If you're looking for ways to earn some extra cash, developing a stream of passive income is a great idea. But what is passive income - and what can it do for you? Passive income is a way to gain earnings without active participation. While there's no need to clock in or attend meetings to collect your cash, earning passive income isn't as simple as sitting on the couch and getting rich. Find out the top passive income ideas to set yourself up for a bright future!
Market Your Knowledge
Are you an expert with tons of valuable experience? Do you love to create content? Then you might want to consider making an information product. Information products include e-books, online classes, DVDs, and more. These products package your knowledge in an easy-to-digest format, so curious minds can learn from the best. After your product is on the market, you can kick back and enjoy the passive income that results with every sale. However, creating the product can be a challenge. Make sure you put your best face forward and create something you stand by, and buyers will take notice.
Rent Your Space
A spare property can yield quite a bit of money if you're open to renting out the space. From temporary rentals to long-term stays, rental income can be quite lucrative if you're willing to put forth a little effort. This is a particularly effective passive income stream if you live in a tourist-laden area. If you live in a sleepy town, the market might not be there. And while you can earn a tremendous amount of money as a landlord, you could also lose a lot if you run into the wrong tenants.