Even if you have a well-paid job, having a second income is always a plus.
After all, a second regular stream of cash means that you have more security, gives you more flexibility on how you spend your money (impromptu trip abroad? An unforeseen expense? No problem!), and can help you reach financial independence early on in your life.
Still, most of us just don’t have the time to have a second job.
That said, there are other ways to get extra cash, with minimal to no effort involved.
Earning passive income is one of them. Passive income is a regular income which requires little to no effort to maintain, making it the perfect option for people who want some extra cash to do the things they love.
1. Rent out a spare room on Airbnb
If you have spare space in your home, whether that be a room or even a common living area, it might be worth renting it out to holiday makers. It’s fairly fuss-free, and depending how often you do it, you could be getting quite a bit of passive income. Create an actual business through Airbnb.
2. Write a book and get royalties
Sure, writing a book is actually a lot of effort. It is, however, a worthwhile way to earn you passive income to last a lifetime thanks to royalties. Royalties are basically money you can get as an author for each copy of your book sold. That said, you might want to take a writing class in order to brush up on your storytelling skills.
3. Invest in the financial market
Unless you’re a financial professional, investing in the stock market might be dangerous. There’s one exception, though: Index funds. Sure, you won’t get as much money as if you invested in individual funds, but you won’t lose as much either.
4. Write a blog
Blogging is an absolute cash cow if you play your cards right. After all, loads of bloggers that started from the bottom are now getting paid loads through advertising fees, while also getting free stuff. If you already own a blog, or if you want to start one, it might be worth taking tips from Daniel, the man behind the “2017 Blog Blueprint” course, who now makes six figures with his blog.
5. Sell your photos online
If photography is already a hobby of yours, it might be worthwhile monetising it. After all, you’re already taking the pictures, so why not sell them? It’s a daunting prospect, but one which could get you some extra cash to buy more equipment, or go on holiday.
6. Create an app
Whether you want to make a useful app or the next Candy Crush, you’ll need to learn how to code.
7. Invest in real estate
Although it’s important to note that investing in anything has its risks, putting your money into property could be safer. After all, people will always be looking for places to live, so it just makes sense. All you need to know about real estate investing, including renting out spare rooms through Airbnb, becoming a landlord, investing in underdeveloped buildings as well as land, and much more.
8. Create an online course
Everyone is an expert at something, whether its a hobby or insider knowledge on an industry. As long as you know how to communicate effectively, the knowledge you have on a certain topic could help you get a constant stream of passive income. That said, putting a course together is hard, so it might be worth learning both how to create one, and also how to market it to potential students effectively.
9. Become a small business referrer
This is the absolute low maintenance job. If you’re great with people, and have great sales instincts, then this job is one of the easiest ways you can earn passive income.
