Everyone wants to make money, right? So why not make it in the easiest way possible…by doing absolutely nothing.
In this day and age people are looking to do the least but make the most, quite the contrast. However, with young adults coming out of college with massive amounts of student debt, they’re looking for any way to earn a few extra bucks.
Passive income, being money derived from enterprises in which a person is not actively involved, is exactly the solution young adults are looking for. But how is passive income earned?
Typical Ways to Earn Passive Income
There are so many ways that people have been earning passive income, but which works best for you? Here are some of the conventional ways to earn easy money.
Write a Book
- You don’t have to write a book series as popular as J.K. Rowling to make extra money. Plenty of authors make incredible earnings from their publishings. Book royalties are a prime example of passive income; you wrote the book, it’s been published, and then you wait for people to buy it.
- Buying some shares does require a bit of money to start with, but it’s a great way to earn long term passive income. There are plenty of great resources to help you choose where to invest.
Become Youtube Famous
- Some Youtubers earn millions each year for producing quality content on their channels. The way they earn passive income is off of the videos they’ve already produced. As long as people watch their videos, Youtube and other companies can pay for an ad space within their video. If people are watching their videos, that means they are watching the ads as well, which makes the Youtuber more earnings. There is no more effort required from the Youtuber, which is why this is a great example of passive income.
Sell Digital Files
- Much like a book or Youtube, you can make royalties off any artwork you create. Whether that’s templates for invitations or animation vectors, people are always looking for design help.
What Companies Are Doing Now
Every year, companies are coming up with new ways to enhance an ordinary experience into an extraordinary one. Recently, companies have been thinking outside of the box to create new and exciting ways to turn an everyday household item into a way to earn money.
- By now you’ve heard all about Airbnb and how to rent out your home, apartment, condo, etc. Millions of people all over the globe use Airbnb everyday, and it’s just one of the ways people are earning passive income off of their unused spaces.
- A leading monthly rental parking service allows for those who have empty space in their driveway or apartment building to rent it out to someone looking for affordable parking. Spacer doesn’t even take a portion of earnings from the lister, instead they charge the renter a portion of the listing fee. This may be the most relaxed and easy way to earn off of your spare space! Watch your once empty parking spot become a steady source of income.
- Started in San Francisco, Turo offers car owners the opportunity to rent their car out while they’re not using it. They even offer to cover insurance for your vehicle if you need it. What better way to pay off your car loan than to make money off of that exact car?
- Only 4 years old, thisopenspace is a marketplace for daily work space rentals. Whether it be a professional meeting or a space for a photo shoot, they have a spot for you.
How Much Can You Make?
Well, your monthly or yearly earnings totally depend on the platform you are looking to use. Airbnb has been reported to claim that over 50% of their hosts make $500 a month. Spacer on the other hand says their Hosts can earn up to $4,200 a year! Turo says you can earn up to 90% of the trip pricing.
Given this valuable information on how you can make money off of your own belongings, think again about what you actually need and use everyday. If it’s your own home, some extra space in your driveway or your car, you might be in the market to make some easy extra income! So go get your rulers out and see if you could fit another car in your driveway, it might be worth more than you thought!