The illusive Passive Income. How many times have you heard about earning passive income and thought to yourself “not sure how they did it, but I don’t even know where to start”. Believe me, I used to think the exact same thing not that long ago. I’m here to show you creative ways you can earn passive income.
How can you make money while you sleep? That’s passive income!Tweet
Want to earn passive income? Well, there’s some good news, and there is some bad news. The good news is it’s really not as hard as you think. With the advent of this wonderful thing called the internet, more and more people are becoming more financially savvy. The fact that you are reading this means you’re willing to learn, and best of all, it’s all free!
Now for the bad news. You actually have to commit to wanting to generate passive income and to stop being afraid to take some calculated risks. All I’m saying is that you just need to tell yourself “I’m going to this” and that’s really it!
Here are a few easy ways to start earning passive income.
1. Robo Investing
The first one on the list is definitely the easiest and most comfortable way people can start investing in the Stock Market. All you do is fund your investment account (sometimes as low as $5) and allow computers and algorithms so pick and sell stocks for you. The best thing is you don’t even have to figure all this investing stuff out. It’s all hands off! With a historical return of 5% a year, no savings account can beat this!
I’ve gone ahead and listed the top Robo Investing platforms out there that are beginner friendly, and super easy to use:
| • No minimum balance|
• Automated IRA rollovers
• Cutting-edge technology platform guided by financial experts
• One low annual management fee
• Offers Taxable, IRAs, Roth IRAs and SEP accounts
• Access to financial advisors
• Individual and joint investment accounts
• SIPC protected up to $500,000
| • Automatically invests your spare change.|
• Cashback at select retailers.
• Educational content available.
| • No account minimum.|
• Streamlined interface.
• Cryptocurrency trading.
• No trading fees
• Very popular, tried and tested
| • Completely free and no fees|
• No minimum to open an account
• Allows fractional shares
• Automated investing
• Fully featured mobile and desktop experience
Driving for a Rideshare app is definitely one of the most popular ways to earn a side income. Although it’s not entirely passive, it sure beats a side job that requires formal employment.
Think about it, you set your own schedule, and you can earn as much as you want. It’s definitely worth looking into as more and more people are incorporating side gigs to supplement income.
A good Rideshare app to get started with is Lyft. Drivers can earn up to $17.50 an hour, depending on your location and how often you drive! Definitely check them out.
3. Invest in Passive Real Estate
Yes, you heard that right! With today’s technology and a rise in investment platforms, you can also invest in the real estate market without actually having to own any physical property! Forget down payments and 3 am calls that the roof is leaking, someone else will do all this for you. How you may ask?
By investing your funds into Fundrise! Fundrise is basically a way to diversify your money into the real estate market without having to own any physical property. If there are any shifts in the stock market, real estate values typically aren’t nearly as affected! It does require a minimum starting balance of $500, but if you automatically deposit any extra funds you have into the account, you can watch it grow steadily!
4. Peer to Peer Lending
Peer to peer lending is definitely one of the more popular ones in this day and age. Because of the abundance and easy access to credit, several platforms allow you to be on the opposite end of the spectrum. You can now be the Lender!
For example, someone who needs to borrow $2,000, they create an account and are funded based on their credit history, income, etc. The investor (You) creates the account and buys the debt. When the borrower then makes their payments, you are paid back with interest in your investment account.
|• Prosper says that nearly 84 percent of their active investors met or exceeded their expected return on investment.||Open Account|
|• Lending Club developed an automated solution for you if you don’t want to pick loans manually.||Open Account|
|• Peerform claim to have an algorithm that is continuously evolving as new loans are funded||Open Account|
5. Rent out your space
Airbnb is well known for allowing people to travel the world and stay in beautiful places that are a lot less expensive than regular hotels. If you have an unused basement, bedroom, or even a rental property, you can turn that into an Airbnb and earn quite a lot of money!
Although Airbnb charges you 3% on every person that books your space, you also have the freedom to set your nightly rate at whatever you want. You can earn an exceptionally good passive income from this!
It’s free to join, so make sure you check them out.
6. Start a blog
This is the tried and tested method of creating passive income! If you are like me, the first thing you thought of was ‘Sure, I’ve heard this a thousand times. It can’t really be that good of an income’. Rest assured my good friend, it really is!
I have spent a lot of time wondering how a blog could possibly earn income until I took the plunge and tried it myself. Let me tell you this, the benefits and rewards are incredible.
I always say, the earlier you start the better! A blog is an incredible tool, similar to how YouTubers earn their income. It can be from Advertisements, Affiliate links, sponsored posts, to name a few! The only catch is, it takes time, effort, and patience! Pick a topic you enjoy the most, and just roll with it, in due time, you will reap the rewards!
The first step is to register a new domain and hosting for your website! Here are a few hosts I would recommend checking out
|• Hosting for as little as $2.95/mo||Open Account|
|• Hosting for as little as $3.95/mo||Open Account|
The things you need to do to get started aren’t difficult. There just need a little courage and a can-do attitude. Although some of the items mentioned here need a little bit of cash to get started, that small sacrifice at the beginning will make all the difference in the end.
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