Nowadays, only a few people depend solely on formal income to earn their livelihood. The increase in passive income in the digital world has opened new opportunities for millennials to invest their time and resources in more ways than before. Today, even if you do not have a formal, 9-5 job at an establishment, you have more ways to earn a handsome income.
While digitization is the main cause of passive income expansion, improved thinking and open-mindedness have also revolutionized the job world. As a result, enthusiastic young people are always looking for ways to expand their income base. Scroll on to know how you may also join the bandwagon.
Rent it out
If you have a spacious property with more rooms than you need, keep some for your requirements and rent out the rest. People coming from other cities for work are always looking for affordable places to stay. You can make the most of this trend and earn a good income by renting out some rooms. However, go through the renter’s laws in your state and locality before making the final decision.
Use your car
If you own a car, there are so many ways you can use it to earn passive income. Start an airport shuttle business, or rent your car to run errands for your neighbors. Do one thing. Go through this amazing blog about some effective ways you can earn money with your car to get some innovative ideas. You will have a constant income from your vehicle. If nothing else, you can start a carpooling business that will not take much of your time or extra investment.
Create online courses
In the lockdown, both students and professionals turned to online courses to upskill and increase their employability. Although the lockdown has been lifted, the demand for online courses is still high. This is the best time to develop a course and sell it out. You can start a simple beginner’s course or a more advanced one based on your credibility and preferences. It will help you generate a handsome side income.
Affiliate marketing
We all shop online, be it clothes or groceries, we make the most of digital shopping trends. It is expected that the eCommerce industry will make up about 22% of the global retail industry by the next two years. Why not use this trend to your financial advantage? All you have to do is promote a product you have bought on social media and earn a commission from each sale. You can either approach a company directly to be its affiliate or you can join a commission platform. Both ways you will earn a good passive income.
Develop an app
The only investment you will need is paying the developer to get the app ready. Everything else will be easy-peasy. It is needless to say how much these tech-savvy people love apps. And if you can give them some value in life with your app, they will surely pay for the services you provide on it. Do you have the talent to create your app? Do not limit yourself to building your app. Extend your app-development services to other business owners too. Do you see what we are trying to say here?
Have any other ideas to increase your income? Do share!