One of the best ways to increase your wealth and earn lots of money is by generating passive income. This type of income provides you with the opportunity to earn money while you are doing other activities.
The truth is you will never create large amounts of income trading your time for money. When you engage in passive income strategies, you can receive a continuous flow of income from one source.
Are you interested in learning about streams of income that don’t involve getting a title loan? Here are the top 5 ways for you to create a passive income.
1. Get a tenant for your house or apartment.
The extra bedrooms in your home or your apartment could mean additional income for your bank account. If you don’t mind sharing your living space with another person, rent your spare bedrooms for a monthly fee.
Depending on the size of the space and the area in which you live, you could charge as much as $700 per bedroom. If you own a home with a basement, you could earn more money by renting the entire basement to a tenant.
Before you rent out a room in your house to a tenant, you should find out if you are required to obtain a landlord license. If you’re a renter, you should review your lease to determine if the landlord allows you to bring additional tenants into your apartment.
2. Invest in the stock market.
The stock market is the most common way that wealthy people create passive income for their families. Investors such as Warren Buffet and Jim Cramer have become wealthy as a result of buying and selling stocks.
3. Provide peer-to-peer lending.
Peer-to-peer lending offers a passive way for you to earn interest on your investment when you lend money to qualified borrowers. Investors can earn as much as 10 percent interest per loan.
To get started, sign up for Lending Club, Prosper, UpStart or another lending service. Follow the directions on each site in order to maximize your returns for peer-to-peer lending.
4. Write an eBook.
Downloadable eBooks offer an easy way for you to make money from one idea. When you write an eBook, you can earn money from the book for years to come.
Whether you’re a writer or not, you can still create an eBook. If you aren’t a good writer, hire a person to write the book for you.
Create a website for the book. Sell it on your website. Another good site to offer your book is Amazon. Each day, the Amazon marketplace attracts millions of people who are looking for all types of things to purchase including books.
5. Create videos on YouTube.
Would you believe that there are many people who earn a full-time income from posting YouTube videos? In fact, there are hundreds of people who earn over a million dollars per year from the site.
To earn money from YouTube videos, you must post content that people want to see. Upload the videos. When people watch your videos, you can earn money from the advertisements at the beginning of the video.
By following these tips, you can generate passive income.
FYI: I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year. I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home. If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!). Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!