The last 18 months have been tough for many people as there seems to have been a never-ending round of curfews, lockdowns, and disruptions to everyday life. Of course, this has had a negative effect on the economy, although there are now signs of recovery. With passive income, many people have found themselves on the right side.
However, for many people, this has highlighted how fragile finances are. These are the people looking to create new income opportunities and protect themselves from issues like this in the future.
Passive income is a great way to achieve this goal, especially as passive income means you are earning without having to do anything. It should be noted that you need to put the work in to get the passive income going and it will also need monitoring. If this appeals here are 5 great ideas to get your passive income started.
1. Rent Space
If you have a garage or parking space then you can contact early bird parking docklands and get your space listed. There are plenty of people looking for somewhere to park their car during the day and they will pay you a lot less than they pay for the main car parks.
Of course, you will still make a good income without having to do anything. You can adopt the same approach to space in your home, renting out a room involves almost no effort but will generate funds.
Related: How to Make Money Online with Cars
2. Affiliate Marketing as a Passive Income
Affiliate marketing is when you recommend people to another site and they buy something from the other site. You then get a commission for recommending them. The usual approach is to create a blog and build your following. You can then post links and people will buy through you, generating money for you almost effortlessly.
You will need to add blog posts regularly to keep your following.
3. Write a Booklet or Book
When you think about your life experiences and skills you will probably realize that you have wisdom that can be shared. The best way to do this is to create a short story/booklet. It should identify a specific issue and answer that issue. You can then list the booklet on a website and sell it.
As it only has to be written once the income you get from it can be considered as passive income.
4. Try Investing
Investing in the stock markets c n be difficult. You need to understand the economy and share price movements. However, there are plenty of other investment opportunities that can produce a low yield at minimal risk. It might not be enough to make you rich but it will certainly put a little extra in your pocket.
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5. Write An App for Passive Income
There are plenty of tools online to help you write an app. All you need is a good idea for an app. If you prefer, you can rent a specialist and get them to write the app for you. Once it is created you make a small charge to buy it or you include adverts that pay you every time someone watches them. It’s a good way of making money over and over again.
