5 Ways to Create a Passive Income
A passive income is a journey to financial freedom. If you eventually build up to have a steady flow of passive income, you may never need to work another day again.
Dependant on the method, you’ll need to do a different amount of upfront work and you will then earn a range of different amounts. There is a possibility to earn over £10,000 a year depending on your input and method.
- YouTube
The great thing about using YouTube to earn a passive income is that you don’t need to invest a lot of money into it.
The only problem is that to earn a significant amount of income you need to be creating high quality content and be creating it frequently. This means that if you don’t have a lot of time, this may not be a great path for you to take.
- Course Creation
If you create a course that is informational and something someone would want to spend a reasonable amount of money on; you could be onto a winner.
Courses last a long time and can bring in revenue for years afterwards but alike YouTube you need to have the time to plan, create and implement the course.
- P2P Lending
A great way to earn a passive income is through Peer to Peer Lending. Depending on the amount you are willing to lend and the risks you are willing to take, you could earn really great returns on your investments. You can earn an average of 5% and it takes under an hour to get started and investing.
This option is perfect for those who don’t have much time on their hands but have a bit of money they are willing to invest.
Obviously, there are many things you should think about before starting something like this as there can be risks involved so make sure you understand all the risks before jumping in to this method.
- Rent out a room of your house
If you haven’t got time or money to start lending out, a great way to earn some extra income is by renting a room of your house out either for long periods of time or, if you have a nice place or live in a well sought after area, Airbnb.
- Licence your photographs
If you take pictures, you can upload them to sites such as Shutterstock and they mainly offer you a percentage or a flat fee for each photo that is sold to a client of the site. This is a great way to earn money from photos you already have saved to hard disks (and most likely never even look at) without having to do anything.
Now that you are aware of some ways to earn a passive income, why not get started now by opening up a YouTube channel or a lending account to start investing some of your disposable income.
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