Passive income is income you make without working. Making more money passively can be your ticket to financial freedom and living the life you want. Learn how to make passive income in this article.
Are you looking to make more money and increase your income?
For most people there is only one solution – work more hours.
Working more hours means giving up more of your free time and throwing off your life balance.
When work takes priority over everything, all the other mow important aspects of life, such as family, friendships, and hobbies (and even general household upkeep) suffer.
In many ways, by working more hours, you could be missing out on everything you’re working so hard for.
Fortunately, upping your hours isn’t the only way to increase your income. There are multiple ways to increase your income without dedicating more hours to the grind.
By understanding passive income and how you can make money without working more, you can increase your income and improve your financial situation.
In this post, you’ll learn what is passive income, learn some ways you can make more money without working more, and get some money making resources and book recommendations for your personal growth.
First, when thinking about making more money without working more, we need to understand the concept of passive income.
Passive income is income which requires little to no effort to earn and maintain.
Examples of passive income are:
Passive income is great because you can make money without working more.
While it can be difficult to get passive income in place, once you have passive income, you can then get on the way to financial freedom.
There are a number of ways you can make more money without working more.
In this post, I have 5 ways you can earn more without working more:
Let’s get into each of these ways to increase your income below:
One way to earn more income is to simply ask for more.
Many of us believe we deserve a pay raise, but do nothing about it.
If you think you’re getting paid less than you’re worth, you should tell your employer.
Wages may be fixed in some bigger companies, making it difficult to get a raise without also getting a promotion (which means taking on more responsibility), but in smaller and more independent companies, a wage can almost always be negotiated.
Obviously, you need to prove that you’re working above and beyond – if you’ve been slacking recently you may have to work a little harder to earn that pay raise.
Another way to earn more without working more is to find sources of passive income. This often involves an initial investment, but after, you’ll make a return over time without having to put in much work.
Investing in property can be a good source of passive income.
The most common way to do this is to rent out a property to tenants. By charging more rent that’s more than your monthly mortgage payment, you can start making a profit right away.
Of course, you do need to be able to afford the down payment for a property first, and owning a home or rental is a lot of work. You’ll be responsible for repairs, up-keep, and keeping your tenants happy.
Another way to make passive income is by investing, most commonly in stocks and bonds.
Stocks and bonds provide passive income in the form of dividends (payouts paid to shareholders, sometimes monthly, sometimes quarterly) and value increases. Whenever the company pays a dividend, you get money directly deposited into your account.
Those wanting a more stable form of passive income without having to invest too much money in the market should consider putting money into a savings account, CD or bond.
These are all ways to make income passively, as it will naturally grow interest. CDs and government bonds provide some of the highest interest with the lowest risk.
The great thing about passive income is that you don’t have to do much once the initial work is over – you just sit back and watch the money come in.
The more sources of passive income you set up, the more you’ll earn – and you’ll barely have to lift a finger to earn it.
Another way to make more money without necessarily doing more is by selling your clutter.
This is another easy way to make money when you need a quick boost of income.
Many of us have unwanted possessions that are valuable – these could be unwanted gifts, old hobby equipment, inherited belongings, or items that we’re simply hanging onto out of sentimental value.
By selling these items, you can turn that junk into a decent sum of money.
There’s an almost unlimited amount of ways to sell your clutter.
You can start locally, by holding a garage sale or estate sale, or try selling them at an auction or consignment store. Even easier, you can sell your stuff online through sites like the Facebook Marketplace, or Ebay, or Declutter – even Amazon!
Why limit yourself to local customers when you can sell to people all over the country – even the world!
Many of us have hobbies that we could monetize if we wanted to. A level of skill may be needed to turn a hobby into a profession, but quite often it’s not as much skill as you may think.
If you play a sport and you’re passionate about it, you could make money teaching this sport to other people, or maybe coaching in some way.
Say you play a musical instrument – you could try making money performing (this could be anything from a dive bar to a local venue), or you could become a tutor.
If you’re good at making things with your hands, like baking, or making jewelry, you can easily make money selling the things you create locally or on stores like Etsy.
You don’t have to turn these hobbies into fully-fledged businesses – it could just be a side hustle to make a few extra bucks here and there.
However, if you do decide to turn it into a business, it could be a way to make a decent income doing something you enjoy. While you may be dedicating lots of hours to it, when it’s something you enjoy, it may not always feel like a job.
After all, if you like doing something, is it really work?
The best investors and money makers are able to cut down their hours by simplifying tasks and what’s needed from them.
If you can set up systems which will give you more time, then you can focus your efforts on other money making endeavors.
This could mean:
The point is, with less time needed for you to be working, the more time you will have to follow through on more passive income opportunities.
Now, let’s talk about some resources for passive income you can study.
I believe you should always be learning a little bit each and every day on the way to achieving your goals.
Learning about passive income and ways to make more money without doing more work can be accomplished by reading books.
I’ve read a number of great books over the last few years.
The following three books (and their book reviews) are great for learning more about ways to make more passive income:
Each of these three books I’ve listed above are great for getting into a passive income mindset and looking to be smarter with your time and money.
What I want to communicate to you here is with these earning strategies, it’s not how hard you work that determines how much you earn, but how you work. And the how makes all the difference.
Whether that’s asking for a raise, selling your junk or buying stocks, there are multiple ways you can earn some side income while doing very little work.
By implementing different income earning strategies, some of them passive, you can accomplish a lot without doing much at all.