How can you boost your earnings with a passive income stream?
Passive income means you’re earning money with minimal effort and without spending a lot of time on it.
Here are seven ideas to get you started.
1. Invest in the stock market
Speak to your adviser about the best way to approach your stock market investment, as you will need some money upfront. They can help you figure out the type of investment you’d like to make – anything from a stocks and shares ISA to a passive investment fund. If you’re patient and committed to being in it for the long run, investing could be a good way to build passive income.
2. Start a video channel
If you have skills or knowledge you’d like to share, try uploading a video – all you’ll need is a smartphone with a good camera. If your videos are gaining decent daily views, you could sell advertising slots or sponsorship. Areas that aren’t overcrowded with existing content will help you stand out. ‘How to’ guides are usually popular. Approach your topics from a unique angle and keep your content up to date.
3. Rent out your spaces and possessions
Your space could be a spare room, a garage, or even your driveway or parking space if you live close to a city centre or event venue. Some online platforms make it easier to rent other items, from bicycles to vintage or 01 designer clothing and accessories.
4. Create an online course
If you have professional qualifications or expertise in a specific area, you could create a series of digital courses for people. They are often a popular way of making money; there are easy-to-use platforms to set up the series that pay you when someone subscribes. You could pre-record your videos or create a mix of written, visual, or audio content if you prefer.
5. Start a blog
If you have an interesting area of expertise, a blog could bring in some revenue for you. There are many platforms that make it easy to create a blog. If your site is gaining enough traffic, you could sell ad space, host sponsored content, work with brands, or join affiliate programs linking in with large companies to earn money. Competition in the blogosphere can be strong, so it may be worth keeping your content fresh and regularly updated to generate traffic.
6. Publish your stories and sell your photography
If you’ve written stories on the side, you could try one of the many online self publishing platforms, such as Amazon, Apple Books and Rakuten Kobo. If you enjoy photography and have some good quality shots, explore stock image websites where you can upload your photographs. These ideas could bring in a trickle of passive income for something you already do – and enjoy.
7. Invest in property
This may not be a financially realistic option for everyone, but buying a rental property usually generates a decent monthly income. Being a landlord does come with commitments and overheads and buy-to-let mortgages aren’t as attractive when interest rates are high, but there are alternative options if you want to invest in property (like an investment fund that holds commercial premises).
An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.
“Passive income means you’re earning money with minimal effort and without spending a lot of time on it.”
Top tips and things to think about
To give your ideas life and to succeed, you have to love what you do.
• How long will it take to launch your project and then spend running it?
• Are people like you making money doing the same thing?
• Is your idea a long-term income stream?
• Have similar projects fallen through for other people, and why?
• Doing some research will help you explore areas that have worked for others and could suit you and your skills.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Some buy to let mortgages are not regulated by the Financial Conduct Authority
Get in touch
Speak to your financial adviser for help on how to make a passive income work for you. Please get in touch to arrange a time to chat.
Approved by The Openwork Partnership on 28.11.2023
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