Although many of us long to generate passive income, very few people possess the follow-through to bring this goal to fruition. While creating sources of passive income isn’t exactly easy, it’s not nearly as strenuous as you may think. If you’re willing to put your best foot forward and make an earnest effort, generating passive income should be well within your abilities. So, if dependable sources of passive income are what you’re after, take care to consider the following measures.
Invest in Rental Properties
Investing in rental properties can be a great way to expand your finances in a passive manner. Just one well-maintained rental property in a desirable area stands to generate thousands of dollars in passive income each month. However, if you’re unclear on how to create passive income from real estate, take care to do your research before proceeding to invest in your first rental property. Furthermore, make sure to stay on top of property maintenance – or hire maintenance personnel who will – as failure to do so stands to draw the ire of tenants and possibly even land you in legal hot water.
Alternatively, if you currently lack the capital to invest in rental properties, you may want to consider renting out space in or around your residence. For example, if you have an unused guesthouse, loft or furnished basement, why not let these spaces make you some money?
Self-Publish Books
If you have a genuine passion for the written word, your love of writing may be able to help you generate additional income. While there are still numerous advantages to having books professionally published, recent years have seen self-publishing become easier – and more profitable – than ever. With major sites like Amazon providing independent authors with convenient outlets to sell and promote their work, there’s never been a better time for writers to share their gift with the world.
As many independent scribes have discovered, there are a variety of perks associated with self-publishing their works. For example, being able to place a book up for sale as soon as you’ve finished writing it represents a stark contrast to how much waiting is involved with publishing books through larger publishers. The more books you put out into the world, the more passive income you stand to generate.
In many cases, self-published authors get to keep a much higher percentage of the profits their books generate than professionally-published authors. Furthermore, if you’re interested in increasing awareness for your books, putting a portion of your profits towards advertising can be a great way to bring in even more capital.
Use Your Vehicle as Ad Space
If you do a fair amount of driving, you may be able to make money by allowing businesses and/or brands to advertise on your vehicle. To learn whether such opportunities are available in your area, get in touch with a dedicated advertising or marketing agency. After being briefed on your driving habits, these agencies will determine whether you’re a good fit for vehicle advertising. As the name implies, this type of advertising entails having easy-to-apply decals that sport the logos and contact info of businesses in your area placed on the exterior of your vehicle. The more driving you do, the more consumers are likely to see your mobile advertisements.
The exact payment details vary from agency to agency, but in many cases, drivers can expect to be paid by the mile. Additionally, keep in mind that many agencies prefer reasonably new, well-maintained vehicles and drivers with clean records, as any poor decisions you make behind the wheel stand to reflect on them. You should also make sure to work exclusively with dedicated advertising agencies. Scam operations that involve vehicle advertising are fairly common, and if you aren’t careful, you’re liable to be taken advantage of. For example, any prospective advertisers that ask you for money should be avoided. Real ad agencies pay drivers – not the other way around.
You’d be hard-pressed to find someone who isn’t intrigued by the prospect of generating passive income. However, as a result of time constraints and general lack of follow-through, most of us are unable to take the necessary steps to make passive income a reality. Although setting your passive income pursuits into motion takes a bit of hard work, your efforts early on stand to pay off in a big way down the line. Anyone looking to hop aboard the passive income train can benefit from the endeavors discussed above.