A passive income is simply the earnings a person makes from an enterprise or engagement that he/she is not totally involved with. An example of this could be income from rented property, earnings from a freelance job, Uber driving or even a cash-back reward on a credit card.
The U.S Bureau of Labor estimates that about 20 million Americans have one or two part-time jobs. For some, this is because of some “non-economic” reasons like childcare or maybe an income restriction which prevents them from working full-time jobs. Typically, when a person needs an additional source of income, a part-time job comes to mind. However, some people might not have the needed time and energy to do this.
A passive income opportunity presents to such people who need extra cash. A stress-free and even on some occasions lucrative means of getting paid. You can also refer to it as a “side hustle” because most times it requires little to no time engagement on your part which can be a good thing for some people.
We must also note that just like a non-passive income, the IRS taxes your passive income.
This article is exploring opportunities that involve you investing very little time and effort but makes you a reasonable amount of money.
How to make Passive Income
Nowadays, they are numerous opportunities for people to make money both online (internet) and many other basic everyday activities. I’ve made a list of some legitimate things you can involve yourself with to make the extra buck;
- Make YouTube videos: creating videos on YouTube and monetizing your channel has certainly become a rapid venture for so many people. The key here is to have a compelling video about anything that interests you, could be; tutorials, music, comedy skits, movie reviews, game reviews, absolutely anything. You can monetize your YouTube channel with Google AdSense of course; this will bring automatic ads on your videos which when clicked by your viewers earns you money.
- Bank certificate of deposit: this might be the best passive income option! Making safe investments with the U.S Treasury Securities via bank certificates of deposit has proven to be wise for some people. The only issue here is that you won’t make huge returns on investment (RoI) from this, but it’s safe and guaranteed.
- Create a blog: they are thousands of blogs out there on almost every niche, why do you think that exists? People are making good money from blogging; it presents an avenue for you to share your views or talk about your passion, etc. Just like the YouTube video, you can monetize your blog and make good cash from it. Another option available is to buy a blog. They are lots of abandoned blogs with reasonable web traffic, and if you can just reinvigorate such blogs with fresh contents, it’ll generate good monthly revenue for you. This is definitely a good source of passive income; you can also buy blogs reinvigorate and resale.
- Join Affiliate Marketing: do you have a website, a blog or own a domain name? Joining an affiliate network is easy with lots of big reputable companies like Amazon and eBay offering such services. Some affiliates also compensate you for posting on social media platforms like Facebook, Twitter, etc. The affiliate will provide you with all the marketing tool for the job such as banner ads, logos, and every other necessary item.
- Become an Uber driver: the rideshare industry is booming, providing lots of people with a chance to make quick cash. Becoming an Uber driver is not too complicated, the requirements are not that insane, and the pay is not bad. You can visit their website, sign up and you’re your schedule with them. This can be a good opportunity for you if you are always on the move. You can easily pick up the extra cash by driving people around when you are already out.
In conclusion, getting a passive income is great. Especially if it comes from a hobby or something you are passionate about is very rewarding. It also ensures you have enough residual income. The money you have left after expenses, debts which