Imagine earning money while sipping fresh coconut water on a beautiful beach in Maldives or having afternoon tea on the top of the Eiffel Tower. That’s a dream many people (Including me) have had for the longest time. Now who says dream don’t come true! With those 5 passive income ideas, you’re going to be one step closer to turning that dream into a reality.
Before we jump into the 5 ideas, let me briefly explain passive income. Passive income is money earned without putting in a lot of work. All it requires is for you to identify and establish a source of passive income, then you can just sit back and relax.
1. Rental Income
Investing in rental properties is a great method to make passive income and it has been for as long as I can remember. However, you must ensure that you establish how much return you want on the investment (ROI), determine the property’s total cost and expenses, and understand the financial risk of owning the property. If you don’t take the time to learn how to run a productive business, you risk losing your investment. It is important to have an emergency plan in place to protect yourself from all the risks that comes with investing in rental properties.
2. Sell your own T-shirt designs
Everyone can become a designer nowadays. With multiple websites offering the service of transforming your designs into fashionable t-shirts, bags, mugs, and a range of other products, starting your own brand has never been easier. All you have to do is come up with a design, upload it, sit back, and wait for the money to enter your account. The supplier will make, sell, package, and ship the product for you. Amazon merch is one of the most popular websites for this. I highly recommend you check it out if you’re really good at drawing.
3. Rent your car
Do you have a car that is just sitting there at home? Are you okay with taking the public transport? If you answered yes to both of these questions, then this passive income idea is the best for you. Based on your location and the make/model of your car, you can make substantial cash by renting out your car. If you live in a busy city with lots of offices, you can also consider renting out your parking spaces during the week. Trust me, you can make loads of money from just renting your parking spaces since people would pay lots of money for a safe and guaranteed parking spot to leave their cars.
4. Store other people’s stuff
Got a free room in your house or apartment? Here’s how you can make money out of it. This is one of the easiest passive income ideas and my personal favourite. I’ve done it before, and I’ve made up to 350rm per month. Simply rent out the space by allowing someone to keep their things in the room (Yup! That’s it). This idea works best for people who enjoys living alone. The only time you’ll even see the person you are renting out to is when they need something from the storage space.
5. Sell photography online
No, you do not need an expensive camera and fancy equipment’s to be able to do this. All you need is your smartphone and some excellent pictures. You can sell your pictures online to companies like shutter stock and Adobe stock. You can easily make profit every time someone downloads your pictures through a third-party site.
Passive income is the primary source of money for most of the wealthiest people. Once you’ve identified the best passive income opportunity that matches your lifestyle its important to act on it and not let that extra cash you have get lazy. The beach and Paris are waiting for you.
If you want to understand more about passive income, read the article below.