You’re probably not afraid of hard work to make it ahead in life. However, what if there was a way to boost your finances without putting in daily effort? Passive income is a great way to make money while you pursue other interests and passions. By enacting a few of these ideas in your life, you might be able to save big and live a more comfortable lifestyle.
Invest Your Income
Image via Flickr by ota_photos
If you have a bit of money to spare, investing it is a great way to get a good financial return. There are several methods you can choose, from dividend stocks to peer-to-peer lending to money market funds. Whatever you decide, be sure to investigate the market to make sure you aren’t throwing your money into something that’s doomed to fail.
Buy a Business Franchise
Business franchises are nearly always for sale, as many companies push to expand their reach to new places. By investing in one of these businesses and paying someone else to manage it, you can benefit from the income without doing any of the work.
Look into Rental Real Estate
Buying a rental property, like an apartment or duplex, is a great way to get reliable monthly income. While there can be some work with finding tenants and managing any issues that arise, you’ll still find that it’s a rather easy way to make money. If the responsibilities are too much, just hire a property management company to take care of it all for you.
Write a Book
Image via Flickr by freddie boy
These days, it’s easy to write and publish your own book on sites like Amazon. The key to creating a successful page-turner is to focus on nonfiction e-books that focus on a niche topic that will be useful to your audience. Once your book becomes successful, you’ll see a steady stream of sales that will help your bank account grow.
Build or Buy a Blog
Even if a blog’s been abandoned, it might still be generating page views because of its quality content. These types of sites have myriad untapped earning potential. Typically, the running rate for blogs is 24 times their monthly income. If you need help putting together that kind of money on a short notice, consider taking out a small-business loan from Kabbage.
Become a Silent Partner
If you don’t feel like dealing with the hassle of buying a franchise, why not pitch in to someone else’s start-up business? A silent partner is someone who contributes money in return for a portion of that business’s profits. The business owner will deal with all of the difficult decisions, while you sit back and collect payments.
While passive income does require some initial startup work, after things have settled, the residual income you earn will do wonders for your bank account. You might even be able to quit your day job and focus more on the things you’ve always wanted to try, like traveling to exotic locales or buying your dream car.