How would you feel if the money in your bank account brought in even more money, with minimal additional effort? That’s what it means to have passive income. This is how the rich continue to gain wealth and generate additional income, enjoying a simple living with little to no financial stress.
Regardless of your current financial situation, you can start generating a passive income now with the money you currently have. Take charge of your personal finances and get your money working harder for you. Here are a few tips to get you started.
1. Move your money to a high yield checking or saving account. Online banks can generally give you a better interest rate than brick and mortar banks. It certainly won’t make you an overnight millionaire, but you’ll start earning more money per dollar, and that’s a start.
2. Rental Properties. This is a great way to make passive income, especially if you already own some space. It can be as simple as renting out a room in your house or if you have vacation property you can rent it out when you’re not using it, instead of just letting it stay vacant.
3. License Intellectual Property. Licensing intellectual property such as software, photographs, and artwork can generate large amounts of passive income. That’s how Bill Gates made his first million.
4. Sell an eBook. These days with Amazon self-publishing you can easily write and upload an eBook. With a little self-promotion, you can create a great little income ongoing stream.
5. Sell a mobile app. Create a mobile app that earns money with every purchase. You can also put ads in your app to make additional revenue. If your app is a hit, you can make thousands of dollars in as little as one day.
6. Make a Youtube video. Make an interesting Youtube video and if it becomes popular you can make passive income from the ad revenue. You can also use your Youtube video to promote your other products and services and push traffic to your website.
7. Stock Photos. If you are a photographer, you can upload stock images and sell them. People are always in need of royalty free images for their websites. Stock images are a great way to make money because you can sell them over and over. A single stock image can cost up to $75+.
8. Stock Dividends. If you already have some money, you can invest in stocks that pay high dividends. This is one of the most common ways to make passive income - Think Warren Buffet!
9. Blogging. If you like writing, think about creating a blog. There are multiple income streams that can be derived from a blog, such as; selling advertising placements, paid article creation, and affiliate marketing which is point 10.
10. Affiliate Marketing. If you already have a set of products on your website, you can make money by selling other people’s goods and services for a commission.
Even if you don’t have a lot of money right now, you can start small and grow your capital over time. Once you have several streams of passive revenue, you will have no problem keeping the momentum going.
About the Author:
This is a guest post from Richard @ Simple Living Australia. Simple Living Australia is a personal finance and lifestyle blog dedicated to helping Australians gain control of their finances, save more, spend less and improve their overall standard of living.