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Published Jul 06, 21
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You can either hold onto the stuff for a chance to end up on an episode of Hoarders or you can sell it online to help you make passive income. You might have to dig deep, but you will find that you have some items that are worth some serious cash.

There are plenty of apps to start putting your mobile device and time to better use. Some good ones are listed below. Fundrise – Fundrise lets you invest in real estate projects with an initial minimum investment of $1,000. It comes with the option to take quarterly dividends, which serve as your passive income.

If you find your passion for creating audio, you can experiment with a wide range of different products, from intros and outros to full albums and mixing samples. 23. Rent Out Unused Space Space is a valuable commodity that most of us don’t have enough of. Whether you’re currently only using your storage room part-time or having extra space in your home, there are tons of ways to create some extra income with that unused space.

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The work that goes into earning passive income tends to be manageable when paired with a 9 to 5. So, yup, you can do both. Whether you’re looking to start a dropshipping store, start your own agency, or create profitable content, you’ll find that there’s money to be made in all these areas.

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Alternatively, you might consider a “freemium model” – building up a following with free content and then charging for more detailed information or for those who want to know more. For example, language teachers and stock-picking advice may use this model. The free content acts as a demonstration of your expertise, and may attract those looking to go to the next level.

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2. Rental income, Investing in rental properties is an effective way to earn passive income. But it often requires more work than people expect. If you don’t take the time to learn how to make it a profitable venture, you could lose your investment and then some, says John H.

And the pandemic has posed new challenges, too. Due to the economic downturn, you may suddenly have tenants who can no longer pay their rent, while you may still have a mortgage of your own to pay. Or you may not be able to rent the home out for as much as you could before, as incomes decline.

Affiliate marketing is considered passive because, in theory, you can earn money just by adding a link to your site or social media account. In reality, you won’t earn anything if you can’t attract readers to your site to click on the link and buy something. If you’re just starting out, you’ll have to take time to create content and build traffic.

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You’ll be able to take advantage of price differences between what you can find and what the average consumer may be able to find. This could work especially well if you have a contact who can help you access discounted merchandise that few other people can find. Or you may be able to find valuable merchandise that others have simply overlooked.

Plus, you’ll have to invest money in all of your products until they do sell, so you need a robust source of cash. You’ll have to really know the market so that you’re not buying at a price that’s too high. Otherwise you may end up with products that no one wants or whose price you have to drastically cut in order to sell.

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Economic recessions can also make high-yielding personal loans a more likely candidate for default, too, so if COVID-19 continues to hurt the economy, these loans may go bad at higher than historical rates. 6. Dividend stocks, Shareholders in companies with dividend-yielding stocks receive a payment at regular intervals from the company.

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Dividends are paid per share of stock, so the more shares you own, the higher your payout. Since the income from the stocks isn’t related to any activity other than the initial financial investment, owning dividend-yielding stocks can be one of the most passive forms of making money. The money will simply be deposited in your brokerage account.

For example, companies issuing a very high dividend may not be able to sustain it. Graves warns that too many novices jump into the market without thoroughly investigating the company issuing the stock. “You’ve got to investigate each company’s website and be comfortable with their financial statements,” Graves says. “You should spend two to three weeks investigating each company.”That said, there are ways to invest in dividend-yielding stocks without spending a huge amount of time evaluating companies.

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