With cost of living where it’s at in the U.S., it’s only natural that many of us would be searching for additional sources of income. As rents and home prices skyrocket across the country, wages have remained relatively stagnant, thus facilitating the need for people to seek out multiple jobs. Not only can working oneself ragged just to make ends meet prove tremendously stressful, it can also take a considerable toll on physical and mental health. Fortunately, not all jobs have to prove draining on your time and energy. So, if passive income is what you’re after, the following options may be right up your alley.
Create a Monetized YouTube Channel
As many people trying to generate income with video content can attest, monetizing a YouTube channel is often easier said than done. After all, in addition to creating engaging content, you need to hope that enough audience members are able to find and connect with that content. Furthermore, under the site’s current rules, an account must have a minimum of 4,000 watch hours over the last and 1,000 subscribers to qualify for monetization.
While this is liable to seem like a daunting task to people with no experience in content creation, those of us who genuinely enjoy producing entertaining content may relish this challenge. After all, if creating videos is a way for you to unwind and unleash your creative energy, it’s unlikely to seem like work. So, whether your passion is video essays, vlogs or web series, engaging in your creative hobby of choice stands to generate passive income each month.
Publish Your Own Books
Although self-published books have been unfairly derided for decades, recent years have seen self-published works enjoy a tremendous growth in popularity. One of the key reasons for this is how easy self-publishing has become. Before the age of the Internet, self-publishing required a fair amount of grunt work and, in some cases, a large financial commitment on the part of authors. By contrast, modern authors need only upload their respective works to their self-publishing platforms of choice and wait for them to connect with audiences.
Furthermore, popular sites like Amazon have made selling both physical and digital versions of self-published works easier than ever. So, if you have a passion for the written word but have never been able to catch the interest of literary agents and/or large publishers, there’s no longer anything holding you back from sharing your stories with the world. As an added bonus, without literary agents and publishers in the mix, authors are able to enjoy a larger cut of the profits from their work.
That being the case, it’s hardly surprising that so many independent authors have been able to turn their love of writing into a full-time career – and a consistent source of passive income. For example, if you’ve penned multiple books and each of them are purchased on a daily basis, you’ll essentially have multiple passive income streams.
Purchase a Rental Property
A good rental property can act as a convenient source of passive income, especially if it’s located in an area with high demand for housing. While there’s no denying that investing in a rental property can be expensive, the profits the right property stands to generate can more than make up for any short-term financial sacrifices on your part. So, when considering ways to earn passive vs earned income, don’t discount how much capital smart rental property investments can generate.
If you’re interested in rental property investments, start researching areas with considerable growth, high median income and low crime rates. Next, start seeking out good investment opportunities in those areas. Additionally, before proceeding to invest in a property, make sure to have it professionally inspected. A thorough inspection can place you in a stronger position at the bargaining table and potentially prevent you from investing in a money pit.
In recent years, it’s become increasingly difficult for many of us to get by with just one job. Even if you’re fortunate enough to have gainful full-time employment, rising cost of living and stagnating wages may leave you with no choice but to seek out additional forms of income. Luckily, bringing in extra money each month doesn’t have to be a drain on your leisure time or stamina.