With cost-of-living perpetually on the rise in the U.S., it’s become increasingly difficult for many of us to get by without a side hustle. However, given how much time and effort we pour into our regular jobs, finding the energy to tackle a second job in earnest can be an uphill battle. That being the case, any side hustle you choose should involve passive income generation. Fortunately, when it comes to passive income, there’s no shortage of options for you to pursue.
Market Your Creativity
If you have any creative talents that could be put to profitable use, you may be able to earn extra cash doing what you love. For example, if you have a knack for creating art, look for job listings for freelance artists and illustrators. Alternatively, if you’re adept at coding and/or programming, keep an eye out for freelance gigs that incorporate those skills.
Regardless of where your creative interests lie, you should have no problem finding job boards for people with your skills. However, before accepting any freelance jobs, confirm that doing so doesn’t violate any employment contracts you’re currently bound by.
In decades past, self-publishing was largely (and unfairly) regarded as something of a joke. The general consensus at the time was that if a book, graphic novel or anything else involving the printed word didn’t attract the attention of a major publisher, it must not be worth reading. Fortunately, recent years have seen an increasing number of readers abandoning that mistaken impression.
Because of how easy self-publishing has become in the digital age, authors are able to bypass the stress and uncertainty synonymous with traditional publishing and sell their books directly to their audience. As an added bonus, they’re able to keep a much larger percentage of the profits.
Furthermore, with self-published authors able to sell their work through sites like Amazon, the line between professional publishing and self-publishing is growing ever thinner.
Budding scribes who are looking to grow their audience and make some money in the process should consider self-publishing their work. The more you write, the more passive income you stand to generate through book sales. Just remember – every book you add to your bibliography represents another source of passive income.
Advertise on Your Vehicle
If you do a fair amount of driving, you may be able to make money by simply going about your daily routine. If any local businesses are offering drivers the opportunity to use their vehicles as mobile ad space, you should consider taking them up on it.
Be advised, however, that some solicitations that purport to offer such opportunities are simply out to scam drivers. So, as a general rule of thumb, walk away from any businesses that expect you to pay for the decals or any other necessary supplies.
When interviewing for these gigs, be prepared to answer a lot of questions about your driving habits. Furthermore, be aware that your behavior on the road is likely to reflect on any businesses that have purchased ad space on your vehicle. So, if your conduct behind the wheel is less-than-admirable, don’t be surprised if you find yourself fired.
Investing in Rental Properties
When weighing the benefits of passive income vs. earned income, you can’t afford to overlook rental properties – one of the most profitable forms of passive income. Just a single rental property in a desirable area can rake in a small fortune in passive income each month.
Still, given how much capital is at stake with such an investment, make a point of seeking out properties in desirable locations and subjecting any properties you’re thinking about purchasing to thorough home inspections.
Whenever someone is unable to make ends meet through working one job, people often suggest that they find a second one. However, for a wide variety of reasons, this is typically easier said than done.
Considering how draining the average full-time job can be on one’s energy and mental health, complementing these struggles with a second job simply isn’t feasible for most members of the workforce. So, if your existing job leaves something to be desired in the income department, the passive income options discussed above may help ease some of your burdens.