You may be comfortable in your financial situation right now. You could have a steady income from your business or from your 9-5. But we could all use a tad bit more cash, right? I mean who wouldn’t want to make more money without working more hours?
Of course, there are the “traditional” (and slightly overdone) ways to make more income. Create a course. Create a digital product. Do drop shipping. Get a second or third or fourth job. You get the idea.
But what if I told you there were several ways to make additional income, without needing to get a second or third job? What if you could diversify your income with passive income?
Here, I’m going to show you a few ways to carve out space for passive income in your own life! And no, these methods don’t require you to rake leaves or rummage through the couch to find spare change, joining a pyramid scheme, or selling your soul.
You make this money from sitting on your couch in your sweats if you wanted to!
BTW — this isn’t financial advice. Don’t take what I say as absolute truth or the only way of doing it. I’m just sharing what works/has worked for me, but if you want legit financial advice, you should consult with a professional.
So this is something I’ve personally done, but it didn’t start out as what you’d consider a traditional stock investment. It really started out as more of a “savings account” if anything. I put money aside into small accounts as a way to protect it, but over time (and as I become more financially stable), it started to become a true investment.
And if the thought of investments sounds a little intimidating, don’t worry. I know there’s a lot of content online that shows people jumping from $5 to $500,000, and it all seems like a big (but risky) overnight success. Just know, that’s usually not how it works.
Small cash investments over time can still yield returns, and it guarantees you don’t lose your life savings in the process — because investments can be like going to the casino. Little put in, little lost. Lots put in, lots lost.
BUT if you have enough time to make a hobby out of it, and constantly keep your finger on the pulse of what you’ve invested in performing, then you have a really good chance of making something from it.
AGAIN — NOT financial advice. Just sharing what’s worked for me.
I struggled with whether or not to put this one on the list because it’s not truly passive, it’s more residual than anything. That’s because you still have to check in on your property/tenants in the meantime.
My houses in Colorado, for example, will be rented out one day, and I’ll still need to check in with the folks living there, and do repairs when needed (well, not literally me, but I’ll have to pay to outsource that).
The cool thing is that while, yes, the house has a mortgage, I’m not paying it. Not technically anyways. By renting it out, I essentially have someone else paying the mortgage by paying rent each month.
What this does is give me leverage, meaning I pay a big investment in it, and then I get a big investment out of it! Because once the mortgage is paid off, it’s a straight-up profit (aside from repair work or renovations here and there).
I’m going to open this up with an example: As many of you know, I love horses, and I actually own two. One is an elderly fellow living out his days chewing grass and chilling in the sun, but the other is basically a golden retriever in horse form.
I love riding horses, but I don’t always get to. So, I could rent my horse for rides and make some extra money off of that. Not only will I be bringing in more income that’s not requiring much extra effort on my end, but my horse is also getting more ride time/exercise, which benefits him too.
Think about any of the assets you own — cars, nice furniture, a spare room, lots of land, etc. — that you could rent out. You can also generate some passive income by renting out these personal assets, which can be a decent way to earn some extra money.
If you already own a business, then you’re in luck! Because diversifying your passive income can be a lot easier if you can learn how to leverage digital products. And whether you’re a service provider or already own a shop, this applies to you.
Digital products offer you a way to earn money without much effort, making them just about as close to truly passive as you can get. Create the product once, list it for sale, and you’re on your way! All you really have to do in the meantime is make sure you incorporate advertising it into your overall content and marketing plans. Plus, make a few tweaks every so often to make sure it’s up to date.
And there are tons of ideas hiding right under your nose! You can take checklists, worksheets, etc. from courses. You can create templates. Seriously there are so many possibilities, and you can check more out here!
But the good news continues! If you’re finding yourself eager to get into the digital product space, I have something that can help. I’ve bundled up all the whys and hows of setting up and launching your digital product shop into one easy-to-follow course, Launch Your Shop Academy®!
I’ve got seven in-depth modules for you inside that focus on teaching you step-by-step how to get your shop up and running. You can get straight to the passive income without experiencing the overwhelm that comes from setting up shop!