Looking to make some extra income? It’s not uncommon for those with part-time or even full-time roles to seek out additional side jobs or projects to give their income a little extra boost. But that only works well if you have the time to spare!
Passive income opportunities are a great option if you’re on the hunt for some extra pounds and don’t necessarily want to take on another job. Check out these eight popular ways of making passive income and see if any sound good to you!
You don’t have to own multiple flats in order to rent out. There are plenty of other items and options for renting! Have a car? HiyaCar is a private car rental site — you sign up your car, other people can rent it, and you make money, all without lifting a finger. Have a spare room or going out of town for a couple of days? List your flat with Airbnb so you can earn some rental money on the side!
2. Write and Publish an eBook
The advent of eBooks has made it simple to self-publish. If you’re particularly knowledgeable and passionate about a subject, why not write your own book? You can take advantage of Amazon’s Kindle Direct Publishing platform, become a self-proclaimed author and, with any luck, earn some extra quid while you’re at it.
3. Record a YouTube tutorial
YouTube is chock-full of tutorials on all kinds of topics, covering everything from makeup to Microsoft Office. Making your own tutorial is a fun and easy way to earn some extra money. Pick something you’re good at (and enjoy doing) and break it down so that someone unfamiliar with the activity could understand how to do it. With enough views, you can opt for short advertisements on your video, bringing you some additional income! Use this blog post for help getting started on making your video tutorial.
4. Sell Pictures
Whether you take pictures with your phone or a state-of-the-art DSLR, there’s a chance you can sell some of your work for some easy money. Shutter Stock and iStockPhoto are great places to get started — they’re vast libraries of images, and anyone can submit work for a possible purchase. If you’re a photography pro, Shutter Stock also looks for 4k video content and vectors — harness that creativity for extra cash!
5. Create a Mobile App
This passive income option isn’t for everybody, but it’s a great opportunity if you’re a tech person looking to create something fun or functional. A new game? A new global weather app? A fix to an already existing app? It could be almost anything you think of and, depending on its success as a sellable app, could earn you additional income.
If you’ve got an idea kicking around but aren’t sure where to start, this article on building a mobile app can help you get started.
6. Use Cash-Back Rewards Credit Cards
Credit cards can be a great way to earn passive income. Most major credit cards offer some type of rewards program, either through cash back or points: You earn cash back or points when you use your card to make purchases on things like petrol, restaurants and more. A cash-back rewards card is best if you’re looking to use that money back for something specific. A points reward card is also a good option since you can redeem those points for things like air miles, hotels and other designated “spending” categories.
7. Use Cash-Back Shopping Rewards
Cash-back shopping rewards programs are similar to using a cash-back rewards credit card: You earn money back when you shop at certain stores. If you’re making necessary purchases at certain stores, why not earn money back for shopping there? It’s a simple and easy process! One of the most popular cash-back shopping sites is Ebates. All you have to do is sign up and order your purchases. Ebates will then send you a check or money via PayPal for the amount you earned back. Learn more about how it works at Ebates.
8. Invest in Index Funds
Investing can be daunting (and potentially expensive) for those of us who aren’t experienced traders! With the right kind of investment, though, you could be making added income with little upfront cost and management.
Purchasing index funds is a way of investing in the general market without having to pore over the stock options yourself. You can choose from a variety of indexes — the most popular UK ones being Vanguard, L&G, BlackRock, Fidelity and HSBC — and from there pick a specific fund. This article from the Guardian explains the process in more detail and should give you a clear idea of how to purchase your own index fund.
Adams, R. (n.d.). 17 passive income ideas for automating your cash flow. Retrieved 25 October 2017 from https://www.entrepreneur.com/article/284459
Business Insider. 16 January 2017. How to earn passive income: 22 ways to create multiple streams of income. Retrieved 25 October 2017 from https://www.theguardian.com/money/2016/sep/10/index-funds-no-excessive-fees-tracker-outperform-actively-managed
Collinson, P. (10 September 2016). Index funds help keep your returns on track — with no excessive fees. Retrieved 25 October 2017 from https://www.theguardian.com/money/2016/sep/10/index-funds-no-excessive-fees-tracker-outperform-actively-managed