Five Ways to Earn Thousands of Dollars of Passive Income

Passive income is a source of extra money that you can earn with minimal ongoing effort. Making money this way takes some getting used to, but once you have a source of extra income, you can earn stable money month after month. Read more about this publication Fortune.

Photo: IStock

There are many ways to earn passive income. You can earn them by investing, renting various assets to others, using advertising opportunities, or simply monetizing the knowledge and skills you already have.

5 Ways to Earn Passive Income

Having a source of passive income will help you through retirement, provide funds to pay off debt or save for a long-term goal, and in some cases even support you completely.

Julie Murphy, a certified financial planner at JMC Wealth in Chicago, IL, has seen many clients succeed with passive income streams. What is the key to their success?

“You have to do what resonates with you personally,” she says.

If you are interested in earning passive income, here are a few opportunities to explore.

1. Sell your photos on stock photo sites

Taking photos and selling them on stock photo sites like Shutterstock, Alamy, Getty Images, and iStock Photo is one easy way to generate passive income.

You take photos, check if they match the site's specifications, upload them, and add relevant keywords to make them appear in search results. Whenever a user downloads one of your photos, you get a share of the sales. Alamy, for example, offers between 17% and 60% of the licensed price of an image each time an image is sold.

Longtime travel enthusiast Kevin Mercier started selling stock photos in 2015 after a photo-packed trip to Singapore inspired him. Kevin's photoblog now averages about 100 pages per month and earns an average of $000 per image license purchased. The money allows him to travel more and gives him a flexible work schedule.

On the subject: How to make money on your own body: 21 easy ways

“The only downside I can think of is the money I had to spend on the camera and equipment,” says Mercier. “A good camera won’t define your photography skills, but it will certainly improve them.”

If you're new to photography, Mercier recommends using YouTube and other free online resources to hone your photography skills.

“This has helped me create more creative, engaging and visible photographs,” says Mercier. “Now I can sell almost any image online, from street photography to images of food and animals.”

How much you can potentially earn: Income varies; 20 image uploads per month on Alamy will bring in about $500.

Pros:

• easy to start taking pictures and selling photos;
• each photo offers long-term income potential;
• can be done from anywhere.

Cons:

• advanced photography skills required;
• preparing images and adding keywords takes a lot of time;
• additional hardware may be required.

2. Lease your car (to people or advertisers)

If you own a car, there are several ways to turn it into a viable source of passive income. One option is to wrap it with an ad. Wrapify, Nickelytics and Carvertise are three companies offering these services.

With Wrapify, you download an app, create a profile, and participate in ad campaigns based on where you drive and how long you're on the road. When you choose a brand, your car will be pasted over with advertising of the corresponding company, and you can start earning.

Another option is carsharing. It works the same way Airbnb does real estate: you list your car on Turo, including photos and details about its interior, fuel consumption and amenities, and users can sign up to rent it for a daily fee.

How much you can potentially earn: varies; $264 to $452 on Wrapify; $876 for Turo

Pros:

• no additional equipment required (if you have a car);
• may bring in enough to cover car payments or insurance;
• you can choose who will take your car and what ads you will place on it.

Cons:

• advertising campaigns and demand for your car are not guaranteed;
• can increase wear and tear on your vehicle;
• may increase the likelihood of accidents and damage.

3. Invest in dividend stocks

Some companies regularly pay dividends to shareholders - in fact, a portion of their profits. These dividends are typically only a small amount per share, but as you invest more (or the company becomes more profitable), this return will rise. You can also reinvest your own dividends by increasing your stake in the company and making your dividends even higher.

“The most successful way for my clients to create and grow passive income is by investing in stocks that not only pay dividends but also have a track record of growing dividends,” says Tommy Thompson Jr., Innovative Certified Financial Planner.

According to Thompson, the biggest benefit of investing in dividends is "no maintenance." As long as you choose stocks of companies that are constantly profitable, you will regularly make a profit on your investments. Most companies pay dividends once a quarter.

To get started, you can open a brokerage account with companies like Schwab, Fidelity or eTrade and then purchase the dividend stocks you want to invest in. Some companies allow you to buy shares from them directly.

How much you can potentially earn: varies widely depending on the stocks you choose and how many of them you have; for example, one share of 3M offers about $6 per share per year in dividends.

Pros:

• regular payments, usually quarterly;
• may allow you to increase your dividends if you decide to reinvest them.

Cons:

• payouts fluctuate depending on how the companies you have invested in are performing;
• it can be difficult to choose investments if you are not well versed in the stock market;
• investments may depreciate over time.

4. Rent out part of your property

Listing on Airbnb, VRBO, or another platform is not the only way to earn passive income from home. A number of companies allow you to monetize other parts of your property as well.

For example, if you have a pool, Swimply allows you to rent it out for an hourly fee. With Neighbor, you can rent out unused storage spaces such as a garage, attic, basement, or even a closet, while Pavemint does the same for additional parking. With Sniffspot, you can even turn your yard into a dog play area.

The earning potential depends on your location and the demand in your area, but the setup process is quite simple on all four platforms. You'll create your listing, set a price, and start accepting bookings.

How much you can potentially earn: varies; Swimply says some of its hosts make up to $5 a month, while Sniffspot makes $000.

Pros:

• the registration process takes only a few minutes;
• no initial costs;
• no additional hardware required.

Cons:

• earning potential can vary widely;
• there is a possibility of increased damage to your property;
• your pool, storage space, driveway or yard needs regular maintenance.

5. Share your experience and knowledge

If you have special knowledge or training in any area, you can turn it into a source of passive income. One option is to create a YouTube channel to educate others.

This is what graphic designer Nick Saporito did when he launched his YouTube channels, Logos By Nick and Design Made Simple back in 2015 and 2017. Saporito now has almost 600 subscribers on both channels, and his videos on making GIFs, removing photo backgrounds, and various other design strategies have racked up millions of views.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York

“Now I make a living solely from the passive income that I created through my skill set,” says Saporito.

His YouTube channel did not start earning from the very beginning. Before you can monetize your videos with ads, you need at least 1000 subscribers and 4000 watch hours.

“When it comes to wages, it depends on the industry,” says Saporito. “Some industries have really good ad rates, while others pay badly. For graphic design tutorials, the average cost of an ad is about $6 for every 1000 views. That is, a channel that receives 100 views per month is able to earn about $000 per month. If you upload carefully crafted videos twice a week, you can achieve this within a year or two.”

If this is not the strategy you are interested in, sharing your experience in an e-book, online course, or answering online surveys is another option. For example, at JustAnswer, you can earn an average of $2000 to $7000 per month answering questions about your area of ​​expertise. Examples of experts currently on the site include attorneys, veterinarians, and mechanics.

How much you can potentially earn: YouTube depends on views and industry; JustAnswer says that experts can earn an average of $2000 to $7000.

Pros:

• allows you to monetize the experience you already have;
• each video or e-book offers long-term residual income potential;
• no upfront costs.

Cons:

• it may take some time before you qualify for YouTube monetization;
• a certain level of knowledge is required.

Conclusions

There are many ways to create passive income. But whether you're monetizing the skills or assets you already have, or moving into a new field, those who've been there say it's all about work and attitude.

Be prepared to do all the work ahead of time—take great photos, select car wrap campaigns, or upload tons of videos that will resonate for years to come. If you can do that, then passive income is a real possibility.

“The biggest piece of advice I can give to anyone who wants to get into this is to be consistent and have reasonable expectations,” Saporito said. “Creating passive income is more like a long-term investment that requires patience than making money fast.”

Read also on ForumDaily:

How to protect yourself during snowfall and ice

A cure for old age: how scientists from around the world are trying to regain youth

If you have been removed from your flight, you are entitled to compensation up to 400% of the ticket price

Both in the heat and in the cold: 13 indoor water parks in the USA where you can have fun all year round

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.