Top 5 Ways To Build Passive Income Streams
Creating various streams of income is a great way to propel your lifestyle forward while giving you the financial security you need. Today we’re sharing the top five ways to build passive income streams right from your home!
Let’s learn how to start building wealth today.
Passive Income Ideas
1. Create A Digital Product
These days, people are leaning into digital products as an opportunity to build passive income streams.
Some popular digital products you could sell online are journals and planners that you can create on Canva or another program. You could also create templates for websites, excel sheets, and graphics.
If you are into photography or editing, you could sell presets or stock photos. If you have always dreamed of becoming an author, you could get your start by self-publishing an eBook.
If you consider yourself an expert in a niche field, consider creating an online course, digital guide, or how-to tutorials. You can use this knowledge to start a blog or YouTube channel while using social media to gain an audience and promote any digital product you are selling.
Online places you could sell your products include Shopify Lite, Gumroad, Amazon, and Etsy.
2. Try Out Real Estate
If you have been interested in getting into the real estate game, but don’t know where to start, you should consider house hacking. Essentially, you buy a house or apartment to live in and then rent out any extra space to tenants to lower your rent and utility payments.
The key is to make sure the house is in a popular, safe area where people want to live and is near public transportation. The best housing model for house hacking is a multi-family property with separate units – the more space the better – but even apartments can be house-hacked if you have a spare bedroom.
Another idea is having a finished basement for you to live in and rent out the majority of the house to another family, or vice versa. You can also look at properties that have an Additional Dwelling Unit (ADU), such as a guest house with its own electrical and plumbing systems.
You can also buy a multiple-bedroom house in a neighborhood with single-family homes. The more bedrooms you have to rent out, the better, but also keep in mind the house should have adequate lounge space for everyone to feel comfortable.
Before getting started, remember to consider barriers such as Homeowner Association (HOA) restrictions or areas that don’t allow for short-term rentals.
Once you’ve mastered house hacking, you can continue growing your passive income streams through real estate by purchasing more properties and renting them out.
3. Seek Out Dividends
Another way to get a passive income is through the stock market. When purchasing stocks, look for ones that pay significant dividends. These range in amount and frequency. REITs are a great place to start.
Diversifying your stocks increases stability, so you should build a dividend portfolio with diversity across many sectors and industries. Consider companies with a strong history of paying dividends with a payout ratio of 60% or less. And remember, any investment within the stock market comes at a risk, so only invest with money you aren’t relying on to cover other expenses.
4. Rent Out Your Car
If you have a car that you aren’t using, you can rent it out to others for some extra cash with companies like Turo, Getaround, and HyreCar. These companies function like Airbnb, but for your car.
Let’s say you only use your car during the week or weekend but have it sitting in the driveway the other days. Open up your car’s calendar for those days on one of these sites and have others pay you to use it as a rental!
5. Advertise On Your Car
On the other hand, if you drive your car a lot, you can get paid to wrap your car in advertisements. Companies such as Carvertise and Wrapify match companies to drivers’ preferences to make sure you’re advertising something you support.
How much you earn depends on how long the ad campaign runs, what city you live in, and if you decide to fully or partially wrap your car. You could potentially earn between $190 to $450 per month or $300 to $1,200 per campaign.
There are also plenty of other ways to make money from your car that are easy and fast. Read more here about other ways to make money from your car.
Getting Money Fast With Delaware Title Loans, Inc.
Passive income streams are a great end goal, but they may take a while to set up and get going. If you’re in a pinch and need money today, consider a Delaware installment loan or title loan.
Title loans can be given out for $300-$15,000 in as little as 30 minutes. You can apply online or in-store with just your license, the lien-free title to your car, and by presenting your vehicle for inspection at a location nearest you. Plus, you get to keep your car during the loan!
Signature installment loans, on the other hand, can also be granted in as little as 30 minutes for amounts up to $1,250. You’ll need your license, proof of income, and a checking account in your name.
Get Your Loan Today
As you set up your passive income streams and take control of your finances, get cash fast to get back on track with Delaware Title Loans, Inc. We are here to help with a Delaware installment loan or title loan and are happy to answer all and any of your questions along the way.
For more ideas and ways to make money, read all our articles about making money.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.