If you?re worried that your current source of income isn?t enough for you, or if you just want to make more money to save up for your future, and you don?t have the time to get a second job, you might want to consider generating passive income for yourself.
What is Passive Income?
It?s any income that doesn?t come from a contractor or an employer. Earning money through passive income usually doesn?t involve sticking to regular hours, or having to go to an office. But that hardly means that you can make money by not doing any work.
Passive income involves work, but not in the traditional sense of working nine to five at a desk. A lot of people assume passive income is a Get Rich Quick scheme and doesn?t require any effort. It simply means you don?t answer to a higher authority or a supervisor, and you can choose your own timings.
Passive Income Ideas for 2020
Become a YouTuber
Starting a YouTube channel and posting videos on it regularly can become a great way of earning money in this decade. In fact, tonnes of YouTubers have switched to becoming full-time content creators as it can become an excellent way of making money.
People go on YouTube for watching videos of all kinds of things – from vlogs and cat videos to ASMR and videos of YouTubers roasting famous people.
If you have a cute pet who does a lot of tricks, you can film them, and after some professional-looking editing, post them to YouTube and watch the views roll in. Content creators on YouTube can make as much as a million dollars in less than a week. It?s a very lucrative market for those who aren?t camera-shy.
Invest in the Stock Market
Putting your money in stocks and bonds can increase your net income by a thick margin in the long-term. All you have to do is split your investments into a bunch of different stocks and bonds, avoid putting all your eggs in one basket, and wait for the returns on those investments.?
Sell Information Products
If you?re someone who has a lot of knowledge of something, you can use that knowledge to make money as well. Websites such as Coursera and Skillshare pay people for sharing their knowledge with tonnes of people across the globe.
All you need to do is make videos of lessons and share them on these websites, and wait for the money to roll in.
However, it?s important to note that these websites filter for poor quality content and courses. So if you?re not confident in your knowledge of the topic, your explanations, or your ability to work as a virtual teacher, this is probably not the best way of earning money for you.
Rent Out Your Apartment or List it on Airbnb
If you have an investment property, you can rent it out to make money every month. You can even list your property on Airbnb and allow tourists to stay over for a limited period of time in exchange for money.
Airbnb takes less than 5% of your total income from each set of guests, so most of the profits stay with you. Make sure your property is clean, safe, and in good condition for people to stay in. You can boost your chances of increasing your income by asking your guests to leave good ratings on the Airbnb app.
Passive income has become the need of the hour. We discussed some of the common routes people take. Do you have any other ideas on how to make passive income in the upcoming year? Let us know in the comments and spread the knowledge.