3 Ways People Become Rich Off of Passive Income
Written by
Karen Doyle
Edited by
Cory Dudak
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Passive income — sounds appealing, doesn’t it? The term conjures up visions of sitting on a beach while the money piles up effortlessly in your bank account – cha-ching, cha-ching.
Well, it may not be quite that easy, but there are certainly ways you can earn some extra money with very little effort. Here are three of them.
1. Earn Money From Your Money
Investing is usually viewed as a long-term proposition, and for good reason. Since the stock market goes up and down, it’s hard to rely on it for income. Unless you own the kind of investments that pay you money periodically, which are known as dividend investments. These can be stocks that pay a quarterly or annual dividend, bonds that pay interest on a regular basis or alternative investments like real estate investment trusts.
2. Earn Money From Your House
If you own your own home, there are several ways you can make money from it. If you travel frequently, you can rent out your house through AirBNB or VRBO. You can also rent an in-law apartment if you have one, or you can just rent a single room. Many professionals who travel to different work locations, such as traveling nurses, look to rent a room in a house for a few weeks or months at a time, rather than a pricey hotel room.
If you don’t want to have someone else living in your house, you can rent out a basement or shed for storage, or even a garage or a parking space.
3. Earn Money From Your Car
Just as you can rent your home on AirBNB, you can rent your car with apps like Turo or Getaround. If you leave your car behind when you travel, or even if you primarly use public transportation, you can rent out your car to someone who needs a car in your city for a short time. You’ll make more money than you would if it were sitting in the driveway!
You don’t have to be a gazillionaire to earn passive income — you just need a little imagination.
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