All of you regular readers of Cherry and those who have read Wall Street Kitchen know that passive income is where it’s at. The ability to make extra money with minimal effort and not having to stare at those stock tickers not only frees up your time to do something else (you know, like playing Destiny 2… I mean spending time with your family) but also reduces eye strain (put that controller down).
Passive income is your income stream that feeds you even when you lose your job or when times get tough. Setting up a few passive income generators is one of the best investments you can make with your time. Not only does it give you that extra income on the side but it can be a really fun project as you explore and learn to create them. And who knows, with that extra income you can afford that lobster tail and scampi for dinner.
I recently consulted recently with Financial/debt attorney and author of Life & Debt Leslie H. Tayne, of Tayne Law Group, P.C. , for some creative ideas on how to generate that passive income we should all be taking advantage of. Here’s a list of what she told me:
Cash in on a hobby: Capitalize on a passion and hobby for earning some extra money. What is great about doing this is you’ll be enjoying what you do without even feeling as if you’re working. If you are good at baking or cooking, consider taking up a part-time job in catering or selling homemade baked goods. If your talent is in beading, making jewelry or making bows, consider making and selling handmade items through such websites like Ebay and Etsy.
Sell your stuff: Not only will you declutter your living space, but you’ll also make some cash too. Traditionally, yard sales are one of the best ways to sell your unneeded and unwanted items, but if you don’t have time to set up a yard sale for a weekend, your smartphone can provide you with a way to sell your stuff literally in a snap! With apps such as eBay or Letgo, all you have to do is snap a picture from your phone, upload it with a price and brief description, and then wait for the offers to come in! Facebook now has Marketplace that is another convenient way to easily sell your old items for cash. Consider selling books, old electronics, household appliances antiques or anything else that you no longer have any use for.
House sitting: You may love babies, but if babysitting doesn’t fit into your lifestyle, house sitting is another option to consider for making extra money that does not require a lot of effort. Watering plants and feeding cats may only take a few minutes out of your schedule. If the house sitting job requires you to stay for an extended period of time, make the best of the time by bringing your laptop and getting some work done. Not only can you find house sitting jobs through family and friends but you can also find house sitting jobs from different websites online. Many of these house sitting job sites require you purchase a membership subscription, which typically range anywhere from $20 to $89 a year. Before signing on for any subscription do your homework on each one to ensure that the amount you are spending on the subscription will pay off.
Dog walking: Walking people’s dogs can be a great way to earn extra money on the side while also providing an outlet for exercise and relieving stress along the way. It also provides an outlet for extra love and comfort for those for pet lovers who may not have any pets who receive the fulfillment of taking care of dogs through their dog walking, providing a mutual win-win all around.
Rent part of your home: If you have some extra living space in your home, consider renting out a room or a turning a separate area of your home into an apartment. Making an apartment in your home may require some money up front to upgrade and make changes; however, you should weigh out the initial investment versus how much you will earn each month through renting. Not only can renting bring in some extra cash, but it is also steady income. Once your space has been converted, you can have rental income for years to come. Whatever you decide to charge for rent, this may be able to cover your mortgage and/or renovations you’ve been longing to make for your your own living space as well as allowing you the ability to stash away extra money for retirement, vacation trips and more.
As you can see with Leslie’s list, there’s a good mix of using your existing assets to make more money or using the skills you already have. While some may seem like there’s a lot of effort involved, that effort will be worth it. Investing in your passive income generator is an investment that will pay off.
To add to Leslie’s list, here’s a few ideas from myself (and these shouldn’t surprise any of you):
Stock Dividends : Y’all should know this one by now (re: look anywhere on this site). But as a refresher, we’re looking for stocks of blue chip companies that pay dividends
Setting up a Blog: Set up a blog for an interest or hobby you may have. Love food? Set up a food blog! Love reptiles? Set up a reptile blog! Love personal finance? Don’t set up a finance blog! (I kid…but seriously don’t). If it gets popular, you can sell virtual ‘real estate’ or space to companies by showing their ads on your website.
An expert at something? This may take a bit of time to set up but writing a How-To pdf if you know a particular subject in-depth and sell that material online. Exploit your hobby and share it with the world! Love stamps? Create a How-to pdf on stamp collecting! Enjoy cooking? Write down your recipes and attach pictures to make your very own cook book!
These are just some ideas for passive income generators that will have you sipping that strawberry champagne in no time!