Passive income is increasingly becoming a necessity in today’s world. Whether you aim to save up for something special or fund a project, passive income is something that can ensure the achievement of that goal. The average millionaire is said to have seven income streams. Income stream does not mean a job. Most millionaires have created ways to earn extra money aside from their primary income streams. Here are a few passive income ideas which can help you build your wealth:
- DIVIDEND STOCKS: by buying dividend stocks, you become a shareholder and receive payment at regular intervals from the company. Companies pay cash dividends every quarter out of their profits, and all you have to do is to own the stock. Dividends are paid according to share of each stock, so the more shares you own, the higher your payout.
- CAR SERVICE/HIRE: you can also use the daily activities of your car to make passive income. If you use your car to run errands, why not pick up a few passengers to make some money on the go? With ride-sharing apps such as Tango, Lyft and Uber etc, you can pick up passengers and drop them at their destination. You can as well rent out your car when it is not being used, when you’re going on a holiday or traveling. You can make lots of money by renting out your car with apps like Getaround and the likes.
- AFFILIATE MARKETING: affiliate marketing entails promoting a product and getting paid. Before promoting a product, you should have a good knowledge of that product and as well as confirm its quality. There are several ways to get started as an affiliate. You can either form an affiliate relationship directly with a specific company or through a commission platform. With affiliate commissions not only can you gain passive income online, but you can also make money on ads.
- CAR ADVERT: with a car advert, you can earn passive income by just driving your car around town. There are specialized agencies that will pay to wrap your car with an ad at no cost to you. They may evaluate your driving, including the distance you drive and where you drive. This is an outstanding way of making some extra money.
- DAILY ACTIVITIES: you can earn passive income from daily activities and everyday purchases. Websites like Swagbucks reward you with points for the shopping you do online from online stores like Amazon, Walmart, Starbucks. You also earn extra points for watching videos about a variety of topics, browsing the web and answering surveys. Then, you can redeem those gift card points to your favorite stores or get cashback through PayPal. There are several other websites built with this reward structure. Sites like Instadollar pay you for doing things online that you already do like checking email and playing games. You can check these out and engage in making that extra money.