MyTwoCents.cc MyTwoCents.cc
  • Home
  • Start Free Trial
  • Members
  • Personal Finance
    • Career & Employment
  • Investments
  • Tools & Resources
    • Book Reviews
About
  • Lost password
  • Sign up
MyTwoCents.cc
MyTwoCents.cc MyTwoCents.cc
  • Home
  • Personal Finance
  • Career & Employment
  • Investments
  • Retirement
  • Book Reviews
  • Sign in
  • Career & Employment

7 ideas to generate a passive income

  • Boney Varghese
  • 5 minute read
7 ideas to generate a passive income
Total
0
Shares
0
0
0
0
Table of Contents Hide
  1. 1- Write an eBook
  2. 2- Create an online course
  3. 3 – Stock photography
  4. 4 – Create and market an app
  5. 5 – Rent out an extra room
  6. 6 – Rent out your car
  7. 7 – License you mix

With jobless at an all-time high, building passive income streams are more important than ever. Many people have already discovered this and many of them have made this their primary source of income.

A passive income is a self-sustained activity that generates an income. You either have to put in no effort or very little effort into it.

Investments have such options in the form of rental income, dividends, annuities. They require very little upkeep and can generate a lot of value. You should look at such investments along with your direct stocks and ETF as they help weather you through some of the stock market correction periods. You can also download my excel tracker for passive income streams to keep track, plan and grow here

The above options require to invest money to make money. if you want to also diversify by investing time over money then here is a list of 7 options you can try

1- Write an eBook

Do you have a story that you want to tell or a step by step guide to get something done? This is the most effective way to do it apart from a blog. This is possibly the easiest way to generate a passive income. Sam from the Financial Samurai generates about $4200 from his eBook “Engineer your layoff” every month.

If you run a blog then you can also take all the articles of a particular theme and put them together as an eBook.

Book covers can be created using Photoshop our outsourced

Publishing a book is a simple as generating a PDF with Adobe Acrobat DC or you can upload to Kindle Direct Publishing

Writing the eBook is only half the battle the other half is marketing it. You need to use a range of digital marketing tools to increase awareness interest and desire and create a sense of value that users will pay for

2- Create an online course

Maybe you are more inclined towards visual content. Well then dust off your presentation skills and get set. With so many online classroom options available today it’s only limited by your imagination. the pandemic has created a whole new focus on online engagement.

You can repurpose material from your bogs, your eBooks, your podcasts, and make money on the same content in different formats.

You can register or sites like Udemy. They provide you the tools to create and market your course. they also have a set of customers that might be interested they also have tools to help you choose a topic based on keyword search.

You don’t need any prior experience just an interesting top. Remember to keep prices low to make it more accessible and keep each video short to match the attention space of the online audience.

3 – Stock photography

Running with the visual theme there is a lot of o money to be made in stock photography. With the increasing amount of content that is being generated online, the right picture can make or break an article.

Businesses, personal blogs, adverts, catalogs. Visual images are across all forms of media and commutation. Companies can save thousands in buying a stock photograph as opposed to hiring a photographer Shutterstock is expected to grow 6% with a revenue of $665 million in 2020. Don’t you want a piece of that action?

You can also upload to Foap or create your WordPress site with WooCommerce and sell the images on your site. In this case, you would need to set aside a budget to market your site.

You might have a Nikon D90 lying around the house unused as I do. Jump on to a quick course of photography and find you are the next Henri Cartier-Bresson

4 – Create and market an app

Consumers are spending more and more time online these days. They are being inundated by information with so many brands vying for their attention. If you think that you can solve a problem that is currently out there then this is the best way to do it.

The best apps are free with an in-app purchase element. You need to provide a basic level solution for free and then charge if they want to do more. Consumers’ spending on apps is expected to reach $156B by 2023. this is still a high untapped market that you can capitalize on.

There are only 2 major platforms Android and IOS. You can also convert sites into an app using sites like GoNative. It allows you to fully customize your site and will send it to you via email. It takes just 2 minutes

7 ideas to generate a passive income

5 – Rent out an extra room

Have some extra space in your house. Make them generate cash by renting them out.  Although Airbnb or VRBO would be the perfect choice you would need to register your apartment / Villa with the tourism board to list it there. Instead, opt for the local classifieds Dubizzle and look for the Rooms for rent(Flatmates) section. Upload some photos and a description. I would leave out any sleepwalking habits or that pesky spirit that wants you to follow it to the basement. Let that be part of their journey of discovery

6 – Rent out your car

If you have a car that’s not being used much you can use it to generate some income. Sites such as FriendlyCar connects owners and borrowers over their platform. You will have to list your car providing all the details including a copy of your car’s registration, photos, and the price. People in need will then seek you out and agree to meet you. You hand over the keys and that’s it. I’ve listed my F150 on it and have received many requests already.

I would not list my Maserati on it through – there is a reason they have a Nissan Tida in the picture

7 ideas to generate a passive income

7 – License you mix

Music is another important component of content creation. If you are musically inclined you one of the many tools like Soundation to create a mix. They have a free tier that allows you 10 solo projects. These tracks can be used in vlogs, adverts, and social media videos. People are on the hunt for the next catchy beat and yours could be the next sample at the next Carl Cox session You can upload your music on AudioJungle  or Pond5

7 ideas to generate a passive income

These are just a few of the things that you can do to generate a passive income. They require little to no monetary investment – just your time. so, if you are serious about building an alternative income then – just get started.

Total
0
Shares
Share 0
Share 0
Share 0
Share 0
Related Topics
  • side hustle
  • Side Hustles
Previous Article
How important is the Skills section of your resume?
  • Career & Employment

How important is the Skills section of your resume?

  • Boney Varghese
View Post
Next Article
8 Benefits of adopting a frugal lifestyle
  • Personal Finance

8 Benefits of adopting a frugal lifestyle

  • Boney Varghese
View Post
You May Also Like
Singapore's Side Hustle Symphony: 10 Paths to Prosperity
View Post
  • Career & Employment

Singapore’s Side Hustle Symphony: 10 Paths to Prosperity

  • Boney Varghese
Passion to Paycheck: 8 Steps to Side Hustles Triumph
View Post
  • Career & Employment

Passion to Paycheck: 8 Steps to Side Hustles Triumph

  • Boney Varghese
Meeting Revolution: Musk's 15-Minute Blueprint
View Post
  • Career & Employment

Meeting Revolution: Musk’s 15-Minute Blueprint

  • Boney Varghese
Bill gates leader
View Post
  • Career & Employment

Unlock Leadership Excellence: 8 Lessons Inspired by Bill Gates

  • Boney Varghese
So You Wanna Be a Big Cheese? Cracking the Code from Director to VP
View Post
  • Career & Employment

So You Wanna Be a Big Cheese? Cracking the Code from Director to VP

  • Boney Varghese
JustCo Co-working Centre
View Post
  • Career & Employment

Things You Should Consider Before Moving to Bangkok from Dubai

  • Boney Varghese
10 retail sales KPIs that you need to know
View Post
  • Career & Employment

10 retail sales KPIs that you need to know

  • Boney Varghese
What are the key metrics to evaluate a company?
View Post
  • Career & Employment

What are the key metrics to evaluate a company?

  • Boney Varghese
Categories
  • Book Reviews
  • Career & Employment
  • Investments
  • Personal Finance
  • Retirement
  • Uncategorized
FOLLOW US
TRENDING POSTS
  • Master Your 30s: 5 Potent Investment Strategies 1
    Master Your 30s: 5 Potent Investment Strategies
  • Retire Before Mom & Dad 2
    Why Retire Before Mom & Dad Still Matters in 2025
  • How to Avoid getting caught up in Debt Cycle 3
    How to Avoid getting caught up in Debt Cycle
  • Finviz Mastery: A Guide to Finding Daily Income Opportunities
  • Meeting Revolution: Musk's 15-Minute Blueprint 5
    Meeting Revolution: Musk’s 15-Minute Blueprint
MyTwoCents.¢¢: Your free financial coach. Ditch the jargon, build wealth, and reach your goals. Get expert advice on income, savings, investments, and debt. Take control of your finances, achieve freedom, and make your cents count!

Sitemap

Featured Categories
Uncategorized
View Posts
Retirement
View Posts
Book Reviews
View Posts
Career & Employment
View Posts
Social
Facebook
Instagram
YouTube
LinkedIn

MyTwoCents.cc is not a financial advisor, and the information presented here does not constitute personalized advice or recommendations for any individual or specific security or investment product. It is intended solely to provide general financial education and awareness.

MyTwoCents.cc
  • Contact
  • Privacy Statement
  • Cookie Policy
  • Disclaimer

Input your search keywords and press Enter.

Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}