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There are times at which we all wish we could give our incomes a boost, but with the pressures of modern life, it can be more than a little challenging to find the time for extra money making endeavors.
Fortunately, there are plenty of ways that busy people, with just a small initial time investment, can begin to really benefit from passive income. Below are some of the most efficient ways that you can make more money, without having to find more time.
Make a Website
If you already have a website or blog, you can use it to make some money on the side through advertising revenue. Companies such as Google will pay website owners to display ads to their visitors, and the more popular your site becomes, the more revenue it is likely to generate.
If you don’t have a site, you could try making one, which can easily be done using WordPress or Wix. Although creating a site takes time, the investment could be worth it in the long run. The great thing about a website or blog is that it can be about absolutely anything – no matter what your field of interest, you can attract visitors and ultimately make ad revenue!
Rent Out Spare Rooms
Companies such as Airbnb match people with empty rooms or property to people looking for a place to stay. If you tend to travel, you can give your income a substantial boost by selling the use of your home whilst you’re away. If you have a holiday home, you could also consider listing this out of season. This is a great source of passive income, since it doesn’t take long to get set up, and can offer significant returns.
It might sound intimidating, but you don’t need to be a professional stock broker to benefit from investing, and one good strategy is to buy index funds. These contain small numbers of stocks from a wide range of companies, minimising risk. Low risk also means a relatively small pay-off, but investing in index funds does offer stable returns.
You could even start investing with an app – Robinhood and CMC’s Spreadbet app allow you to trade on the go.
Sell your Photography
If you enjoy taking photographs when you’re out and about, why not make some extra cash from them? Sites such as Shutterstock and iStock allow you to upload your photos, and every time someone downloads one you’re paid around 25 cents. The more photos you upload, the more you’re likely to make, so a small time investment can really pay off.
This can be a great source of passive income, since even if you can’t find time to take and upload new photos, your old ones will continue to make you money.
Invest in Property
It goes without saying that all investment comes with risk, but property investment is less risky than many types since people will always need a place to live. Maintaining property clearly takes time, effort, and capital, but rental payments can be a huge boost to your income.
When selecting your property, remember to consider whether the area is likely to continue attracting tenants in the coming years – taking the time to carry out extensive research is vital. If you do have the time and capital to invest, though, owning property can make for very lucrative passive income.
Sell your Writing
If you have a piece or two of writing sitting in a desk drawer, or more likely on your computer, you could be getting royalty payments for it. Platforms such as the Amazon Kindle store let you upload anything from short stories to information booklets, and you receive a proportion of the profits for each customer purchase. Your earnings may be small at first, but as you make a name for yourself as a writer, they can quickly add up. The great thing about royalties is that they continue to pay over the course of your life.
Hopefully these tips have given you a few ideas about ways you can increase your income – with a little clever investment of time and money, you really can see substantial returns – good luck!