5 Great Passive Income Ideas
In today’s economy, having a passive income seems to becoming more of a necessity than something of convenience. Jumia Travel, the leading online travel agency, shares 5 great passive income ideas to consider.
A passive income idea to consider is real estate rental income, where you can rent out homes, apartments and office spaces that you own to generate a healthy monthly or annual revenue. If you don’t have property to rent out, you can consider renting out other things you own for some rental income. Your car is an example, if you have two cars or a car you don’t use so often, you can rent it out for use as a taxi, you only need to ensure the agency or driver is a trusted one and your car is safe with them. If you happen to have a film camera, you can also rent that out and make some income from that. Basically, anything you have that can be rented out to earn some rental income, should be considered.
If you have the voice for it and your diction is very good, you can consider going into the studio to do voice overs for jingles etc. and earn an income from that. This doesn’t take much of your time and works according to schedules, so this is another passive income idea you can consider.
If you’re into photography and things like Photoshop, you don’t have to abandon the skill because you’re working a 9-5 job. You can leverage photo-selling websites like iStockPhoto and Shutter Stock to sell your photos and earn money while you sleep. However, there is a lot of competition in this business, but if you have a knack for photography and believe your pictures are good and able to compete, then why not? Get a very good photo-editing software, find your niche, and in your spare time work on your photos and put them up on these photo-selling websites.
Depending on how flexible your main job is, if you have a car that meets the necessary requirements you can consider becoming an Uber driver and earning a reasonable amount of daily passive income. You can make your own schedule with Uber and get some extra income driving others around when you’re already driving out and about anyway. Taxify, Smart Cab and other taxi services also offer you this option.
Over time, one or two people will come to you asking for a loan to start their business. If you believe that a business has prospects and is likely to become profitable over time if managed well, rather than just giving the person a loan, you can consider becoming something like a small-time angel investor, treat it as a business opportunity and give the person the needed capital with the request of taking an equity position in the business, in return. This way, the business owner will handle the day-to-day operations of the business, while you act as a silent partner that participates in the profits of the business. The only thing is that you will need to keep track of how your business partner handles the business to avoid being cheated, but then you shouldn’t go into business with someone you can’t trust in the first place.