5 Passive Income Ideas That Teach Career-Building Skills

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The commitment towards your main job can leave little room for much else, hence the vitality of a passive income putting you in a win-win situation. Passive income allows you to expend less time and energy making money while also refining your career skills. 

Here are five passive income ideas that teach soft career-building skills that transcend fields: 

Rent Out 

Renting out a house or a room might be an obvious option for some, but for the many who do not live in a home they’re able to rent out, smaller rentals in the form of say, parking, storage space, a pool, or other belongings, offer potential alternatives for passive income. The process of renting out helps develop soft skills such as interpersonal relations, clear communication, and establishing — and enforcing — boundaries. 

Self-Publish a Book

Harness your expertise or ideas into a self-published book. Self-publishing is typically a much quicker process than the traditional publishing house route, which can take years. Furthermore, in self-publishing, you’ll gain first-hand experience in all corners of a book coming to life, including various forms of writing, editing, drafting and revising, pitching, marketing and branding. Through this process, you can develop and fine-tune attributes like perseverance, tenacity, self-confidence, initiative and focus.  

Create a Course 

Similarly to self-publishing a book, creating a course centers around letting others know what you know and getting your name out for public consumption. Chances are you’ve grown in some aspect of your life and you may be overlooking valuable skills and insights that you can share with an eager audience. Dedicating the time upfront to organize your learnings into a cohesive narrative can further establish you as a thought leader earning respect in your industry or wherever you’d like to position yourself. It gives you an understanding of how to present yourself and sell your ideas. 

Sell Creative Assets 

Whether or not you already work with artforms in your full-time work, media assets such as stock photos or music can offer both creative fulfillment and additional side income, depending on workplace policies. You can develop a critical eye for creative work and rein in limiting beliefs. 

Own a High-Yield Savings Account 

While a high-yield savings account isn’t a physical product that you sell, it does passively garner money over time. Many accounts are offering 4% to 5% APYs or above, meaning substantial money that compounds each month without you even monitoring it. Owning a high-yield savings account is a lesson in thinking smartly about investment for long-term impact while also exhibiting patience that will pay off. Potential account owners can essentially start wherever they’re at — no need to walk into a bank or have thousands of dollars already behind your name.

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