Having passive income is a good way to boost your income and provide extra cash flow. Depending on the kind of passive income you are looking for, you can find a variety of options. The best ways to have passive income will be based on your own unique set of skills, passions, and lifestyle.
Where should I put 10K in savings?
One of the easiest ways to have passive income is through renting out a spare room or apartment. If you are fortunate enough to own a vacation property, you can also take advantage of Airbnb, which is a world-renowned home-share platform.
Another example is selling ad space on your vehicle. You can earn a few hundred dollars a month by posting a few ads on your car. You can also create a website to distribute your digital products. You may also want to create an e-book or other type of guide, and sell it through a digital distribution platform.
Another way to have passive income is to invest in alternative investments. These are investments that will not only diversify your portfolio, but provide you with a different return profile. These investments are usually safer than mutual funds, and have a higher potential for return.
If you have a passion for photography, you can make a buck or two by selling your pictures to stock image companies. There are several well-known photo-sharing sites, including Shutterstock and Adobe Stock.
If you have a passion for writing, you can build a course or eBook and sell it through a platform such as Udacity. You can also sell your guides through an online storefront or through a social media platform. You can even use a freemium model to attract customers.