Passive income is a source of extra cash that you can earn with minimal ongoing effort. This way requires some advanced setup while making money, but once you have a complete setup then you can bring money every month.
A person can earn passive income by following several different methods. Investment, rent, taking advantage of advertising opportunities, and skills can give you a way out.
5 ways to earn passive income
1. Sell Your Photos
Getty Images, Shutterstock, Alamy, and iStock Photos are some of the famous stock photo websites in which you can sell your photo and earn a good passive income most easily.
You take photos and make sure they must meet the specifications according to the site where you upload them. Add keywords to help them appear in search results. Each time a user licenses one of your photos, you get a cut of the sale.
Earning Potential –
Income varies for different stock websites and per appearance; With an average of 20 image license downloads per month on Alamy you can get around $500.
Prospect-
- can be done from anywhere
- Easily can take and sell photos
- Long-term source of income
- You can work from anywhere
Consequences-
- Advanced photography skills are needed
- More equipment may be required
- This is taking time because keywords can be time-consuming
2. Rent your car
If you have a car, you can generate a good passive income by using it wisely. Use it and wrap it in advertisements. Nickelytics, Carvertise, and Wrapify are three companies that provide these services.
You just need to download the available app on your phone or computer, register yourself, and create a profile after it you can get an option by tallying the time when you are on road.
If you select a campaign, then the car is wrapped with an ad from the selected company, and after that, you can start earning.
There is another way named car sharing, by which you can get income. It works like Airbnb.
Earning Potential –
It varies for different persons and situations, usually, the range lies between $876 on Turo and $264 to $452 at Wrapify
Prospect-
- No extra tools are needed
- You can control over own vehicle like who borrows your car and what advertising campaigns you put on it
- Good income generates without any efforts
Consequences-
- Vehicle may increase the chance of getting damage
- Demand for your vehicle is not guaranteed by the company
- Accidents and damages can increase
3. Rental Property
A rental property is the most reliable source of passive income. If you have money or property just invest in property. This is a good source of passive income. You will get a fixed income in the form of rent every month without any work.
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Earning Potential –
It varies according to the place, area, demand, etc.
· Prospect-
- No extra cost
- No extra equipment is required
- Long-term investment and guaranteed income
Consequences-
- Chances of damage to property
- Need to maintain, like pool, storage, yard extra
- Sometimes loss can be bigger than income
4. Blogging
If you enjoy writing this is a good way for you. You can use various websites to share your thoughts on it and by this, you can generate good income. Blogger, Tumblr, and WordPress are various websites that can help you with it.
Earning Potential – It varies for different bloggers
Prospect-
- Can work from anywhere
- Flexible working hours
Consequences-
- Time taking
- Efforts can be wasted if you do not act on these platforms
5. Start a YouTube Channel
It is simpler than before and a good way of generating passive income.
You can make a YouTube channel and start earning, in a strategic way you can earn a very good amount from it.
YouTube channels can be successful is to consistently creating new videos over a long period. Videos should be high quality and can engage the audience.
Earning Potential
It varies, the $18 per 1,000 ad views
Prospect-
- Passive source of income
- Can generate lifetime revenue in fewer efforts
Consequences-
- Need time to generate audience
- Time taking
