4 Ways to Earn a Passive Income

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For many people, making money without having to work for it is the ultimate dream. You'd have the time and freedom to do everything you want to do in life without having to worry about the cost.

You are probably thinking it's impossible. Unless you've inherited millions from a wealthy relative, you always have to work for your money. This is to an extent true, but if you can find a way to earn a passive income, you can have a steady stream of money coming in without expending a great deal of time and effort. Contrary to popular belief, the term passive income doesn't mean making money without working. It means money you earn without the same level of activity or commitment required as an active income i.e. a full time career.

There are so many ways to generate this passive income, and it can be a great supplement to a full time career or even your primary source of earnings. If you like the idea of being your own boss and boosting your bank balance, here are four ways you can start earning a passive income.

Become a landlord

Letting out a rental property is a great way to earn some extra money on the side. It does require an initial investment to acquire the property, but once this is complete and you've found some reliable tenants, you can enjoy your consistent rental income. You will have to carry out occasional servicing and repair work such as checking the gas safety, lift maintenance, and fixing damaged appliances. But as long as you vet your tenants and keep the property in good condition, your responsibilities will be minimal.

Invest

Investments can be a risky business if you don't know what you're doing, but if you take some time to do your research you can stand to make an enormous amount. So much so that many people forge successful careers through investing alone. There are so many areas in which you can invest, from cryptocurrency to stocks to oil and gold. 

Sell second hand items

Everyone has unused stuff lying around their home gathering dust. But you'd be surprised how much of this people will be willing to buy. There is a huge market for old paperbacks, CDs and DVDs so instead of throwing them in the bin, stick them on eBay and see who's interested. Alternatively you could head down to your local car boot sale and put your second hand belongings on offer. 

Create online content

If you have a talent for words or any form of artistic ability, you could put this to use creating online content. Starting a blog is a fantastic option, as you can earn money in a variety of ways, such as affiliate marketing or brand sponsorship. Your blog can be focused on any topic you choose but should be updated regularly and feature high quality content. It may take some time to build up a readership but if you can get enough eyes on your brand the offers will come flooding in.