"How do I generate passive income?"
If you're asking yourself this question, the answer isn't as hard or mysterious as you might think. In fact, there are several simple things you can do that'll make you several hundred (or even thousand) extra dollars a year.
We've put together nine of the best ideas to help you get started.
So keep reading below!
1. Start a Blog
Starting a blog is one of the best ways to generate a passive income stream. And it doesn't take a lot of money upfront, either.
Sites like WordPress make it super easy (and super cheap) to set up your blog. Then all you need is a hosting service and a domain name—both of which only cost a few dollars. You can start blogging in a matter of hours for under $100.
After that, you should set up an affiliate marketing program. Even if you only publish one post a week, this type of marketing can get you a lot of money. In some cases, you may be able to make a living off it.
2. Rent out a Room in Your Home
Do you have an extra room in your home you aren't using? Get set up with AirBnB and rent it out to travelers.
This can get you a stream of income without you having to do anything.
And you can even choose to stop renting your room for periods of time if you have company coming over. In other words, you can still use your guest room when you need it.
3. Rent out Your Extra Storage Space
Maybe you don't have an extra bedroom, but you do have a big attic or an empty garage. You can rent out this space to people who need help storing some of their items.
If you know anyone who needs some extra storage space, you can give this offer to them first. However, even if you don't know anyone firsthand, there are several websites out there (like AirBnB) who will connect you to people looking for storage space.
You can make several thousand dollars a year by storing other people's stuff.
4. Invest in a Vending Machine
This might not be the first thing that pops into your mind when you think of passive income. But if you have the right supplies, it can work.
Get in touch with businesses, commercial buildings, or other public areas and ask if you can put a vending machine in the location. Once it's there, you can leave it alone and watch your monthly income grow.
However, unlike some of the other options on this list, you will have to spend a bit of money to keep your vending machine going. For example, you'll have to restock it every few weeks, and you'll have to purchase one upfront.
Because of this, it might not be the best option for everyone.
5. Sell Your Old Clothes and Possessions
Do you have a lot of old clothes or possessions you don't use anymore? Instead of throwing them out, try selling them on a garage sale app. All you have to do is create a listing (which only takes a few minutes), and then your things will be available to interested buyers!
6. Buy and Sell Domain Names
Domain names are an important part of business websites. Without the right domain name, businesses can lose customers and, therefore, lose money.
Do some research into different markets and come up with names new businesses are likely to use. Then buy them for a couple of bucks each. When a business tries to get that domain name later, they'll have to buy it from you.
You can sell it to them for more money than you bought it for (within reason).
7. Rent out Your Car When You Aren't Using It
If you work from home or don't use your car every day, consider renting it out to other people. This gives you a good way to make money when you're sitting at home.
You can also rent out your parking space (or your driveway) if you live in a popular area of the city and you are away from your home during the day. That way, even if you do use your car for work, you are still making extra money.
8. Start House Sitting
Leaving a house empty for too long can attract burglars. Because of this, many people hire housesitters when they go on vacation.
This is a good way for people who like to travel and stay in new places to make a passive income, especially if you already work from home. You can do everything you would normally do during the day - just in a different house.
9. Start a YouTube Channel
Like a blog, a YouTube channel is another good way to make some extra money. It does take a bit of work, though.
You have to film the videos, edit them, and upload them to your channel. However, after this, you can start making money on ad revenue.
But the biggest type of passive income you can get from YouTube is endorsements. Find some affiliate links you can promote, and you'll get money for every video you make.
How Do I Generate Passive Income? These Ideas Will Help You Get Started
If you've been asking yourself, "How do I generate passive income this year?", try starting with some of these ideas. They don't take much time, money, or effort, but they can make you a lot of additional money if you stick to them.
Interested in starting a blog and making that cash?
We can help! Make sure you get in touch with us for more information today!