What is passive income?
Passive income is where you get paid over and over again for work that you did once. Are you looking to make some extra income on top of your 9 to 5 job? We have listed 5 easy income streams that are passive for you.
1. Start a blog:
One of the cheapest ways to start earning a passive income is by launching your own blog. Just purchase your domain name and it only takes a few minutes to set up. After that, start creating content that people would be interested in reading. For example, if you’re someone who loves to bake, then you could share your recipe on your blog. Make sure the topics you write about are popular and once you’ve gained a following, you can start making money from of your blog by selling advertisements. If your site has enough traffic to become an affiliate, then advertisers might be interested to purchase ads on your site.
2. Make Youtube videos:
You can start your own Youtube channel simply by creating videos about things you are passionate about like tutorials, comedy, and movie reviews. You can then attach Google AdSense to the videos, which will overlay your videos with ads. When viewers click on those ads, you will earn money from AdSense. You may need to learn something about video editing, but there are free apps that can help you with that. Once a video is published, it can become a passive cash flow source for a very long time.
3. Invest in stocks or shares:
Investing in stocks has been a popular way to earn a passive income for years. When you invest in stocks you become a stakeholder which entitles you to a share of their profits. Keep in mind that stocks you invest in can change over time. You can look for investments that go towards your retirement savings or your children’s college tuition.
4. Build an app:
Just about everyone has a smartphone, and people are downloading apps like crazy in the digital age. Building your own app can be an incredibly lucrative income source. Don't know how to code? Check out free websites like Codecademy to learn how to code. Alternatively, you can hire a developer to build your app based on your idea. Don’t downplay the idea of building an app. They have the potential to make you some extra income.
5. Rent out properties:
Going on vacation for a week? Rent out your home on Airbnb while on vacation to make some easy money. This will help you gain supplemental income without really doing anything except for listing your home online.
Do you have an extra spot in your office? Much like apartment renters use Airbnb to rent out their extra rooms, businesses can rent out office space. You can now sublease unused office space on websites like Quikspaces to generate passive income. Simply take some photos of your office and send them over to the agent, they will guide you through the process of monetizing your underutilized space.
If you have unused office space, why let it go to waste?
Get started with Quikspaces today to put some extra cash in your pocket!