3 great ways to create a passive income
Creating successful passive income streams takes some time and effort. However, much of this is in the initial set up phase and once you’ve passed this point, the amount of money you’ll earn for doing very little will grow month on month.
If you’re looking for ways to create a passive income; whether it’s for pin money to treat yourself every now and again, or a more serious way of creating a salary instead of working in your current job, here are 3 of the most popular ways to create a passive income – and how you can start your journey today to earning more cash.
Rent out a room
If you own your own home and have a spare room, letting it to a lodger can be a very lucrative way to make money each month.
Decide whether you’re looking for someone who will be living there full time, someone who needs Monday to Friday accommodation because they work away from their main home during the week, or a casual stopover opportunity – aimed at different people staying with you who are looking for a couple of nights away for a short holiday perhaps.
Taking in a lodger will mean having a room which is clean and comfortable to move into so you may need to update some of the furniture if it’s not been used for a while. The décor should be pleasant so perhaps a coat of a neutral shade of paint will brighten it up.
If you’re looking for a full or part time lodger, there are a number of websites you can advertise on. If you’re happy to let it for occasional nights as a holiday letting, there are now specialist websites which will advertise this for you.
If you receive any government benefits, it’s wise to check out how this may affect any claims as payments of rent will count as income.
Look to have a tenancy contract drawn up for the situation you decide is for you as well as rules of the house. This will give clear guidelines from the start for those who stay with you as to the expected behaviour and use of the house itself.
If you are good at writing, an ebook can bring you royalties once published. It’s a popular way to try to earn money though these days so you’ll need to consider promoting it online through social media and literature forums to bring it to the attention of your intended audience.
If you’re a keen photographer, publishing photos which can be used by individuals and companies for a royalty fee will mean you can really utilise a hobby you enjoy. Ensure you have your images protected though so they can’t be used without your permission for free and even more frustrating, without them being attributed to you in any way.
For anyone with a talent for art, creating digital artwork and then publishing it for use is another way to create a passive income. Again, protect it so you don’t see it being used for no fee.
Buy a domain name and find a host and you’re on your way to earning money though blogging.
Once you have the blog up and running with the initial content, look to add advertising such as banner ads. These will run without you needing to do anything and all you need to do is receive the money for each click a visitor has made when on your blog site. You don’t need huge amounts of traffic before you can have adverts running, just some initial posts will set the ball rolling.
Passive income means putting some work in upfront to be able to reap the rewards in the months and years to come. It can be a great deal of work to begin with; decorating a room, writing and promoting a book or setting up a blog but once this is complete and you monitor your projects on a regular basis, you can really set yourself up to earn some extra money and perhaps become so successful you can quit your 9-5 job.