Are you looking for new ways to make more money?
Whether you’re currently working full time or are between jobs, passive income could help you to live more comfortably or boost your savings. Anybody can benefit from passive income; you don’t have to be a business expert or willing to put in an extra 20 hours a week on top of your day job. If you want to learn more, keep reading.
What is Passive Income?
Passive income is money that you make without actively working for it. While this sounds like a dream come true, passive income isn’t a get-rich-quick scheme. You’ll have to put in the work consistently before achieving results, but if you’re patient you’ll be earning money while you sleep.
So how can you get started? Here are some of the top passive income streams you should consider:
It doesn’t matter if you choose one of the investment ISAs at Wealthify or take to the stock market, you’ll be able to make money simply by leaving your investments to grow. If you’d prefer a more hands-off approach, an investment bank account is the option for you. By leaving your money in an investment ISA or alternative, you won’t have to monitor the stock market yourself, simply reap the rewards. But trading as an individual requires more legwork, as you’ll have to do all the research yourself.
If you have a particular area of expertise, you could develop a course to help others learn more about it. This could be linked to your day job or be related to a hobby you have. All you need is a deep interest and a wealth of knowledge about the subject. Whether you choose to teach learners the basics of marketing or how to paint with acrylics, once you’ve created the course every sale will be passive income.
Perfect for creatives, opening a print-on-demand shop can help you make money off your art and designs. All you have to do is upload your files and choose what kinds of products you want to sell. When a customer buys from you, your chosen print-on-demand service will ship it to them and take a cut. This means you won’t have to pack any orders yourself or create your products.
You can make passive income from affiliate marketing by sharing links or discount codes with an audience online. If you already use social media and have a significant following, this could be an easy way to transform your hobby into a business. While it might take some time to build a blog, Instagram page, or trusted website, your affiliate links will allow you to make money 24 hours a day.
Is Passive Income Worth It?
As you can see, passive income can involve quite a bit of work, at least to start with. But it really is worth it in the long term. You’ll be able to earn money alongside your day job without too much added effort once everything is up and running.