Passive income is pretty great and usually preferred over active income (learn the differences between the two here). Once you set up a stream of passive income you can kick back and wait to see checks flow into your mailbox for the rest of your life.
Without further delay, here are 5 easy ways to start making passive income that you could set up today!
Submit Photos To Stock Photo Sites
If you like taking pictures or just have some pictures laying around that you think businesses might like, then this passive income stream might be for you.
Companies like Shutterstock and iStockPhoto act as the middle man for businesses and photographers. Basically you upload photos to the site, and when someone downloads your photo from the site you are paid a commission.
I feel like I have to mention this passive income method with bitcoin being all the rage right now.
If you have a decent computer at home, you can turn it into a money making machine in a few steps. Once everything is set up your computer will be generating you income 24 hours a day.
If generating passive income through crypto-currency mining interests you, make sure you do some research. This guide is a good place to start.
Get Paid For Your Data
Smart Panel is a company that will pay you to let them have the inside scoop on how you use your technology.
They will pay you $5 once you apply and download their app and $5 every month after that. They also pay quarterly loyalty bonuses. In total, after one year of using Smart Panel you will have been paid $110.
For some, the idea of a company “spying” on their phone is too creepy. In my view, if big brother is already watching, I might as well get paid to let Smart Panel watch too.
Buy Dividend Stocks
One of the most satisfying feelings in the world is having your money make you more money.
If you have money sitting around earning nothing and want some extra income consider dividend stocks. A dividend stock is a stock in a company that gives cash distributions to shareholders, usually on a quarterly basis.
Companies with strong dividend histories and competitive positions are always a great choice. Companies like Coca-Cola, Procter & Gamble, and Johnson & Johnson are just a few examples of mature companies that pay consistent dividends to their investors.
If you don’t know where to start, I highly recommend Robinhood.
Investing on Robinhood is easy, and more importantly free. You can also buy as little as 1 share at a time so you don’t need much to get started.
If you sign up through this link they will drop a free stock in your account to get you started. Even though the chance isn’t high, Apple is one of the stocks that they give occasionally, so you could end up starting out with a $170 stock in your account.
Rent Out Your Stuff
If you have a spare room you can turn that waste of space into money through Airbnb. You could even rent out your whole pad if you travel a lot for work.
Your rooms aren’t all that you can rent though. Nowadays you can even rent out your parking space through JustPark. If you happen to live anywhere near sporting events or concert venues this could be a no-brainer.
This list of ideas focuses around passive income streams that you could get up and running almost immediately. There are tons of other ways to make serious passive income that take more time.
You also can find ways that align with your passions. Musicians can create and license tunes and jingles. Artists can sell digital art on Etsy (you only have to make digital art once.) There really are options for everyone, you just have to look around.
If you want to increase your active income then check out Finding Your First. Second Income.
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