August 25, 2021
5 Ways to Grow Your Passive Income Sources
Few people actually commit time and energy into building a passive income portfolio that allows them to accumulate more wealth over time with little to no additional effort necessary. After an exhausting 9-5 work shift, it’s easy to just put your side business idea on the back burner in exchange for some quality alone time with your favorite TV shows. But for those who wish to grow their passive income sources and take better command of their financial wellbeing, here are five ways to do it.
1. Start a Side Hustle
Building and maintaining a blog, developing a mobile app, and using affiliate marketing to earn ad revenue are some of the popular side hustles in today’s tech-driven day and age. The side hustle you choose should be based on what niche or space you are competent in and what you enjoy doing. That said, there are side businesses that you don’t particularly need to be experienced in or are passionate about. For instance, you can buy a bunch of vending machines or washers and dryers and hire someone to manage them.
2. Monetize Your Creative Assets
This includes both physical content and your artistic talents. If you’re an experienced photographer, there are a number of stock photography websites that you can sell your photos to. You can earn royalties every time someone downloads your photo. The same business model applies to audio files. You can sell licenses to your compositions and instrumental tracks for video creators, game development companies, and businesses that need tunes for their marketing materials.
3. Create Educational Courses
eBooks and video-based courses are becoming increasingly popular in today’s generation of learners. Students are using it to supplement their studies while professionals are using it to either specialize within their respective industry or transition to a new career path. If you’re an experienced educator, you can also sell lesson plans to other educators who are looking to create their own educational content and courses.
4. Leverage Day-to-Day Activities
Believe it or not, some companies will pay you for the day-to-day activities and habits that you perform. For instance, using your credit card at the local marketplace or grocery store can actually net you cashback points that you can use on travel and dining out. If you drive every day, you can also turn your car’s body into ad space for interested companies, or what is known as car wrapping.
5. Add to Your Investment Portfolio
Investing is perhaps the simplest yet most powerful way to accumulate wealth consistently over time. Some of today’s billionaires, including prominent value investor Warren Buffett, have made their fortunes through sensible investments in valuable companies. If you do not have the time or inclination to actively manage an investment portfolio, you have plenty of resources and tools to help you invest. Robo advisors and crowdfunding platforms, for instance, are becoming increasingly popular.
Generate passive income with the aforementioned ideas. Note that there are other ways to make passive income, including rental properties, index fund investing, peer-to-peer lending, high-yield savings accounts, and more. Choose passive income sources that you are passionate about and are knowledgeable about.