Being able to earn an income without doing very little can be a dream, right? Money when you sleep can be quite a possible thing, though, if you are someone that creates side hustles or passive income streams that really work to help make money.
There are many different ways that make it possible, but it will all depend on what you are currently doing for work and how much time you can dedicate to it; they aren’t all going to be money-makers right from day one. But with that in mind, there will be some that will work for you. So here are a few ideas and examples of what you can do to generate a second stream of income, or create a passive income stream for yourself.
Train in an In-Demand Industry
If you are trained in something that there will always be demand for, then you will always have a way of generating an income, for a full-time job or something to do on the side. Take something like CDL driving school, for example. You could train to drive trucks, which in this global and product-based world that we live in, will always have demand. Things like medical fields are roles that will be in demand, teaching, law enforcement, childcare, and so on. There are many options, but you’ll only be right for the role if you’re trained in the right things.
This is a technique to make passive income that will suit you if you already have something like a blog, website, or active social media presence, as you’ll have a bit of a following that may be interested in the things that you are showing them, that they then go on to buy. You will get a percentage of any sales that are generated through your link. It isn’t necessarily going to be a huge money maker, unless you’re a global fashion blogger perhaps. But it is a way to have money trickling in, without you having to do too much.
High Dividend Stocks
If you are able to build yourself a portfolio of things like high dividend stocks, then you will be able to make for yourself, a regular passive income. And the good news is that it will be at an annual rate that is higher than a regular bank account. It is important to remember that high dividend stocks are stocks, so that means that there is always some room for capital appreciation.
Real Estate Investments
There are plenty of things that you could think about investing in, and will depend on what your current circumstances are. But if you are able to invest in something, then investing in real estate can be a good way to make money, as well as build up your property portfolio. If you buy to let, and a renter is covering the mortgage, then you will always have the value of the property to fall back on, which will tend to be quite a high-end investment.