We all love cash, no matter what size or color it comes in. However, the kind of cash which comes while you’re in a lock-down, or walking through the park, doing the makeup, or reading a book is more fun.
That’s the beauty of passive income: you get to earn it even when you are not actively working.
And let’s get real; passive income is a fundamental aspect of creating real wealth. It’s hard to get rich by going through a nine to five grind. Plus for females it can often get even more challenging to comply with a typical 9 to 5 routine when you have a family to take care of.
That’s why I strongly encourage every woman reading this article to consider passive income ideas. The thing with passive income is that you’ve to struggle and work a lot hard in the start (unless you are super rich already). However, once you get going, the going gets easier. Trust me! I know a thing or two.
In fact, I know a lot. For this article, I’ll be sharing my top seven passive income ideas to get you started. So, without further ado, let’s begin.
1. Rent your space
If you’re a working woman with multiple jobs, renting out your space is a passive income idea you can start using today. This can be in the form of renting out your room, parking space, car or just subletting to a roommate. You can add hundreds of dollars to your income stream by sharing your space.
It’s known as house hacking, which means you’re paying your mortgage with rentals. If you don’t want to rent out your room, think of listing it on Airbnb for short term travelers. According to CNBC, Airbnb hosts make, on average, about $924 every month. Not bad, right?
2. Crowdfund a property
Investing in property can be tough, especially for those who’ve never invested before. The initial investment, market research, and marketing can be a little hard to handle for a newbie. Crowdfunding a property is one way you can reduce the risks and cut all the hassle. Several online crowdfunding platforms (such as Crowdstreet & Fundrise) allow you to start from as little as $1000. They offer you monthly (or quarterly) returns, depending on the agreement. Just make sure you thoroughly read all the paperwork before parting ways with your cash.
3. Sell Stock Photos
Who doesn’t like photos? I am sure your phone gallery is filled with all sorts of pictures. Especially if you’re a mom, I am sure your gallery is full of photos and videos of your cutie pies. Why not list some of them on a stock photography website such as Pexels or Shutterstock and earn some passive income? Of course, it’s not going to make you rich. But it’s fairly effortless.
Plus, listing your photography on stock photo websites can earn you cash back for years to come. And you know what the best thing about this income stream is? You don’t have to invest even a penny. Your smartphone camera can do all the magic.
4. Get a vending machine
Ever wondered who owns the vending machine you walk past every day to the park? Someone certainly does, and as per the Hustle, they are making $2k on average every month.
You, too, can rent or buy a vending machine at Vending or SamsClub. Get a vending machine license from state authorities. Place it in a lucrative location that sees a lot of footfall, and the rest is easy.
You just have to take care of the inventory. To keep the costs to a bare minimum, buy in bulk. You can also outsource the restocking of drinks and snacks to a third party if you’re too lazy to bother with the hassle.
Keep in mind though the price of a vending machine varies depending on its size and the type of food it serves. For instance, a simple candy vending machine costs as little as $70. On the other hand, a coin operated Monster Drop Single can bill you upwards of $7000.
5. Become a Gig Woman
In case you’re a single mom, Instead of working full time, opt for gigs. Go remote. It’s here to stay anyway, as today’s world is shifting towards a gig economy. You can easily learn any freelancing skill online. Whether it’s graphic designing, article writing, logo making, or video blogging, find a niche that interests you.
Initially, you can provide your services online to other clients. Slowly and steadily build your own brand. Once you get enough recognition in your field of interest, you can continue it as a side business or hobby for passive income while working from home.
6. Write an Ebook
No, you don’t have to be an expert to write and publish an ebook. You just need some guidance, a good editor, and good marketing strategies to reach your target audience. Kindle self-publishing is a very popular way to publish fiction as well as nonfiction.
However, unlike other passive income streams, ebook writing requires considerable initial effort. But the good news is that unlike most of the other tips we shared here, it hardly requires any massive upfront investment of capital.
This income becomes passive only after some time (though you can shorten that duration if you put some effort into digital marketing). But once your title is out in the market, you can sit back and relax. Your book can make a profit for years to come.
7. Buy and Sell Domains
Domains are the real estate of the internet. Everyone wants one, but there’s a limited supply (for more branded domain names). People prefer .com domain names that are shorter and easy on the tongue.
So if you have a creative brain with a little business acumen, you can earn huge profits by flipping domain names. Purchase domain names that you think maybe profitable in the future and list them on sale. This is a cheap yet slightly risky way to earn some regular passive income.
Conclusion: Remember Gals, it can take some time before your passive income starts rolling in. Take one step at a time. Learn something new each day. You can teach yourself anything online. Just commit to being financially free.
Try some of these passive income ideas, and I am sure you will be earning more than you can spend. Good luck, and thank you for sticking with my blog. Want to add something to my passive income ideas? Drop a message below!
Nooria Khan is a tech-savvy software engineer turned blogger. She has been featured in media outlets like Business Insider, Reader’s Digest, Business2Community. She always keeps a journal and a cat by her side, and the only time she doesn’t play it safe is when she’s writing. Connect with Nooria on Twitter and LinkedIn.