15 Best Passive Income Ideas to Try
When you have a 9 to 5 job but wish to earn more, you can always look for some side jobs. However, you can only cram a few hours’ worth of part-time jobs into your free time, given how you still need to rest. This is why the idea of having a passive income is appealing.
A passive income is the money you’d get from something that you only performed or worked on once. You can even earn it while you’re asleep.
Here are some of the best ways to get some passive earnings:
1. Buy stocks to earn dividend income.
This refers to the dividends you would earn as a stock shareholder every quarter or so. For starters, learn more about the best stocks to invest in so you can earn every year and in the coming years.
2. Pay off all debts.
If you don’t have to keep paying for your debts’ interest rate, it would mean money saved for you to spend on other things. This is one of the simplest passive income streams to come by. You may also consider refinancing your high-interest debt by taking on another debt with a lower interest rate.
3. Lend some money.
You can cater to people who need money but were denied their loan application through traditional financing. In turn for the risks you’re taking by lending them the money, you can charge a higher interest rate and earn more. This beats earning from your money market account or bank savings.
4. Write a book.
Writing a book is ideal when you are an expert in some specific topics. For instance, if you have experimented and proven some marketing ideas to be effective, you can write about your tips and tricks and share them all through a book. If you are confident you can offer some valuable knowledge to your readers, a book would be a good passive income stream. It will give you royalty fee that you can collect every time someone buys your book.
5. Be a YouTuber.
You can upload videos on just about anything, from games and funny clips to make-up tutorials and political opinions. You can review anything and post them on the video-sharing website, attach Google AdSense to those videos, get automatic ads, and earn money every time a viewer click on those ads. To increase your viewership, it is important to make compelling videos and promote them on social media. If you get enough following, the work you put into creating those videos will pay off through those ad earnings.