Do you need more money? Regardless of your income or financial situation, you’re not going to turn down easy money very often.
Why are you turning down passive streams of income?
There are numerous ways to increase your monthly income and sometimes you don’t have to work that hard to make extra money.
It’s always nice to make more money and if get the chance to substantially increase your monthly income, take that opportunity!
Passive income is aways because it takes virtually no effort to keep that cash flowing.
High Yield Savings Accounts
Savings accounts took a hit during the 2008 economic crisis and haven’t truly recovered back to the levels they were.
They are getting better and there are some that are much higher yielding than others.
Find the financial institutions in your area that offer the high yield savings accounts and open one up.
A lot of them offer specials and allow you to open the savings account for as little as $1. Some of these savings accounts have interest rates as good as CDs.
Purchasing stock in a stable company can really pay off. This can really pay off if you have some money to invest.
Let’s say you invest $10,000 in Coca Cola. In the first year could be a down year and you could still average around $328 in dividend payments back into your stocks.
You still own the stocks of Coca Cola and you now have $10,328.
There are some new stable companies whose growth rate is much higher.
Index funds are mutual funds. Investing in an index fund allows you to invest in the stock market and just let the money sit.
You’re investing in the general market when you invest in a fund that is base on the S&P 500 Index.
You don’t have to choose investments, buy or sell company stock, or balance your portfolio.
Index funds are very useful to increase your monthly income and they are some of the most reliable ways to buy into the market.
Shutterstock is an image source site where people can purchase images to use on their websites and print them in brochures, magazines, etc.
They get these picture from everyday people who post their pictures on the website and just wait until they’re sold.
Now this is a little less guaranteed than a lot of the others, but it is certainly worth it if you take pictures frequently.
Shutterstock makes selling your photos easy. Take advantage of it!
Writing an ebook is a lot of work, but it definitely pays off.
You can write an ebook for whatever subject that would be needed by a company and see the income roll in for years.
Let’s say you enjoy marketing and you have a lot of information about it, you can put that into a pdf or ebook and companies will buy it to use a training or simply and informational source for their company and the company’s clients.
Remember it does take a lot of work upfront, but it is certainly worth it.
Pay Off A Credit Card
This isn’t a passive income stream. Well, it certainly can be equal to it when you have some very expensive credit cards.
Depending on your credit balance, you can be paying a massive amount of interest on top of what you already spent.
This is equal to creating a passive income because you free up some serious money.
Sometimes upwards towards $10,000 for people with higher limits and higher incomes.
Rent Rooms Out
This one isn’t as passive as some others, but it’s still fairly passive.
Air BnB is a very popular app for people to find a place to stay wherever they go.
People like to rent out their houses while they’re not going to be there or they will rent out a few rooms in a house that has spare bedrooms.
This is particularly lucrative during the summer if you live in an area that attracts a lot of tourists.
Any coast along a big body of water will definitely be very popular or up high in the mountains would be a great option too.
Make sure you remember that Air BnB holds the renter responsible for anything that happens.
This grants a lot of owners peace of mind.
Sell on Craigslist
Look around your place. See if there are some things you can sell on craigslist. To get the extra monthly income, space out the items you are going to sell.
Example: find 30 things to sell on craigslist, plan to sell 5 items per month. That’s 6 months of extra income!
Outsource, Outsource, Outsource
Business needs can be outsourced and this can save you from the stress of the business you’ve built and make you money.
Frankly outsourcing makes you more money because you’re paying someone to focus on one aspect of your business.
When they focus on one aspect they become far more effective, make a better product, and it brings in more money.
More money in one department means more money overall. This will make everyone enjoy their lives a little bit more and have more money.
Purchase A Blog
A nice passive stream of income and something to handle from home when you need to do something.
This is a perfect balance for someone that wants a nice passive stream of income.
People sell websites and blogs all them time. People sell their blogs to make money most of the time.
This is where outsourcing and a blog can meet together. When people sell a successful blog, they have writers, editors, and developers.
Blog owners don’t have to do much if they have outsourced and hired the right people. They can also make good money with advertising and social media.
Passive Streams Are Usually Fun
Most passive streams of income are very fun and easy. They usually require just sitting your money somewhere for a while.
It’s nice to see money grown while you’re doing nothing, but some people want to put a little more effort than that into it.
Ebooks and creating an online course can be incredible for drumming up some serious revenue.
After the initial effort, you have money pouring in for years. Don’t let easy money pass you by.
Take full advantage of these options.