5 ways to Begin “Passive” Income
Happy Monday!
Everywhere you look, women are chatting on passive income, Airbnb rentals, side hustles and simple ways to make some side money. At least that's what I've been hearing!
→ PS We've got a VIRTUAL EVENT coming up April 19th on the theme Money Mindset too! Link HERE.
Below are 5 ways to begin “passive” income:
1. Invest! Make your money work for you. Investing is an excellent way to earn passive income. I highly suggest working with a QUALITY financial advisor. If you need suggestions, email me!
2. Rent out property: If you have a spare room, garage, or parking space, consider renting it out on Airbnb or other rental platforms. You can also invest in a rental property and earn passive income through rental income. This is up to everyones comfort level but I've rented out the place I actually live in by putting all personal items into my spare bedroom locked whenever I'm on a trip or simply out of town.
3. Create digital products: If you have a talent for creating digital products like eBooks, courses, or templates, you can sell them online through platforms like Etsy. Once you create a product, you can earn passive income every time someone purchases it. I've not done this YET but had a friend who created bachelorette/wedding templates that people would download and print on their own. They liked the ability it was all created and in one packet.
4. Start a blog/TikTok/ YouTube channel: If you have a passion for writing or creating videos, you can start a blog or YouTube channel and monetize it through ads, sponsorships, or affiliate marketing. This requires consistent effort and dedication, but it can generate passive income over time.
5. Create an online store: If you have a product or service to sell, you can create an online store using platforms like Shopify or WooCommerce. Once you set up your store, you can generate passive income through sales without having to actively promote your products.
6. OTHER. There are so many things you can do in this day and age for extra side income. I have friends doing Rover, House sitting, flipping furniture or simply reselling furniture on Facebook marketplace and on!