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These days, it seems like everyone could use more monthly income. Stagnant wages and the rising cost of living are a guaranteed recipe for financial strain, and many people are finding it increasingly hard to cope with the expenditures with just one source of income. However, given how stressful and time-consuming one job can be, most people lack the bandwidth for a second one. Fortunately, generating extra income doesn’t have to entail committing yourself to additional jobs. As you’ll find, there are numerous ways to bring in passive income without working yourself to the bone.
Passive Income Ideas
Create Monetized Video Content
If you enjoy creating video content as a hobby, monetizing your videos can be a fantastic way to generate passive income. However, as countless content creators have discovered, the road to monetized video content isn’t always an easy one. For example, anyone looking to get paid for YouTube content needs a minimum of 1,000 subscribers and 4,000 watch hours in the last year. Additionally, gaming enthusiasts looking to become Twitch partners must average a minimum of 75 concurrent views over 30 days. Still, if your content already has a large audience – or the potential to attract one – you may be able to turn what you love into a profitable venture. Depending on the size of your subscriber base and the number of viewing hours you’re able to accumulate, you may even be able to turn video production into your full-time occupation.
Videos that provide viewers with valuable advice or life hacks and videos that are built around popular hobbies like gaming tend to be particularly successful. So, if your interests lie with either of these video genres, you may be well on your way to generating additional income.
Talented authors who have found themselves unable to garner attention from literary agents and/or publishing houses shouldn’t give up on searching for an audience. Although traditional publishers still play an important role in the world of literature, many authors have come to find self-publishing to be a better fit for their work. Once regarded as something of a joke, self-publishing has experienced a massive surge of popularity in recent years. Thanks to user-friendly digital publishing platforms, many authors are able to get their work out into the world without the help of agents or big-name publishers.
So, if you’re a scribe who’s eager to find an audience – and potentially make some money in the process – self-publishing is certainly worth considering. Digital publishing platforms enable authors to publish their work in a timely and stress-free manner, ensuring that new works become available to audiences as soon as their respective authors give the O.K. This is a stark contrast to traditional publishing houses, which sometimes take years to publish finished books.
In addition, self-publishing ensures that authors remain fully in control of their respective marketing campaigns. Perhaps even more importantly, the self-publishing route enables authors to keep a substantially larger share of the profits from their book sales. This also makes purchasing self-published works among the most effective ways to directly support creators.
The more books you have available, the more sales your work is likely to generate. So, depending on the size of your catalog and audience, book sales may bring in sizable sums of passive income on a daily basis.
Put Your Money Into A Rental Property
When you are looking for ways to generate passive income vs. earned income, take care to give some thought to investing in rental properties. A single rental property has the power to bring in a considerable amount of passive income every single month, especially if it’s located in a popular area in which housing is in high demand. Although most rental properties will require a sizable initial investment, the amount of money they stand to make you are often well worth this short-term financial sacrifice.
Although we could all use some additional income, most of us are understandably put off by the idea of getting a second job. Given how draining one job can be, it’s only natural that taking on a second one would be an unappealing prospect. Luckily, there’s no shortage of ways to bring in extra money each month without committing to a second job. Anyone who’s looking for passive income would do well to consider these above-mentioned options.