Passive Income Ideas
What is Passive Income?
Passive income is any money that you do not earn from your regular business or employer.
Everyone wants to get a little extra cash on the side. Today, there are many different ways to get a little more money in your pocket without having to work 24/7.
Let’s look at some ways you earn passive income while still working your regular job.
Own a Rental Property
One way to earn cash is to own a rental property. This is an expensive purchase initially, but if you are lucky, it can make money over time. Eventually, the property can pay for itself.
If you are unable to buy a second property, you can also rent out one of your rooms in your current place. Another option is to rent out your entire property as an Airbnb or a Vrbo when you are not using it. Both are great ways to still earn money from rent without having to buy a second property or apartment.
Sell Stock Work Online
Another great way to make passive income is to sell some of your work online. This could be anything from a homemade piece of jewelry to downloadable photography. There are so many places online where you can see your products. Sites like Etsy, iStock, and Society6 are just a few platforms where you can sell your work.
Stock Market Investments
Investing in the stock market is another excellent way to make some money on the side. Whether you hold your money in the stock market for an extended period of time or you are a day trader, you can make some serious cash from this. There are many different apps that you can use to invest in the stock market. Some apps will round up your purchases to the nearest dollar. Then, they’ll invest that extra change in the stock market. Check out our blog post on some of our favorite Investing Apps for Beginners to see some of the top free apps.
Owning a vending machine is not a common thing people think of when they are looking for passive income. However, this is another great way to make some money on the side.
To start, you will need an average of $2000 to purchase the machine. You will also need to take into consideration the cost of stocking the vending machine as well. You must place your vending machine in a high-trafficked area and follow your state and city’s guidelines and restrictions.
Over time, your vending machine can earn you a profit of around 400 dollars a month, which is $4800 per year. Many people who enter this business venture have many vending machines in different locations. Doing so increases your income even more.
How to Pay for Start-Up Costs
In the end, you can make cash on the side in many ways. However, many of them require a little money for start-up costs. This can be money to pay for a business license or even supplies you may need. If you need extra cash immediately, you can apply for a line of credit with Advance Financial.
To start that application process with Advance Financial, click “Get Cash Now” at the top of the page. Depending on your state, you will be offered an online line of credit or an online installment loan to get the cash you need. Fill out our quick and easy application form. Our team will be here to answer all your questions and offer a world-class customer experience throughout the process.