8 Passive Income Ideas You Can Begin Today
Who doesn’t need a little extra cash now and then, especially in times of economic uncertainty?
That’s why many Americans are embracing the concept of passive income -- any additional income stream in which the recipient is not an active participant.
Think of it as a side hustle without the hustle. According to the U.S. Census Bureau, about 20% of households in the United States bank passive income, with a $4,200 yearly median.
Passive Income Ideas To Boost Your Finances
Here are just a few ideas you can start right now.
1. Consider Dividend Stocks
Investing isn’t as scary or difficult as it seems. It’s also one of the best ways to earn passive income if you do it responsibly. Many looking for passive income that gives them more bang for the buck than low-rate bank investments turn to high dividend stocks.
By building a dividend stock portfolio with help from an online brokerage if needed, there’s even potential for two sources of passive income: dividends along with capital gains.
2. Try ETFs
Another one of the most easily executed passive income ideas is starting exchange-traded funds or ETFs. They are like mutual funds but trade in the same manner as stocks. Another plus: There are approaches to investing in ETFs in both good and challenging economic times.
3. Try Real Estate Crowdfunding
Investing in real estate is one of the most secure ways to build wealth (yes, even in bad economic times), but it can be costly.
With crowdfunded real estate you still invest in a property and reap the awards and share the profits. You won’t have to do any repairs or deal with tenants. You’ll be adding potentially lucrative real estate to your income portfolio.
4. Become a Clothing Designer
Well, kind of. A fashion designer's income is rarely passive, but passive income can come from selling your T-shirt designs. It’s now easier than ever to create custom clothing and designs through sites like Café Press and Amazon Merch. All you have to do is submit a design, sell your work, and wait for the royalties to come in. How's that for painless passive income ideas?
5. Rent Out Your Stuff
Most have heard of room or home rentals through sites like Airbnb. If you’ve tried it, you know that it can be a lot of work and requires a lot of dough up front to get your space in top shape for renters.
But did you know you can rent out everything from your car to your driveway? An increasing number of people are turning to renting cars from individuals rather than car companies. And if you have a driveway or garage you’re not using, chances are someone would like to use it for you.
6. Car Advertising
You’ll have to use your car for this one though. You can earn steady cash by driving around if you agree to wrap a company’s ad on your car. An agency will look at where you drive and your driving habits, but if you’re chosen, they will pay for the ad wrap and pay you per mile. Passive income ideas can be this simple.
7. Invest in a CD
A high-yield certificate of deposit (CD) offers a tremendously safe return on investment, especially if the money in the account is in cash. An online bank is a popular route, but make sure that the bank is FDIC-backed and find one offering the country’s top rates.
8. Get Sponsored On Social Media
If you have a big following on Facebook, Twitter, or other social media sites, chances are major companies will pay a premium to advertise on your feed through a branded post discussing a product. If you’re creating great content, monetizing it may be a natural passive income step.
Overcome A Financial Emergency With An Auto Title Pawn
It's worth considering all passive income ideas since they can be a big help when a financial emergency strikes. A hefty emergency room bill, a significant car or home repair, and last-minute and necessary travel can put your finances in a tailspin.
If you’re still working on your passive income plan, an auto title pawn may help. A short-term loan designed just for financial emergencies, a title pawn uses your vehicle’s title as collateral in exchange for a loan that’s paid off over time. At Alabama Title Loans, Inc., it can take as little as 30 minutes to qualify for a loan of up to $15,000.
You can start the process entirely online. Just head to our homepage, fill out the title pawn inquiry form, and one of our loan representatives will give you a call and guide you through the rest of the process. If you qualify, you may get the cash you need as early as the same day.
Get Started Today
As you contemplate taking advantage of our passive income ideas, take care of a financial emergency easily with a title pawn. Start on our homepage, give us a call, or visit us today. It’s that easy.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.