Do you have things in your house you barely use? Consider lending them out to people who need them. Lawn mowers, ATVs, recording equipment, party tents, ladders… there’s a million odd-objects you might own that could help someone else.
Sites like Craigslist and others can help connect you with people looking for such items. When going this route, just make sure proper care is taken in arranging the trade. You don’t want to get screwed over or robbed.
8. License Your Photography
If you’re pressed for cash this year, turning your favorite hobby into a source of income might be a great move. If you have an eye for stunning vistas and charming framing, there are many online who might be interested in your photography.
Consider partnering with a licensing site such as Shutterstock and getting your photos out there in the world. Interested parties can buy the rights to your photos, and the money will go straight into your pocket.
Passive Income Ideas for Your 2019
No one will complain about having a little more money in the bank. These passive income ideas can help you flourish financially this year and take advantage of the life you’ve always wanted to live.
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