The side gig economy is very healthy all over the world with people making extra money or a living by freelancing. Technology has made it easier than ever to earn from the comfort of home doing a variety of tasks. Passive income is a reality in today’s world but traditional means of earning passive income like renting out a property are still relevant.
Succeeding at a side gig will take motivation to continue to work ever after you have left your full-time job. The ability to earn this extra money can help people find their way out of debt or start saving at higher rates towards retirement.
The following are tips to succeed with your side gig as well as tips to help you generate passive income.
Drop Shipping
Drop shipping when partnering with a very efficient and quality wholesaler can feel like passive income. You might have to answer some questions but with drop shipping you only sell the product then the wholesaler handles shipping. Finding a plethora of products can allow you to make thousands of dollars per month. You will have to do work though in the form of marketing in order to stay ahead of others selling the same products. This can be a very profitable venture if you continually pick out items that sell at high rates with incredible profit margins.
Income Property With Side Gig Earnings
Passive income ideas should start in a simple manner like putting away all side gig earnings to buy an investment property. This could be a studio apartment or townhouse that you can make a profit off of each month. You will need to put down a much larger down payment due to it not being your primary residence making the lending process different.
Hiring a property management company will help ensure the property is rented by quality renters and provides truly passive income. Dealing with renters at times if inexperienced can be anything but passive.
Freelance Writing
The world of freelance writing is vast with a huge need for content on nearly every topic. The need for website content for a variety of businesses is only going to increase as companies realize the benefits of creating quality content for their site and others.
Going to a freelancer platform to bid on jobs can be the perfect way to start. There are different levels of writing that companies are looking for that are priced accordingly. For expert writers they can be paid up to $100 per hour simply to write something that are very knowledgeable about.
Keep your introductory rates low so you can build up a reputation with positive reviews from clients you have completed a project for.
Ad Revenue From A Website You Created And Manage
Creating a blog can be very profitable if you grow your readership and place ads on the site. These are passive income streams for ads on the site after you place the ads on the site. There can even be sponsored posts that are sent over that help you earn simply but copying and pasting the content then publishing. Quality content should be the focus as well as ranking on search engines for relevant phrases. The best bloggers are those that love what they are writing about and continually churn out content that their readers cannot get enough of.
As you can see there are more opportunities than ever to earn from the comfort of home and create passive income streams. This is going to take hard work but it will be well worth it after a few years!
