Passive income is a source of ongoing income that requires little to no effort. It’s the opposite of an active income where you work for a set amount of time and are remunerated for that time.
Many parents dream of earning money in the background of their busy life. Imagine if you could be generating cash while on the school run or sitting in the doctor’s waiting room? Well, it is possible and we have five of the best ways to make a passive income as a parent.
A passive income option that doesn’t require too much upfront effort is investing in stocks and shares. It would be best if you still did your research on where to put your money, but investing in a diverse portfolio over the long term can get results. That’s why so many finance experts say the stock market is simply transferring money from the impatient to the patient. Uncover the shares and trading prices in the UK now and start your long-term investment portfolio.
Affiliate marketing is when a company pays you for marketing its product or service on its behalf. The best example in the online world is starting a blog. You could create a blog about a topic you know a lot about and insert links to products and services related to your blog topics. Every time a reader clicks that link or buys the product or service, you’ll receive a commission.
For example, you might start a parenting blog and include a blog about the ten best cribs in 2021. The blog will consist of links to crib retailers, and if your readers buy, then you earn money. Because the blog sits online for months or years, it can generate a passive income. If this sounds perfect for you, read our blogging tips and tricks to avoid blogging mishaps.
Create an online course
There’s an online course for almost everything these days. Whether it’s technical skills on computer programmes like Photoshop, dog grooming or making red velvet cupcakes, you can showcase your expertise and tips by packaging them in a (pre-made) online course. There will be an upfront cost for making the course and having a website to sell it from, but after that, the income is all passive.
Write a book
You don’t need to score a flashy book deal to become an author, but if you want to go down that route, then that’s fantastic. Anyone can now self-publish online without spending a lot by using eCommerce platforms like Amazon. Writing a book and selling it as an e-book is an affordable method to being creative and making a passive income. Who knows – you could be the next Jaci Burton!
Alternatively, you could put your money in bricks and mortar and become a landlord or landlady. Property investment can yield some fantastic financial results, but it isn’t completely passive. You’ll need to be prepared to deal with tenant enquiries and repairs fast unless you sacrifice some of the profits by outsourcing to an agency.
If you haven’t got the capital to buy an investment property, maybe you could start renting out a room in your own house, or you may choose to rent out garage space.