10 Passive Income Streams To Explore If You Need Extra Cash This Fall
Though summer still fully has us in her grips, fall is just around the corner, bringing with it back-to-school expenses, holidays and other unexpected costs that might put a pinch in your bank account.
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Many people find themselves needing extra cash in the fall, with no clear way to make it. If you need to pad your bank account, consider one of these passive income sources that might just be right for you.
Open a High-Interest Savings Account
If you’ve got money sitting in a regular savings account and want to start earning passive income immediately, consider putting that money into a high-interest savings account — especially right now when interest rates are on the higher side.
These kinds of savings accounts can pay interest that is 20 to 25 times higher than the average savings account. Just make sure you shop around for the best rate and the best financial institution for you. Your own bank or credit card company might even offer one, so ask before you leap.
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Invest in REITs
One of the most popular passive income streams is investing in real estate, according to Jeb Smith, a financial professional and founder of Parker-Marker, a business and marketing consultancy based in San Francisco.
If you’re not quite in a position to purchase a rental property or flip a home, consider investing in REITs, which stands for real estate investment trusts.
REITs are companies that own or manage real estate or produce income from real estate. These funds work similarly to mutual funds by taking the investment funds of multiple investors and pooling it all together. This allows the investors to earn dividends without actually having to buy properties themselves.
Build an Online Tech Course
Of all the skills in demand these days, tech skills are among the top for people looking to learn marketable new skills, said Shanal Aggarwal, chief commercial officer (CCO) at TechAhead.
“Building on your technical expertise, you may earn a consistent income by developing and marketing online courses centered around cutting-edge technologies like cloud computing, blockchain or artificial intelligence,” Aggarwal said.
With numerous low-cost or cost-sharing teaching platforms available to upload your own courses, or simply recording videos and putting them up on a YouTube channel, making a course could be as easy as recording your knowledge from your desk at home.
Advertise on Your Car
If you have a car and you don’t much care what it looks like on the outside, consider participating in car advertising programs, said John Grace, a financial advisor and president and founder of Investor’s Advantage.
“Companies pay you to wrap your car in their branding and drive around,” Grace said. “It’s a unique way to earn income from something you’re already doing.”
License Your Photos for Merchandise
If you have some skill with the camera, or even the iPhone, you can take advantage of websites that allow you to upload your photos for licensing, Grace explained.
“Beyond just stock photos,” Grace said, “some platforms enable your photos to be used on merchandise like mugs, T-shirts and more. You earn royalties whenever your image is used.”
Become an Airbnb Host
The passive income stream that is perfectly suited for the fall season and peak holiday season is Airbnb hosting, said Francois Gouelo, owner of Enso Connect, a business and digital housing company that helps real estate firms and property owners manage digital check-ins.
“Now if you’re living in a metropolitan area like London or a traveling-bound region like Hawaii, you might plan on shifting to a smaller unit in your home and renting out the bigger unit by listing it on Airbnb,” Gouelo said.
Even if you don’t live in such a fancy part of the world, people are always looking for homey, affordable places to stay all over.
Rent Your Parking Space
Beyond just renting out your home, you also can rent an extra parking space to commuters or event attendees looking for convenient parking, according to Phil McParlane, a seasoned career coach, finance expert and CEO at 4Dayweek. “Renting out your parking space is a way to earn a quick and passive income. The quick turnaround comes from the fact that parking spaces are in demand year round, especially in busy urban areas or during events.”
Peer-to-Peer Lending
Make money by loaning money if you have some to spare, according to Mark Stewart, an in-house certified public accountant and business consultant for Step By Step Business.
“Engage in lending platforms where you offer loans to individuals or businesses in exchange for interest payments,” Stewart said.
Open a Vending Machine Business
If you have a little money to invest, consider purchasing vending machines that dispense popular snacks, beverages or even niche products, suggested Bader Chowdry, a chartered professional accountant and principal owner of Insight Accounting. “Place them strategically in high-traffic areas such as offices, schools or apartment complexes. This hands-off business can provide passive income through regular restocking and maintenance.”
Affiliate Marketing
Another good way to earn a little side cash, which takes a little time and effort to set up, is affiliate marketing, according to Baruch Silverman, financial expert and CEO of The Smart Investor.
“Affiliate marketing is a passive income strategy where you partner with companies to promote their products or services,” Silverman said. “You’re given a unique affiliate link that tracks your referrals.”
When someone clicks on your link and makes a purchase or completes a desired action, such as signing up for a service or filling out a form, you earn a commission.
For example, he said, “Let’s say you’re passionate about fitness and you start a blog or YouTube channel where you share workout tips and product reviews. You can join an affiliate program offered by a fitness equipment company. They provide you with an affiliate link to their products. If a visitor clicks your link and buys a treadmill, you earn a percentage of the sale.”
To succeed at making passive income through affiliate marketing, he said it’s essential to choose products or services relevant to your audience and provide honest and valuable recommendations.
“Building trust with your audience enhances your chances of earning commissions,” Silverman said. “Some well-known affiliate programs include Amazon, ShareASale and ClickBank.”
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