The vast majority of adults worry about money. They worry they aren’t making enough, saving enough, or creating a stable enough future. And, quite frankly, it doesn’t matter if you’re making $20,000 per year or $200,000 per year. The anxiety never really goes away – it simply scales as your income grows.
With that being said, one of the best ways to overcome income-related stress is to find opportunities for building wealth through passive income. See, the great thing about passive income is that you don’t necessarily have to increase the number of hours you work in a week to bring in more money. You simply keep doing what you’re doing, yet earn more. Sounds perfect, right?
While all passive income-earning opportunities require some work and investment in the beginning, they are typically very worthwhile down the road.
Here are a few of the top options to consider.
1. Create an Information Product
One of the more popular ways to create passive income is by producing some sort of information product that can then be sold for years to come. This includes things like eBooks, online courses, DVDs, and more. Thanks to large online marketplaces like Amazon, it’s fairly easy to take a hands-off approach once the initial time has been invested.
2. Purchase a Website
“Of all the ways to create a consistent and passive income stream, purchasing an existing, revenue-generating website is the smartest,” says Income Store, a leader in website investing. By finding a website that produces steady revenue on a monthly basis, you can invest a lump sum of money on the front end and then enjoy a ROI that’s well above the standard rate of return on the stock exchange.
3. Peer-to- Peer Lending
While you may not have the funds needed to invest in large businesses or purchase hefty shares of promising startups, you can dip your toes in the water with peer-to- peer lending.
Unlike traditional safe investments that earn less than 1 percent annually, investments on sites like Lending Club regularly bring returns of 9 or 10 percent. Just make sure you know what you’re getting into and don’t throw all of your money into a single investment.
4. Invest in Real Estate
If you have a healthy amount of capital available, then real estate is by far one of the top options for producing passive income. By finding a rental property that meets specific criteria, you can easily earn a few thousand extra dollars per month. However, you’ll likely need to outsource the property management responsibilities to a professional if you want this to be a passive investment.
5. Become a YouTube Sensation
If you have a magnetic personality and some knowledge on a certain topic, you may be able to profit from publishing YouTube videos. Videos can be attached to Google AdSense, which overlays your videos with ads and pays you based on number of clicks.
If you get a large enough following, you can also attract sponsorships and endorsements. Here’s one successful YouTuber’s story.
6. Rent Out Unused Space
Do you have a spare bedroom that isn’t being used? Maybe you travel a lot and your house sits empty for weeks out of the year? Why not monetize your unused space by renting it out on a site like Airbnb? You can easily earn a few thousand dollars per year this way.
What are You Waiting For?
There are only so many hours in the week. If you want to increase your income without spending more time at work, then you need to discover some passive income-earning opportunities. These are a few of the best, so try them out and see what you think!