We’re nearing the end of our battle with the pandemic. As the country continues its vaccine rollout program, we may soon go back to normal. However, many of us will have to deal with the economic displacement brought upon by the global health crisis. In fact, a report on SpareRoom reveals that more than a quarter of people aged 18-40 had to consider refinancing options due to the pandemic. Not to mention, they were forced to put their financial goals on the back burner.
If this sounds like you, it’ll do you well to open up new streams for revenue through passive income. In this post, we’ll talk about five passive income ideas that’ll allow you to keep your day job, as well as support your lifestyle during these tough times.
Forex trading is one of the most viable passive income sources today. Simply put, you can make money on the forex market by buying and selling currency pairs. Forex is the most flexible market you can participate in — as it is open 24 hours a day, 5 days a week, and can be accessed remotely. FXCM’s primer to forex trading notes that all you need to start is to sign up to an online trading platform that fits your trading needs. To ensure the success of your trading journey, be sure to educate yourself on different forex topics and trends.
Renting Out Your Property
If you have spare property that isn’t being used, you can open it up to renters and gain passive income. If you don’t want long-term tenants, you can also become an Airbnb host and put your property on the platform. The great thing about Airbnb is that their systems handle the bookings and payments, allowing you to just focus on maintaining the property for your tenants.
Selling Stock Photos
If you take photos and want to make money off your art, you can put your images for sale on stock photography websites such as Shutterstock or Pixabay. With stock photography, you can choose to submit anything that you capture with your camera. However, you can find more success by focusing your photography on a specific niche, such as sports, food, and travel. Business 2 Community’s article on stock photography points out that not every submission will be accepted. Despite this, you should still strive to constantly upload your images, as remaining consistent can give you a higher ranking on image searches.
Dividend Paying Stocks
If you’re not a fan of constantly buying and selling stocks, you can still generate passive income from the stock market by investing in dividend paying stocks. Some companies distribute their earnings to a class of their shareholders periodically, making it a great option for people who want to earn passive income from stocks. While these might not provide huge returns as seen with pure growth stocks, dividend paying stocks offer predictable and steady returns that you can rely on.
If you run a blog or have a decent following on your social media account, you can use affiliate marketing to create a passive revenue income stream. A lot of today’s corporations understand that bloggers and influencers can sway their audience’s purchasing decisions, and have subsequently invested in affiliate marketing. With affiliate marketing, you can get paid by simply creating content for a company you’ve partnered with and promoting their product in the process. If you’re finding it hard to find companies to partner with, you can join various affiliate programs such as Awin and Amazon Associates that can help connect you with businesses interested in affiliate marketing.