Alternative Income Streams
With the rising prices of gas and groceries we are seeing this summer I’m sure all of us are in need of some extra cash. But where can we get it? What if we are already working our 40 hours a week? How can I get some extra money?
Below we will go over how you can create some alternative income streams, what passive income is, and what some passive income ideas are!
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What is Passive Income?
Passive income is any income that is brought in with little to no effort to earn or maintain. As a college student myself, being able to earn passive income has helped me pay a lot of my bills, including tuition.
There are different streams of income you can earn. Passive income streams are those that don’t require much effort to maintain but still provide an income. Active income streams are those that require effort to preserve, think of your 9-5 pm job. If you don’t show up you aren’t making money.
An alternative stream of income refers to any income that comes separately from your active income streams, passive income falls in this category. Passive income is money you are earning for minimal effort or work.
What Are Some Passive Income Ideas?
All this talk about passive income streams sounds nice, but what are some passive income ideas you might ask? Well, we’ve got you! Here is a list of some different passive income ideas.
The old phrase “you have to spend money to make money” can hold some truth to it. When you invest money you can build wealth, but it can be time-consuming and you need to know what you are doing. Thankfully you can find an online course to help educate yourself on how investing works or you can use an app.
Robinhood is an online website and mobile app that offers investment opportunities to its users. With Robinhood, you can invest in stocks, options, and EFTs commission-free. If you are new to the stock market and looking to make a profit, Robinhood is for you. New users even get their first stock free.
Social media is a great passive income idea for those who are already active on platforms. If you are already planning on posting content, why not earn some money from it? You can create passive income from social media accounts you already have.
If you already have a Youtube channel you can enroll in the YouTube partner program once you meet the minimum criteria. Posting content regularly and adding detailed descriptions are the keys to maintaining a successful YouTube channel that will generate income.
Taking surveys online is another excellent way to generate cash flow. Online sites like Swagbucks, InboxDollars, and MyPoints, pay their users for taking short surveys. This is an easy way to earn money. The surveys are generally short in length, ranging from 5-30 minutes on average, with varying payouts.
This is a great income stream for those looking to earn extra money on the side of their regular job. With online surveys, you get out of it what you put into it. The more time you put in, the higher monthly payments you will receive. It doesn’t take a lot of effort to fill out these surveys, but it will take some time.
Plus when you refer your friends, it’s an extremely sweet passive income stream. Earn a percent of your friends’ qualified earnings for taking surveys or other earning activities. Even while you’re sleeping, you can be raking in your cut.
Renting Property Out
Rental properties are a great way to generate some extra income. If you have a residence you aren’t using, like a house or apartment, this would be perfect for you. Or you can purchase a property for cheap, fix it up, and begin to rent it out.
Rental income is a great passive income stream because it requires very little work. Once you have a property up and running your main responsibility will be to keep the place clean and tidy. You can also rent out a bedroom in your house or sublet a bedroom in your rental – if your lease allows for it.
Starting an Online Business
You might be thinking that starting an online business might be more hassle than it is worth, but selling things online is a great passive income source. And it is a lot easier than you would think. If you are crafty you can make things that you want to sell online, and you can use websites like Etsy or Facebook marketplace.
Using your creative talents to sell things online is a great passive income strategy, that requires minimum investment. You can use an already established online platform, all you would need to do is create a storefront (which most sites will walk you through). If you already love creating, why not sell some of it and add it to your monthly income?
All of the passive income opportunities I mentioned above are great ways to accrue some extra cash and start building passive income flow each month. Using these passive income strategies you might be able to bring in a few hundred dollars extra each month, but it is nothing to quit your job over.
A passive income stream is meant to supplement your active income stream, not replace it. It can be used to help build savings accounts, pay off student loan debt, or just as a monetary investment in your future.
How Can I Create A Passive Income Stream?
Generating a passive income stream is super easy! There are a few different passive income sources, depending on personal preference. You can earn a passive income from selling used items on an existing website like FacebookMarketplace or by having a garage sale. This is a great way to earn income with minimal effort.
If you don’t have much to sell, another way to generate a passive income is through social media. You can get make money with sponsored posts, or if TikTok and YouTube are more your speed you can get paid based on the views you receive
These are just a few ways that you can create a passive income stream online. If you are looking to boost your savings account these two ways of generating passive income are sure to help with that.
How Can I Generate Passive Income?
There are a few different ways income can be generated passively. You can make a financial investment, take online surveys, or become a personal shopper. These are just three of the many different ways to earn money online passively.
Investing can seem scary when you aren’t familiar with what you are doing. But if you use an app or online website like Robinhood, it makes it a little easier. Investing can be a decent passive income when you keep up with it regularly.
Online survey sites are another easy way to make passive income online. Sites like Swagbucks will offer you rewards for taking online surveys, and even playing games. Online surveys can be a solid passive income if you put the time in. While it may be pretty easy to complete the activities you will need to complete quite a few to see a good monthly profit.
The last way to make money passively online is to become a personal shopper. You can do this through apps like DoorDash or InstaCart. You can signup online to be a delivery person and instantly start working and earning money. This might be the least passive of all the income streams there are, but it can still be easy work for a large profit.
Final Thoughts on Passive Income Streams
Overall, having a passive income stream is a great way to supplement your active income and bring in some extra funds. With the prices of gas and groceries continuing to rise, these passive income ideas are something more and more people are turning to for extra cash.
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