If you are looking for ways to generate passive income, you’ve come to the right place. Investments like stocks, bonds, and annuities will generate passive income in retirement, but if you want to earn more money while you’re working, we have ideas. If you are financially able, you can become a private lender. A private lender is an individual who lends money to someone who may not qualify for a loan at a bank. A great example of this is when a property owner personally finances a buyer during the sale of their property. Instead of paying a loan company or bank their monthly mortgage fee, the buyer pays the property owner.
Becoming a landlord is another option. Landlords invest in property then earn passive income by renting. Whether you become a commercial or residential landlord, finding reliable tenants who pay on time and don’t cause trouble will be the challenge. Yet, being a landlord can be lucrative if you have the money to invest initially and have a trusted attorney to draft legal documents, negotiate leases, and handle problems when they arise.
If you don’t have the money to invest in real estate, you can generate passive income by tapping into your passions. Amateur photographers have online options for selling stock images on services like Shutterstock, iStock, and Canva. If you enjoy driving or drive for your job, advertise on your car. Companies like Wrapify and Carvertise will pay you to use your vehicle as a rolling billboard. People spend a lot of money on their dogs. If you enjoy walking and have free time, start a dog walking side hustle.
By generating passive income, you will accelerate your savings goals. You will have more money to pay down debt, put towards emergency savings, and to invest towards retirement. You won’t have to charge a vacation then worry about paying it off later. Your passive income will allow you to enjoy financial freedom. If you have questions or would like help with future planning decisions, give us a call at 800-689-3935.