Creating passive income sources requires some time and effort, and they can be a great way to diversify your income and help you achieve financial independence. While some of them can require a financial commitment, there are also ways to generate passive income without any investment at all.
How do you find your side hustle?
Owning real estate is one of the oldest ways to earn passive income. You can invest in rental properties through a mortgage or other financing method. However, you do need to do some work to get the property up and running.
Another popular form of passive income is through bonds. These are issued by governments or corporations and are a written promise to pay a certain amount of money on a specific date. Check this out
You can purchase bonds on the internet or in a local bank. The money you invest in these is protected by FDIC-insured accounts, which protect the first $250,000 of your money.
If you have a spare room, you can rent it out on a website like Airbnb. You must advertise and maintain the space to make sure guests have a good experience. You will also need to field questions from potential tenants.
Another way to generate passive income is through the sale of physical products. Some designers sell their designs on a print-on-demand website, which allows them to list their products on the site and take payments online. You can also sell greeting cards to stationery companies.
Investing in stocks is another passive income idea. Buying shares in a company means you are “owner” of the company.
