If you’re looking for ways to make your cash grow, but aren’t ready to give up the security of a regular monthly paycheck just yet, the good news is that these days there are plenty of ways you can start to generate passive income, with minimal effort and a small investment of time and money. Here are 6 easy ideas to get you thinking.
1.Invest in the stock market
These days, there’s a plethora of free investing apps you can use to start buying shares, with minimal investment. Go for stocks that pay regular dividends, and reinvest what you’ve earned. Well-established, ‘blue-chip’ companies with a consistent track record over the long-term are less exciting but less risky than high-profile disruptive start-ups.
Many of these platforms now allow you to ‘follow’ the trades of successful investors, so you can leave the decisions to them and get a good night’s sleep.
Property is known as a solid investment that generates profits as the market heats up. You don’t need a huge initial investment and purchase your own property outright. There are other ways to get started. Try one of the crowdsourcing platforms which allows you to take part in real estate transactions, either by lending money or buying shares of existing real estate.
If the idea of entertaining strangers in your own home doesn’t appeal, renting out your spare room to short-term visitors, via an app such as Airbnb, won’t suit you. However, if you have a spare bedroom, what about renting your home out when you’re away? Pay a property management company to look after the logistics and cleaning. When you return home after your trip, it will be as if no one had ever been there, and you may have made enough money to cover the costs of your vacation.
Set up a website, with an interesting blog which appeals to a particular market niche, then maximize the opportunities for affiliate marketing these will provide. Fill your site with engaging content to attract visitors and links to affiliate companies that they’ll love. You’ll earn a commission with every purchase that’s made via your site.
This is one of the easiest e-commerce options, which requires very little up-front cash, and can be scaled up as much as you want. Drop-shipping involves setting up an online shop, without carrying any stock yourself. You promote your chosen products on different platforms, including Amazon, setting your own prices. As orders come in, pay the supplier, who’ll ship directly to your customers, and you’ll keep your chosen margin.
6.Start a Youtube channel
Whether it’s ‘how-to’ tutorials or masterclasses, Youtube is a great way to earn passive income. Choose a subject you love, and in a niche that people are searching for, then talk about it, or demonstrate it! Invest any cash you have to create a professional-looking video. When you hit 1000 followers, your channel can be monetized, and in will flow that passive income you’re aiming for. As a truly global platform, you’ll have access to millions of potential subscribers, in every time zone, and plenty of affiliate marketing opportunities as a bonus!