Money is never enough that even the billionaires of today are still grinding and hustling to make more money. You should not be okay with your monthly income alone. Think outside the box. Why don’t you add another income source? You may never know, but a passive income might pay most of your bills, and you can resign from work later on. Passive income allows you to get paid in a recurring manner for a job you did once. Let’s learn the eight passive income ideas to increase your monthly income.
1. Write A Book
Everyone has a story to tell. Others are willing to listen, and one of the ways you can narrate your experiences or educate people is by writing a book. Selling books can be one of the most convenient ways to make money.
The moment you have uploaded your book on Kindle or any other e-book site, you start earning without doing anything, unless you want to market your book to make more money.
2. Sell Tradelines
Another way you can make a passive income is by selling tradelines. It’s guaranteed that you will get a profit. As long as you have a good credit account, you have tradelines. Tradelines can be in the form of mortgages, car loans, credit cards, etc. You can add authorized users onto your credit cards after the pay and remove them after a few months or so.
3. Sell Stuff An Amazon
For many people in the world, Amazon is their favorite e-commerce store. Amazon doesn’t sell Jeff Bezos stuff. No! It sells your stuff. Amazon can ship your own products to your customers. So, find what is easier for you to sell. Maybe dresses, electronics, or beauty products, and sell them through Amazon.
4. Rent Your Ride
Have you ever thought about renting your car? There are car rental agencies that can use your car and pay you. Another popular way you can rent your vehicle is joining a marketplace like Turo. There are other car owners like you in the site who rent their cars to travelers. The vehicles can be trucks, buses, and even fast cars.
5. Create An Online Course
Again, people want to hear from you. This time though, they want to be educated. You can be training people how to cook, drive, dress, or anything you can think of as long as it’s legal. Courses can be in form or e-books, videos, and emails. People willing to learn will sign up and purchase your course. One of the recommended platforms to sell a course is Udemy.
6. Invest In Real Estate
Have you ever heard about Fundrise? It’s an investing service that helps you invest in commercial real estate. They make it simple, efficient, and transparent and bridge the gap between the investors and the developers.
You don’t have to seek an intermediary to show where you can invest. You only have to register on the site and get started. That will save you a lot of expenses.
7. Rent The Stuff In Your Home
There are some items that you use only once and stock them up in your basement. Some people prefer renting stuff rather than buying them. If you have things like party tents, ATV’s, chainsaw, tables, and chairs, you can rent them out.
It’s a bit risky business as people can disappear with your items and never come back. You can ask for their details just to be certain.
8. Rent Out A Room In Your House
If you have an extra room in your house and haven’t taken advantage of Airbnb, you are missing out a lot. The site has many people looking for short-term rentals. You can clean the room after the guest leaves or hire cleaning services.
There are hundreds of ways you can have a passive income, but these eight are the simplest ones. Find out passive income ideas you can take advantage of and go ahead with it.