In today’s economy, it’s not enough to have only source of income. A person may get laid off from their main job. A business venture may not work out. This is why many people find it ideal to look for more than one income stream. Multiple income streams provide a form of useful insurance that allows people a welcome safety net. If something doesn’t work, they have the satisfaction of knowing that another form of income is likely to come through. Many people, consequently, are the lookout for new ideas they can use to earn money. Passive income is an excellent way to add to your bottom line. Passive income is income that earns money even when the person isn’t working for it directly. Common forms of passive income include stocks and bonds. In today’s ever changing world, it’s possible to find lots of new and exciting ways to create such ongoing passive income possibilities.
Downsizing Your car
One way of creating passive income is by downsizing your car, selling it and buying a used Jeep Wrangler. The extra space offers lots of space that lets you drive for a company such as Uber in your spare time and earn some cash whenever you’re in the mood to hit the road or head out and get groceries. It also allows you to rent out part of the car for use in advertising as you drive around the area. For those who love to have fun with their car, a small advertisement means a great way to pay for gas and other minor car ownership expenses.
If you’re putting money in the bank, you need to make it work for you. The bank is using your money to fund other people’s dreams. You can use it to help fund your own. Look closely at the interest you’re presently earning on the money you keep in your savings account. Many times, you’d be surprised at how little it’s earning. Fortunately, there are banks that will give you a better rate of return. Switching banks requires very little effort and may pay off big time.
Rental properties can be incredibly lucrative. Many people know they can be useful but aren’t sure where to start. The good news? Even if you don’t have a background in the field, it’s possible to rent out any property. Scouting out a given housing market often reveals lots properties in a given location. Some homeowners may not be able to meet their mortgage. In that case, if you have the funds, you can help them out by buying the property and renting it out for others. A few simple fix ups such as a coat of paint are all you’ll need to have it ready to welcome happy renters.
Sell Your Knowledge
Are you a maven for all things plants? Do you know how to create wonderful gardens? Are you in love with historical romance novels? Know how to take an ordinary present and make it look like a work of art? Then harness that knowledge. Share it with others and earn money in the process. The internet makes it easier than ever to speak out. Create your own personal YouTube channel and speak to an audience. If you’re more comfortable behind the scenes, you can set up a course for people to take at their leisure. You can also create eBooks that you can sell online. Each time someone uses your course, watches your video or buys your book, you’ll have a passive way to earn income. Many people make money doing what they love and reaching out to a global audience.
Thinking creatively about income lets people have the financial freedom they want in life to pursue their dreams. Varied kinds of differing income allows for a great way to earn not just a living but many kinds of livings.
By: Walter Bodell