What 5 on-the-side Jobs can you start that will generate passive income?

2020 was a year in which many of us, due to the lockdown, layoffs, or the economic crisis caused by the pandemic, had to find new ways to generate income. What 5 on-the-side Jobs can you start that will generate passive income?

After a difficult year as was 2020, you may still be in between jobs, looking to start your own business, or wanting some extra cash, and if you like the idea of putting in upfront work so that later on you can earn money without any more significant effort, a passive side hustle may be your best option.

Starting a hustle that will generate passive income requires an investment. If you have some money saved and are willing to take the risk, you can put this money towards a passive small-scale business.

Here are some ideas you can look into:

Invest in the Stock Market

This is an option you should choose only if you can take the risk of losing your investment

Investing your money in the stock market can give you a higher earning potential than just stashing it away in a savings account. You can invest your money in accounts like employer-sponsored 401(k) plans, a 529 plan for your child’s college education, or a brokerage account.

Keep in mind that when you invest in the stock market, there are no guarantees but the earnings can also be higher, so it’s up to you to decide.

Invest in Crowdfunded Real Estate

Crowdfunding is a way for business owners to raise money by reaching out to a large pool of investors who each contribute a small amount. There are companies that allow you to invest as little as a few hundred dollars, so if you don’t have a large amount of cash to work with but would like to invest in real estate, crowdfunding could be your best option.

As your real estate investments increase in value or turn a profit, you’ll earn money with no effort at all.

Rent Your Car

If you own a car but stay at home to watch your kids, or use public transportation because you don’t like driving, you can rent your car and make some money while you’re not using it.

There are many people that need to rent a car for a few hours or longer and you earn money by allowing them to use your car instead of letting it sit in your driveway or garage.

Buy Your First Rental Property

If you’ve got home equity, you might be eligible for a line of credit known as HELOC, which is a Home Equity Loan

Money invested in bricks is always money well invested, so a great option is to buy a property and rent it out to make some extra cash. If you need a mortgage to pay for it, the rent will always be higher than the mortgage payment, so that will leave you money every month.

If you’re handy and don’t mind dealing with tenants, this could be a wise investment. Hiring someone to do the job for you is also possible, but it would reduce your earnings.

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