Earning passive income sounds like a dream to those of us who work to generate a regular paycheck.
But with some creativity and resourcefulness, you may be able to employ strategies that allow you to make money when you aren’t working. To see what we mean, take a look at these ideas for creating a passive income stream.
What Is Passive Income?
Passive income is generally considered any source of revenue earned when you’re doing something else. For instance, if you sell T-shirts at a festival, you earn money every time you make a sale. That’s active income. But if you sell T-shirts through an online store, customers can make purchases while you’re working at another job or are asleep. That’s passive income.
Keep in mind that passive income is often not very passive, however. With some of the passive income ideas below, you may work a lot upfront. But if all goes well, you may be able to sit back and earn money.
- Rent out a room.
- Rent out your driveway.
- Rent out storage space.
- Advertise on your car.
- Create a blog.
- Create an online course.
- Rent your old home.
- Write a book.
- Create a product.
- Start a business that relies on passive income.
- Become a silent business partner.
- Design T-shirts.
- Be a pet sitter.
- Be a house sitter.
- Invest in your retirement.
- Invest in cryptocurrency.
- Open a savings account.
- Create YouTube videos.
- Pay off debt or reduce expenses.
- Apply for credit cards with rewards.
Rent Out a Room
Have a spare room that’s gathering dust? Consider it an asset in setting up a passive income stream. “A large percentage of Americans are finding themselves in financial straits and out of work amid the pandemic,” says Wendi Burkhardt, CEO of Silvernest.com, a home-sharing website. “However, many own a home that they can leverage as an asset to generate passive income by renting out spare rooms to long-term housemates.”
She adds: “Estimates show that they can earn an …….