If the idea of going to work, sitting in a cubicle, and collecting a minuscule paycheck does not sound like fun to you, then it’s time you learn about passive income. It might sound too good to be true, but people from all walks of life have learned to build wealth using these passive income tips. Some of the tips take time to get started, but once the money starts to roll in, you will be glad you invested your time and energy.
You can earn passive income in a few different ways. The idea is that you bring in an income without having to go to work. You can earn money through investments, rentals, selling products, and marketing. In many cases, you create one thing or make one investment, and after a short time, the money starts coming in with little to no work at all.
These are a few of the tried-and-true passive income opportunities:
1. Write A Book
If you have something to say or an idea to share, you can write a book to earn passive income. Yes, it takes time to write the book, but once you get it published (which you can do yourself), it is an easy way to build wealth. Best of all, after writing a book, you can use it to leverage other ideas.
2. Create YouTube Videos
YouTube channels offer a passive income, too. People love to learn how to do things through YouTube videos, so if you have a skill, why not share it on a video. You can earn money each time the video is watched, so make it useful and easy to find. You don’t need fancy equipment as many of the most-watched videos are filmed with mobile phones.
3. Buy A Turnkey Business
Most communities have turnkey businesses that are currently for sale. Everything from ice cream shops to laundromats to car washes. With a monetary investment from you and a few trustworthy employees, you can start to reap the benefits of a pre-existing business. Most turnkey businesses do require some up-front investments and the possibility of buying new equipment.
4. Rent Something You Own
If you own anything of value, you can rent it as a source of passive income. Some people will rent out rooms in their homes. Others will rent their tools, yard machines, or small appliances. If you have designer clothing, you can even rent that out, too. It’s even possible to rent out cars, trucks, RVs, and trailers. If you do decide to rent out your belongings, be sure that you have renters complete legal documents so you have recourse if anything is damaged.
5. Sell Photographs
Where do you think websites get their stock photos? From photographers who sell them to photography platforms. If you love to take photos, you can upload them to stock photo websites and watch people pay to use them. Be sure they are the highest quality so people actually want to use them.