5 Tips for Generating Passive Income

5 Tips for Generating Passive Income
  • Opening Intro -

    Now more than ever, most of us would like to have a few extra dollars lying around.

    Working standard hours can leave you with not a lot of time to make additional income, but there are passive income strategies that can help.

-------------------------------------

These methods are fantastic for building money slowly on the side without too much extra effort from you, hence, passive income.

Passive income is also great for supplementing your income as rising rent and costs build up. In May 2021 alone, MarketWatch reported that nearly 181,000 people filed for bankruptcy in the US.

It’s more common than you’d think, and many turn to a bankruptcy lawyer. However, with these five simple passive income tips, you can keep yourself out of bankruptcy.

Explore the Stock Market

While it seems the most obvious, gaining dividends from stocks is a straightforward way to earn passive income. The general idea is that through buying stocks in a company, you gain a percentage of the ownership of the chosen company.

For publicly traded companies, shareholders can expect dividends for their investment, and the amount can vary from time to time.

Generally, as the company does better and grows, your dividends can grow with no additional work from you.

Commercial Real Estate

Consider investing in commercial real estate through a real estate investment trust (REIT). This model is a considerably more reliable source of passive income than traditional real estate investing.

A REIT can work for you and use your investment to purchase commercial real estate on your behalf and pass the dividends on to you. This method can be more secure, too, as long as you invest in a good REIT.

Advertise on Your Car

If you already do a lot of driving as it is, then creating space on your car for advertisers can earn you some extra cash. There are advertising agencies that will see how you drive, where you drive, and on average how much you drive.

They’ll apply the stickers to your car and set you on your way. Some drivers can earn hundreds per month just from these advertisements.

Rental Properties

Investing in rental properties is most likely the least passive of these options. A rental property comes with new challenges in managing the property, like expenses that you, the investor, have to deal with.

advertisement




However, you can manage rent prices to allow you to gain a decent cash flow after any expenses you may need to deal with.

If you find yourself investing in multiple properties, you can hire someone to maintain and repair those properties on your behalf. Hiring someone to manage your property can make it even more of a passive opportunity, and as time goes by, your property can appreciate in value too.

High Yield Savings Accounts

Online savings accounts are by far the easiest way to earn passive income. Most banks are FDIC insured, meaning your savings up to $250,000 are protected by the government.

In addition, a lot of online banks offer high interest rates, lower minimums, and in most cases, most fees. Some can even offer up to 1% APY, which can add up.

other related articles of interest:

No matter how you decide to go about gaining passive income, these simple tips can help you start your research into diversifying your portfolio and earning passive income.

Take into consideration the capital you have available to work with and how you can apply it to specific investment opportunities. Regardless of your approach, take the time to do your research. It’ll save you time and maybe even some money.

About the Author
Veronica Baxter is a writer, blogger, and legal assistant operating out of the greater Philadelphia area.

Image Credit: tips for generating passive income by twenty20.com

end of post … please share it!

-------------------------------------------------------------------------------------------------------------

end of post idea

-------------------------------------------------------------------------------------------------------------

Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.

facebook linkedin pinterest

Amazon Affiliate Disclosure: SayEducate.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. The commission earnings are used to defray our cost of operation.

View our FTC Disclosure for other affiliate information.

Categories: Money Making

About Author

SayEducate Admin

From the administrative staff at SayEducate.com. We hope you enjoy this managing your money and finances BLOG-magazine. Please forward any suggestions or comments regarding the posting or other elements of our site. Thank you.

Write a Comment

<

Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.