Passive income sounds great to most people. After all, it provides the opportunity to earn money while you’re doing other things, but the tough element of passive income is that’s not as easy as it seems. It actually takes strategy and planning to set up streams of passive income that amount to building wealth.
All too often, ideas to create passive income don’t necessarily pan out to real wealth, and they’re not sustainable over the long-term.
The following is a round-up of attainable ways to earn passive income that’s more than a few dollars a week. Some of the require some start-up effort, but once you’re beyond that point, these ideas have the potential to become lucrative.
Rent a Room or an RV
Renting a room or even an entire home or RV to other people is a great way to earn passive income, and technology and new platforms have made it incredibly easy. For example, if you have an RV you can rent it through sites like Outdoorsy. This particular site features full insurance coverage options and tools for marketing your RV to interested people.
The concept is similar to something like Airbnb, and it’s a pretty effortless way to build passive income in most cases.
It’s a good idea to try to diversify your passive income streams across several different investments. For example, you first want to make sure you have strong savings to rely on. Then, once you have that nest egg, you can consider renting an RV or room in your home, and pairing that with different stock options such as investing in a dividend yielding ETF. Then, you can build on those streams to include things like real estate or even creating your own products.
You want to think of passive income as a concept where one stream builds on the next for the most success.
Invest In Real Estate
Real estate is absolutely one of the best ways to make lucrative residual income, but not everyone has the upfront capital or the time to invest in buying a rental property. If you’re not able to have rental properties you should think about something like RealtyShares. This is an online platform that lets you commit much smaller investment amounts towards a property.
The property is crowd funded, and then once it’s fully funded, you’re an owner. Everyone shares the earnings and appreciation of the property. It’s a good way to start out investing in real estate without actually going out and buying a home and then renting it to a tenant.
Create a Product
As a final tip, there are so many products you can create and sell online and earn great passive income. It requires some initial work, but once the product is created aside from a little marketing, the work is really done.
Some of the best ways to create products and earn passive income include creating an app, writing eBooks, or developing a course that can be sold online.
If you can get a handful of successful products going, you can earn solid income streams from them.