8 Passive Income Ideas To Fund Your Next Vacation
Written by
Yaël Bizouati-Kennedy
Edited by
Cory Dudak
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Looking to make enough extra cash to splurge on self-care, such as a vacation? Worried that your normal income won’t cover it? Then generating a steady stream of money with little effort via passive income– that is, money not derived from active involvement, such as salary — is the way to go.
Below are just a few means of passive income generation that you can use to treat yourself to that long-desired getaway treat:
1. Real Estate Crowdfunding
One way to generate passive income is by participating in real estate investments through crowdfunding platforms. These platforms pool funds from multiple investors to finance real estate projects, such as rental properties or commercial buildings.
In turn, investors earn passive income from rental income or property appreciation.
2. Farmland
As land crowdfunding platform AcreTrader noted, land is one of the oldest investment classes in existence, producing enormous wealth over generations.
Per the website, “We think United States farmland represents an attractive, long-term investment while providing significant relative capital preservation during times of economic turmoil.”
This crowdfunded investment enables investors to buy fractional shares of an entity, while AcreTrader Management handles all aspects of administration and property management, the company said on its website.
As Retire Before Dad noted, investment returns have outperformed commercial real estate, gold, bonds and even the S&P 500 since 1990, according to data compiled by AcreTrader.
3. Rent Out Your Vehicle(s)
You can actually rent any vehicle you have, whether boat or car.
If you have a boat, you can rent it on Boatsetter to make some extra passive income.
You can also generate cash by renting out your car on several platforms. For instance, HyreCar says on its website that owners can become “autopreneurs” by turning their car into a passive income stream.
4. Create an Online Course
Another way to generate passive income that can help you fund your vacation is by creating an online course. Radio host and financial adviser Dave Ramsey has suggested using learning sites like Udemy, in which you can use your know-how to create a learning course on their platform.
“Once it’s published, it doesn’t require any additional maintenance from you, and you get paid when people take your class. It’s a low-output way of making some extra cash and helping people. That’s like a win-win . . . win,” he said.
5. Rent Your Storage Space
Websites such as Neighbor enable you to “Turn the space you already have into cash. Post for free today! Earn thousands in passive income.”
This “no hustle side-hustle” allows people to rent any kind of extra space: a garage, a driveway, a parking lot or an unpaved lot.
6. Advertise on Your Car
Another minimal effort way to generate passive income is to advertise other businesses on your car.
For instance, sites such as Wrapify pay people to wrap their cars with advertising, getting paid by the mile to drive as usual.
7. Open a High-Yield Savings Account
As Dave Ramsey has noted, this is one of the easiest ways to create a passive income stream and help you reach some of your short-term financial goals.
“You can find plenty of online banks and financial institutions out there today offering online savings accounts and money market accounts with annual percentage yields (APYs) between 3-4%,” he said.
8. Take Stock Pictures to Sell Online
If photography is your hobby, you might want to consider selling them online — generating passive income with little to no effort.
“If you like going out on the weekends to take photos and videos, consider posting them for sale online. That way people on the hunt for new stock images and videos may find and use your images. Plus, you’re able to sell these images for as long as you have them posted online,” according to Credit Karma.
Each of these passive revenue streams can be used to make relatively easy money quickly and with very minimal effort. From those revenue streams you can begin saving for that long-awaited vacation you’ve been planning, without dipping into your normal budget or income.
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