There’s no telling exactly how stable the job market can be at any given moment. Meanwhile, most urban professionals are trying to put in as many overtime hours as they can to pay off their student loans as soon as possible.
This is the reality that most millennials face. Hence, they need to find a way to keep up with those demands by bringing home a little more bacon each month. Setting up a passive income stream – which is a low maintenance method for earning money – is an excellent way to do that.
Read on if you want to learn more about three passive income streams that any millennial can get into:
Invest
You might think that you already know all the top investment ideas. Over the years, however, it has undergone a makeover of sorts, with new ways to invest and new things to invest in regularly popping up. Some examples of fresh investment ideas include:
- Cryptocurrency
Everyone and their neighbors have probably already heard about cryptocurrency, that is if they haven’t already invested in it themselves. Simply put, cryptocurrencies like Bitcoin and Ethereum are digital resources that use almost unbreakable cryptography to work as mediums of exchange.
Investing in any cryptocurrency is one of those classic high risk, high reward situations, which is why if you do decide to try this out, you should only shell out the kind of money that you can afford to lose.
- Crowdfunded Real Estate Properties
It’s no secret that it usually takes a high price to invest in a real estate property. However, the cost can be mitigated through crowdfunding.
By pooling money together from numerous partial investors, crowdfunding allows you to take part in a major commercial or residential real estate project without forcing you to clean out your savings account.
Now, if you’re feeling a bit hesitant towards new investment schemes, you could always go back to tried and tested ones such as investing in dividend-paying stocks. There’s a lot of things to discuss about stocks that pay dividends, but the gist is that you want to find a reliable company that:
- Provides good services or produces good products;
- Delivers or pays a dividend;
- Has more than enough fluid stocks, and;
- Has little to no debts.
Sell
You can put your hobbies and passion to a more practical use by making money from them. Having a passive income stream doesn’t mean that you’ll always just have to do the bare minimum. If you’re willing to put in a little more effort in the beginning, then selling in-demand products such as the following may be a good strategy for you:
- Second-hand items
It’s healthy to clean out your junk drawers and untouched storage units from time to time. If you’re not a sentimental person, it’s a good idea to go through the stuff you still hold onto yet no longer use and search for items that other people may still have some use for.
After that part of the work is done, you may find someone to help you handle the selling and shipping part if you’re too busy to do it by yourself.
- Photographs
In case you didn’t already know, companies like Getty images are willing to buy pictures to use as stock photos. This is a good choice for you if you’re actually into photography and wouldn’t mind letting others take credit for your work.
- You art
Whether you’re a writer, a painter, or even a specific type of DIY-er, there’ll be people out there who would appreciate your art and would like to purchase it.
Since you’re making these in your own time, you don’t have to add extra production hours to your already jam-packed schedule. As mentioned, you can call on people you know or hire employees to handle the logistics.
Get involved in affiliate marketing
If you’re already running a blog or website, then getting into affiliate marketing will take minimal effort and give you more income than you would expect. This performance-based marketing strategy can still work for you even if you don’t have a website since you can always opt to become an affiliate, which is otherwise known as the marketing party.
It can be tempting to try as many of these passive income streams as you want all at once. However, as it always is when it comes to your finances, you have to be smart about it. Try to expand resources – be it money, effort, or time – that you can actually afford to lose should things not work out.
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