Contrary to popular belief, “passive income” isn’t money you make for doing no work. Instead, passive income requires a lot of up-front hours, which (hopefully) pay off, resulting in consistent monthly income. We’ve made a list of four passive income stream ideas to build wealth—check them out!
Starting a Blog
Making money off a blog is no easy task—it’ll require months or even years of work. However, if you put in the time and effort, you could see massive rewards. The best blogs make upward of $30,000 every month from ads and sponsorships, so it’s worth the time you invest if you can grow your site. Not sure where to start? Pick any hobby you love and know well—we’re guessing other people love it, too!
Opening an Etsy Shop
If you’ve never been on Etsy, it will shock you to see how many creators have turned fun hobbies into money generators. You can buy hats, shirts, paintings, wood carvings, furniture, pins, stickers, and just about anything a person can make.
If you have a hobby that’s on the crafty side of things, consider checking out the competition. It takes time to carve out your niche, but you can make good money while doing what you love.
Teaching Online Courses
You may not think you’re qualified to be a teacher, but we’re willing to bet there’s something you’re great at. If you can set up a camera and record high-quality audio, you can teach others about any hobby you love or any field in which you’re well-versed. Once you’ve recorded a course, sit back and let the money come in (or dive headfirst into making more)!
Renting Out an Apartment
It’s not always easy to thrive in the rental market, and flipping a home to work as an apartment requires a lot of work. That said, once you’ve got tenants in the building, you can make great money every month. This is a much more significant investment than starting a blog or selling crocheted scarves, so talk to experts and people with some experience before you buy any property.
Now that you know these four passive income stream ideas to build your wealth, put in a little time and see big rewards come your way.