While many people wantpassive income, not many understand what it is or how to get it. At its core, passive income is a way to increase your earnings with limited ongoing work. This generally requires either upfront capital or upfront effort. Read on to learn about three side gig ideas to generate passive income.
Blog Writing
Everyone has something they know a lot about. If a subject interests you, chances are it interests others, too! Consider starting a blog and writing on anything you care deeply about.
If you don’t see a lot of website traffic after a few months, that’s not a problem—you got to express yourself and contribute to a topic you love. If you do see more traffic, though, you can monetize your site and enjoy passive income as people come to read your blogs.
Real Estate
Next, real estate offers incredible opportunities for passive income. Whether you decide to flip houses or rent properties, there are plenty of ways to make buckets of cash. Flipping houses requires both upfront capital and upfront work, so we suggest investing in a rental property instead.
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High-Yield Savings Accounts
High-yield savings accounts are ideal for anyone who wants their money to grow without thinking too much about the process. Most high-yield accounts come from FDIC-insured banks, so you know your money is safe. All you need to do is park your cash and watch it grow as the years go by.
There’s no better option than a simplified employee pension for people hoping to use passive income to grow their retirement accounts. This plan is ideal for any self-employed individual, so don’t neglect this option if any of your side hustles grow into an alternative career path!
Now that you know these three side gig ideas to generate passive income, you can find an option that suits you and start making extra money.
