PASSIVE INCOME – extra income which we can generate without putting in 40 hrs a week to make it. We have all heard about it but only a very small number of people go on to do something to achieve it. Most people are afraid to start something new on the side and I can assure you, from my personal experience that’s it’s much easier than we think.
Why – Why would you want to do this, is it worth the efforts?
- Retirement, Extra money which can be put aside for retirement or vacation
- Networking, work on side can be used to do networking which can help you with your main job
- Hobby or Passion, We frequently get bored with our regular day jobs over time. We all had some Passion or hobby which we have not able to pursue because of our regular day job. So, working on something you love on the side can generate some income and make you happy.
- Building wealth, investing in real estate or working on blog or app on the side can build huge wealth over time which may not be possible with your regular job.
- Helping Society, Working on something which helps our society, helping society creates better future for everyone. Avoid anxiety and stress by working on something you love on the side can help you live a happier and more fulfilling life.
- HELP for you or your kids EDUCATION, I have seen family struggling to pay for education and an avenue to generate some extra money, built over time, can be used for paying for Education.
15 EPIC IDEAS ON HOW TO MAKE PASSIVE INCOME
1. Rental Properties
This is my favorite and one of the ideas which I strongly recommend from my personal experience. I have not seen anything better than this yet, it’s one of the ways to use maximum leverage by putting down just minimum money and let mentors pay your mortgage. Real estate prices always go up over time and just holding on to real estate can build huge wealth over time. It allows you to start from something small from buying 1-2 units to multiple units as you grow bigger and one property helps you to buy the next one by just refinancing the first one. If you can add a new rental property to your portfolio after every 3-4 years, it can build-up something big over time that you won’t even need your day job after some time.
If you reading this blog, you already know that this is something I am working on right now. I am writing this blog during very early days of my blogging and I strongly believe that blogging has big potential but it takes little bit time and I am ready to put that time, I believe this is who I am, who can plan and execute it over long period of time. You can’t start blog about anything, it has to be about something you do and really passionate about it. No one can stop you to GROW BIG if you can write about your passion and for long period of time without expecting results.
YouTube and Instagram influencer has become so big lately that it’s worth trying. Working on some special talent which you have and share with the world can have big reward. Find your niche and try it out.
Nature, Portrait, Street, Sunrise/Sunset, Wedding, Business events and many other type of photography options are out there and it’s worth trying if you have a passion for this.
Driving UBER has become easy money and it’s worth trying if you have a car and time. You can do it in your own hours and your convenience.
It has become much easier to rent your apartment or house for a short time to make some quick money and certain locations tend to pay a lot more. It comes with a certain risk, do your research and find out if it can work for you.
Part-time Private lesson – Music, Singing, Sports, Math, English, this list is endless. This is one of the easier ways to make quick money on the side.
8. Rent a Storage space
This is something I like to explore in the near future on a big scale. There is no space in big cities and it’s going to get worse with the increasing population. If you have a garage or any other small space with no use which can be easily converted to storage and it’s the easy money with no headaches.
This is also one of the ideas I personally like to explore in the future. If you have specific in-depth knowledge then why not share with the world. I can see more and more people like to listen instead of reading while cooking or driving.
10. Professional Video gaming
Who thought playing games for fun can money someday. It is one of the biggest growing industry with big future. I wish we had this when I was kid so I could tell my parents that I can have future with this. There is many competition to participate and streaming on YouTube is the best way to monetize this.
11. Bitcoin Mining
People were going crazy sometimes back when the Bitcoin price went over $10,000. It’s not the same anymore but that doesn’t mean that there is no money to make. It is still worth trying if you already have powerful machines.
These days in Canada, the real estate market is going so crazy that every family has a realtor and some people are so good that they are able to close some deals on the weekend. This is more about networking and can build amazing relationships over time that you may have returning customers all the time.
Small Amazon books like kids’ stories, poetry, How to do something, Moneymaking, investing, Social Media tricks, this list is endless and it’s about selling a lot of books for very small money like $1-$5. It’s easy for someone to get some quick advice for a small amount and everyone wins.
14. Dog Walker
I have a friend who has two big dogs and he has hired a dog walker to walk his dogs daily for one hour and it’s crazy to find out how money he pays for that service, I would never dare to have dogs. If you have love for dogs then this is something to try out.
Social Media and online shopping have made selling your art so easy. You can turn your hobby of Painting or Drawing into a source of extra money.
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