There are lots of ways to create passive income, but you should be prepared to do some work upfront. There are many ways to earn passive income. You can earn it by investing, renting various assets out to others , leveraging advertising opportunities, or just monetizing the knowledge and skills you already have. Even sharing your photos of your favorite trips can be a way to earn extra cash if you do it right. 5 ways to earn passive income
Having a passive income stream can help support you in retirement, provide funds for paying down debts or saving for a long-term goal, or, in some cases, even support you entirely.
Julie Murphy, a certified financial planner at JMC Wealth in Chicago, has seen many clients succeed with passive income streams. The key to their success? “You have to be in one that resonates with you personally,” she says. “It’s all about what supports the life you want to create and live for yourself.”
If you’re interested in earning passive income, here are some unique avenues to explore. 1. Sell your pictures to stock photo websites
Taking photos and selling them to stock photo websites like Shutterstock, Alamy, Getty Images, and iStock Photo is one simple way to earn passive income.
You snap photos, ensure they meet the site’s specs (dimensions, size, etc.), upload them, and add related keywords to help them appear in search results. Whenever a user licenses one of your photos, you get a cut of the sales. Alamy, for example, offers anywhere from 17% to 60% of the image’s licensing price each time it sells.
Longtime travel enthusiast Kevin Mercier started selling stock photos in 2015, after a photo-filled trip to Singapore left him feeling inspired. His photo blog now averages about 100,000 pageviews a month, and he pulls in an average $75 per image license purchased. The money allows him to travel more and gives him a flexible work schedule.
“The only disadvantage that I can think of is the money I had to spend on my camera and gear,” Mercier says. “A good camera won’t define your photography skills but can surely enhance them.”
If you’re new to taking photos, Mercier recommends using YouTube and other free online resources to hone your craft. “This helped me produce more creative, engaging, and noticeable photographs,” Mercier says. “I can now sell almost any photo online—from street photography to pictures of food and animals.”
How much you can potentially earn: Income varies; 20 image license downloads per month on Alamy would bring in about $500.
Pros Easy to get started taking and selling photos
Each photo offers long-term residual income potential
Can be done from anywhere
Cons Requires some advanced photography skill
Preparing images and adding keywords may be time-consuming
May require extra equipment
2. Rent out your car (to people or advertisers)
If you own a car, there are a couple of ways you can turn it into a viable passive income stream. One option is to wrap it in advertisements. Wrapify, Nickelytics, and Carvertise are three companies offering these services (though the latter two are just for ride-share and delivery drivers).
With Wrapify, you download an app, create a profile, and get matched with advertising campaigns based on where you go and the times you’re on the road. Once you select a campaign, your car is wrapped with the appropriate company’s advertising, and you can start earning.Another option is car-sharing. It works much like Airbnb does for real estate: You list your car on Turo, including photos and details about its interior, gas mileage, and amenities, and users can sign up to borrow it for a daily fee. How much you can potentially earn: Varies; $264 to $452 on Wrapify; $876 on Turo Pros No extra equipment required (as long as you own a car) May produce enough to cover your car payment or insurance You can choose who borrows your car and what ad campaigns you place on it Cons Ad campaigns and demand for your vehicle aren’t guaranteed May increase wear and tear on your vehicle May increase the chance of accidents and damage 3. Invest in dividend stocks Some publicly-traded companies pay out dividends—essentially a portion of their profits—to stockholders on a regular basis. These dividends are typically only a small amount per share, but as you invest more (or the company becomes more profitable), that income will grow. You may also choose to reinvest your dividends , growing your stake in the company and […]
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