40 Passive Income Ideas That Actually Work

If you want the benefits of ownership and have the cash to buy a house but don’t have or want to devote the time, you can try an investing platform like Doorvest. You should carefully think of your skills and how much free time you have to put into another income stream before you pick one. Once you know what the money will multiple streams of income be for, you can get your financial goals in mind and work on your income ideas.

Arrived is a great real estate investing platform to use if you want a low minimum investment threshold for real estate investing. The sites that connect clients with consultants include Zintro, Maven, GLG, Braintrust and Catalant. Consultants generally set their rates at a multiple of their ordinary hourly wage. Depending on your area of expertise and the number of consulting platforms you register with, you could be tapped weekly or monthly.

Make Money in Rental Income

Besides handmade goods, you can also sell digital products like sewing patterns, budget spreadsheets, Lightroom presets, invitation templates, etc. Once you have your license, typically beginners start by working under a licensed real estate broker. The average realtor commission is 2.5%-3% of the sale price (after splitting with the broker). A virtual assistant will do anything from running social media accounts to scheduling appointments to organizing calendars.

Dividend Stocks

Passive income is income you earn from doing little to no work. You’ll have to do some upfront work, but then the money just comes in. Our January report reveals the 3 “Strong Buy” stocks that market-beating analysts predict will outperform over the next year. You may have heard of famous collectible items over the years including sneakers, signed jerseys, and rookie trading cards being sold for obscene amounts of money. Now you can get a piece of the action on platforms like Public.

Dumpling helps personal shoppers manage their own businesses, finding their own clients, setting their own rates and schedules. You set your own schedule, and pick and choose among available jobs, based on when and where you want to shop. After your community members tell you what they need, it’s your golden opportunity to get to work and create it.

• Fundrise, LLC (“Fundrise”) compensates CreditDonkey Inc for new leads.
• Your use of information and access to such non-Hartford sites is at your own risk.
• Although collectibles can be speculative in nature, the asset class can add diversity to your portfolio.
• REITs are required by the IRS to pay out 90% of their taxable income to shareholders in the form of a dividend.

How We Make Money

Additional income is the money earned beyond your primary job, often through side hustles, passive income, or investments. This extra income helps in building wealth, achieving financial independence, and mitigating financial risks. Popular methods for generating additional income include online courses, affiliate marketing, and monetizing unused resources like bandwidth through platforms like MystNodes. Diversify your revenue streams to protect yourself from financial risks, ensuring you’re not dependent on a single income source.

Bankrate logo

On the other hand, 11% of the stock market is distributed among the bottom 90% of American households. FarmTogether is a groundbreaking platform that gives accredited investors the chance to buy shares of farms across the country. The human population continues to grow and needs a place to live, yet the supply of land cannot increase.

So learning to make money outside of your job is beneficial for most people. There are a few downsides to this type of passive income stream. It’s also possible that the property value could diminish in the area and you won’t be able to get the amount of rent you need. It’s also possible that there may be some downtime where nobody is renting the property. The easiest way to make extra cash is by using stuff you already have.

If you’re interested in exploring new sources of income, start by finding a mentor who can help you identify opportunities in your field. That person’s success may help guide you toward the same positive outcome. When you’ve earned enough income to reinvest it, a common source of cash flow to supplement your income now and in retirement is to own one or more rental properties. If you plan to relocate from your current home, consider keeping it and using it as a rental property rather than selling it.