Money is essential in life because the amount you regularly earn can make or break the quality of your life.
Earning a sufficient amount of money every month can provide you with freedom and choices, making it easy for you to pay your bills and enjoy luxuries in life. On the other hand, living paycheck to paycheck can likely cause a lot of stress in your life.
Regardless of how small your income is right now, you don't have to worry because there are many ways you can improve your financial stability. As long as you exert time and effort, you can choose from a wide variety of options for you to start making money this 2020.
Passive Income Ideas That Make Money in 2020
Start accomplishing your financial goals by choosing from the following passive income ideas:
Make Your Car Work For You
A car is an expensive investment, which is why you should look for ways you can make the most out of this purchase. Aside from driving yourself to and from work, are you aware that your car can also help you make money this 2020?
One of the most straightforward passive income ideas you can try out today is having your car rented out. Depending on the size of your vehicle, you can start offering your car rental services to your neighborhood and eventually expand your reach.
Making your car work for you is an excellent income-generating activity, especially if you park your car in your garage during weekends or holidays, or if you own a spare. You can also earn more by putting stickers on your vehicle to advertise local stores and mom and pop shops.
Rent Out A Room In Your House
While some people live in small properties, others are fortunate enough to own huge ones. If you belong to the latter, consider having rooms in your home rented out to other people. Aside from having a company at your home, welcoming tenants in your property is a great way to earn money this year.
You can welcome short- or long-term tenants in your home. You can also turn some areas in your home as vacation rentals and welcome tourists to your property. The more rooms in your home you can offer to tenants, the more money you can generate.
You can start by advertising your property using your social media accounts or partnering with more prominent websites, such as Airbnb. Consider investing in particular home renovations as this allows you to charge higher rates from your tenants, helping you earn more.
Try Out Affiliate Marketing
Billions of people use the Internet regularly, making the World Wide Web one of the most convenient and effective platforms today. Different target audiences – young professionals, stay-at-home moms, students, and even infants – can be reached online. Another way to make money this year is to ride this status quo and try out affiliate marketing.
When you sign up as an affiliate marketer, you will get a unique link that directs to the products you sell. Once an online user clicks this link to buy products, you can earn a commission. Your goal as an affiliate marketer is to introduce your link online so more and more people can click your link. Most affiliate marketers do this by spending time to build online traffic or creating content online.
Work As A Silent Business Partner
The business arena is highly saturated. Regardless of the product or service you're looking for. You can easily find a business that offers such. But, instead of being a customer, do you know that you can become a silent business partner and earn from your capital?
If you're leaning towards this direction, consider looking around for new and startup businesses. It's common for entrepreneurs to have limited finances during their first years of operations, and they will likely need other people for additional capital.
Working as a silent business partner will not only help you earn money through profits; it can also become your platform to understand better how businesses work and how customers behave.
Resell Digital Files From Etsy
If you want to have hands-on experience in the business arena, selling digital files might be a better option for you. This option will not require you to make products and services from scratch, but you will only resell items offered by another seller.
When you choose to sell digital files from Etsy, for example, you can start by purchasing files from different individuals from the website, download them, and then stick on various items. You can start by downloading and printing floral images from sellers on Etsy; then, stick these on planners and sell the final outputs around your neighborhood.
Etsy is a goldmine for aspiring graphic designers, so expect to have access to many digital files that you can stick on any usable item. Ideally, you should buy files from one seller as they often provide huge discounts and freebies to bulk buyers.
Sell Online Courses
Your experience in a particular niche and industry can also become your platform to earn money this year. Regardless if it's human resources, talent management, marketing, and web development, there will always be individuals who want to learn from the skills you already have.
You can monetize your professional experience by creating and selling online courses. That can be a challenging task as you'll have to create compelling learning outcomes, gather your course content, and, then, structure your course plan. Once done, you can sell the material online and make money from it for years.
Depending on the niche you want to focus on, selling online courses might require you to make changes to the material as trends can change. The strategies used to attract talents today might not be the same in the next two years, so making changes to the content is necessary.
Crowd Funded Real Estate
Real estate used to be the investment vehicle for the wealthy. All that has recently changed. Now, investors can get into quality real estate investments that throw off nice passive income. How do they do that? Crowdfunding.
In the past, private equity real estate funds have only been available to the wealthy. Individuals must be accredited investors to get into the typical fund. Accredited investors are those with at least $200,000 in income ($300,000 joint) or a $1,000,00 net worth (exclusive of residence). That cuts off the vast majority of the investing public. Only the 1% get into the game. That's been the biggest complaint and downside of private equity funds.
These newer funds register with the SEC as exempt funds, usually under the SEC's Regulation Crowdfunding. Crowdfunding in real estate, like with individual or small business crowdfunding allows smaller investors into an investment space that hasn't been available to them in the past.
The Fundrise platform offers three core plans. The supplemental income plan and balanced plan are for anyone wanting to generate passive income.
The goal of the supplemental income fund, as the name suggests, is to produce income. The fund pays out quarterly dividends and invests in income-producing properties. The primary fund investments are in debt real estate assets (real estate loans). That is the plan with the highest payout.
The balanced fund's goal is to offer a blend of both income and growth. To do that, they invest in both debt and equity real estate assets. For many investors, it provides the best of both worlds – income and growth.
And the good news is that the minimum investment is only $500.00!
When choosing which passive income idea to try out, consider your interests and hobbies. It'll be easier for you to succeed in your endeavors if you love what you're doing, and you don't find it too daunting a chore.