Do you know any smart passive income idea?
One of the ways you can double your paycheck is to take a part-time job or do freelance work.
But, given that there are only 24 hours in a day, not to mention the fact that most of us work 9 to 5, finding extra time in the day to make extra money can be difficult.
But don’t despair just yet. From renting your home or car to investing in real estate crowdfunding like Crowdstreet, there are plenty of opportunities out there. To help you make more money, we have come up with 5 of the top smart passive income ideas to double your paycheck.
Also, note and understand that passive income is income earned that requires little or no effort to maintain the flow of income. But for some passive income streams, like a blog, the initial work has to be done first.
Other passive income streams requires some upfront funds to get started, like coming up with $90,000 as down payment to buy a rental property.
With that understanding, here are 5 smart passive income ideas to double your paycheck this year:
Feeling Overwhelmed With Your Finances?, You have options and there are steps you can take yourself. But if you feel you need a bit more guidance, simply speak with a financial advisor. SmartAsset’s free tool matches you with fiduciary advisors in your area in 5 minutes. If you are ready to meet your goals, get started with Smart Asset today.
- How to Get Rich With Passive Income Investments
- 5 Passive Income Streams That Will Make You Rich
- 6 Ways to Make A Passive Income
- How to Create Multiple Streams of Income
Smart passive income streams you can do to maximize your paycheck
1. Start a blog.
If your schedule is packed and has no room for a part-time job, then starting a blog is a good way to make money passively.
With most smart passive income streams, making money from a blog will not happen overnight. You will need to put in the work first so you can reap the rewards later.
But the great thing about having a blog as a smart passive income stream is that not only you can make a lot of money doing it, but also at some point after all the upfront work is done, you can make money without even working on your blog for a month.
Michelle of the famous and well known Making Sense of Cents makes over $1 million a year blogging. Yes! you’ve read correctly: over $1 million a year!
Another blogger, Alan, makes over $20,000 a month from his blog “the practical saver.”
I created a step-by-step guide that will help you start a blog of your own for cheap, starting at only $3.95 per month (this low price is only through my link) for blog hosting. In addition to this low price, you will receive a free blog domain (a $15 value through my Bluehost link if you purchase at least 12 months of blog hosting.
If you’re not convinced yet that you can double your paycheck within a year blogging, then read the income reports of these bloggers.
To achieve success with blogging, however, you need traffic. In fact, you simply won’t make any money if no one visits your blog. So invest your time in learning about google SEO.
Pinterest is also a great source of traffic. Traffic from this source varies depending on your niche. Nonetheless, you will be able to amass traffic from Pinterest if you master it.
Once your blog generates enough traffic, you should start making money either by promoting products on your blog– aka affiliate marketing, sponsored post, or Ads.
At the beginning, you can try your hands with Google Adsense. But once you have at least 25,000 sessions a month, not pageviews, use Mediavine. You can make way more money with them than you would with Google Adsense.
2. Real Estate.
Investing in rental properties is perhaps one of the best ways to earn smart passive income by collecting rent every month. With this type of smart passive income stream, the sky is the limit on how much you can make.
Let’s say you’re a social worker making a mere $30k a year. Earlier in the year, you bought a triplex in foreclosure. You fixed it up, live in the basement and rent all three units. At the end of the year, you can certainly double your paycheck with the rental income.
But what if you don’t want the headaches that come with being a landlord? What if you don’t have the necessary funds to buy a rental property?
This is where CrowdStreet comes in handy. CrowdStreet, like Fundrise, is a real estate investment platform where you can invest your money without being actively involved in it.
With real estate investing, whether it is crowdfunding or the traditional, physical rental properties, not only can you double your paycheck, but also the sky is the limit on how much you can make.
While there’s always risk involved with any investment, with the right strategies and focus, you can certainly double your paycheck in a year.
So if you like the idea of owning a piece of residential or commercial real estate without the physical aspect of it, then start investing in CrowdStreet.
3. Create a course on Udemy.
Do you have any particular skills? Or maybe you are fluent in another language like Portuguese or Mandarin. If so, you can definitely double your paycheck with this smart passive income stream without actively trading your time.
The way to double your paycheck this way is to create a course that people are willing to pay for and put it on Udemy. So if you know a language, instead of spending time to tutor someone or a group of people, you can easily create a course and put it on Udemy.
Udemy is an online learning marketplace where you can create your own course. You can create a course in a wide range of topics from languages, web design, photography, etc.
The way it works is that you create your course and set the price. And Udemy takes 50 percent of the sale for every student that they bring to your course. However, you get to keep 100 of the sale if you bring your own student.
Other online learning platforms where you can create your own course include:
4. Rent Your Boat.
Do you own a boat? If you do, and don’t use it that much, you can rent it out through these peer-to-peer lending platforms like Boatbound and GetMyBoat. You can rent your boat from $300 to $2500 per day.
5. Write an E-book.
Just as creating a course on Udemy or Skillshare, you can also create an e-book to generate passive income. Depending on the topic you choose to write, sky is the limit on how much income you can earn from your e-book.
Call to action – maximizing your money:
You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.