If you want to make more money but you don't have the time or the strength to take an extra job, then you should take a look at passive income opportunities!
If your goal is to win some extra money but you are not available to apply for an extra job, then there's another option you may want to learn a bit more about: passive income.
But first, what does passive income refer to?
It's an extra income you can get on a frequent basis by doing little to no work at all! However, you should always bear in mind that as it's a passive type of job, it will probably have a flat return.
Take a look at some of the best options to earn a passive income!
1. Invest in Real Estate
There is a new option available to invest in Real Estate properties that can help you obtain a passive income: Crowdfunding. This way, you can become a partial investor in a larger deal.
This process to fund real estate projects is becoming more and more popular in the US and allows investors to join the deal by placing relatively small amounts of money.
2. Dividend-Paying Stocks
Investing in dividend-paying stocks is also a way to generate passive income. Although your financial advisor may encourage you to reinvest your dividends, you also can get the dividends sent to your bank account and withdraw the profit.
The key to investing in dividends is to find a company the market considers solid, which has no debt and plenty of cash.
3. Peer-to-Peer lending
Also known as P2P, this method is a way to borrow from someone who will loan you the money at a competitive rate instead of going to a bank.
Investors in P2P lending find this as a source of passive income. If you become an investor, you can lend small amounts of money to several borrowers and receive competitive rates of return.
4. Sell photos to stock companies
If photography is your hobby, then it's time you use your skills to generate a passive income. You can sell your photographs as stock photos to sites like Getty Images or iStock Photo.
So, analyze the available photo categories and contact the stock companies to sell your impressive photos!
5. Rent a room in your home
Having a vacant room in your home can be another way to earn a passive income!
Although this option may require a little more work, it can be a successful method. If you are interested, you can take a look at the terms & conditions of rental sites, like Airbnb and VRBO.
Make sure the room is comfortable and analyze if it will not bother your everyday life to have a stranger living in your home for a short period of time.
Also, if you don't own the property, you should consider renting your room while you are on vacation or have to travel for work.
6. Sell stuff through Etsy
Through this platform you can offer either physical (jewelry, clothes, etc) or digital products (pictures, guides, etc).
Although physical products imply a bit more work, you can sell things you create or resell things you have, like vintage clothes.
On the other hand, selling digital products in this marketplace requires less work! You can upload a digital and useful product, like a guide on how to design digital files, and then sit back and wait for the sales to come in.