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Around 20% of Americans have a passive income, which shows it’s gradually becoming a popular way of building wealth.
Earning a passive income opens an additional income stream and requires minimal effort. But it’s easier said than done, especially if you’re not sure where to start. Maybe you’ve learned about passive income and you want to know where to start.
Sounds like you? Don’t worry; we’ve got your back. Here’s how to earn passive income.
Buy a Rental Property
Buying a rental property is an effective way to earn cash. You can either decide to choose a long- or short-term tenant, depending on your preference. If you’re interested, look into Kiavi rental loans to start your journey.
Create a Blog
Anyone after easy money should create a blog in their area of interest.
Start by choosing a cheap platform and consistently post valuable content so you gradually build a following. Although it requires a huge amount of work, once you have an engaged audience, you can quickly earn cash. For instance, partner with a company and become their affiliate where you receive a commission when a reader buys a product.
Invest in a Business
An effective way to generate fast cash is investing in a business. If you’ve got the money ready, find a startup you believe in and become a silent partner. Or pour your savings into dividend stocks where you can receive a hefty payout over the years.
Create a Course
Capitalize on your expertise by creating and selling a course to your audience. You can also use a high-traffic site like Udemy where you can produce and post your video courses for users to buy.
You can also make money by self-publishing an eBook. Start by writing on a subject you’re passionate about, design a cover, and upload it to a popular program like Amazon’s Kindle Direct Publishing. It’s also wise to sell on your website so you receive full payment.
Sell Stock Photos
Great at photography? Then, submit your work to a stock photo site where you will receive a commission whenever someone buys them. This is effective because so many businesses rely on these images, making it a win-win.
Or, if you’re a musician, earn a royalty on your tracks. Note, most music on YouTube and in commercials require licensing so you have the opportunity to earn a decent passive income.
Rent Out Your Car
Another great form of passive income is renting out your vehicle. This is a great option if you’re in the city and residents only need a car occasionally. But to be secure, use a business-like Turo as it will protect your car.
Earn Passive Income Today
Hopefully, after reading this article, you’ll earn passive income.
There are limitless possibilities for earning extra cash such as renting out your car and investing in a rental property. You should also capitalize on your expertise by publishing an eBook or course. Good luck!
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