Money

9 Ways to Earn Passive Income

Think of it as a side hustle, often without all the hustle.

Passive income can come from any source that isn’t your full-time job. Rental property, dividend-paying investments and side businesses are just a few of the very long list of sources that more and more people are considering to boost financial stability.

Having more than one source of income is really pretty common these days. However, creating a passive income stream can be anything but passive. It can require upfront planning — upfront capital, too. But it can also be a great way to turn a passion into a solid income. And that income could give you the means and the confidence to cut back on your day job … or cut ties with it completely.

Here are just of few of the hundreds of ways you can explore to start generating passive income:

Create an app
Open an online business
Do short-term rentals on your home
Write a book
Create a blog or YouTube channel
Use your socials for affiliate marketing
Start a vending machine company
Create an online course
Buy and sell domain names

 

This material is intended for general use. By providing this content The Guardian Life Insurance Company of America, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity.

Pub11573  2022-138369 Exp. 5/24

Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

How Stocks Work

How Stocks Work

Understanding how a stock works is key to understanding your investments.

Why Millennials May Need Life Insurance Now More than Ever

Why Millennials May Need Life Insurance Now More than Ever

It’s easy to feel invincible when you’re young, healthy and have a steady paycheck. After all, the chances of something catastrophic happening to you are pretty low, right?

Overlooked Ways to Add Diversity to Your Portfolio

Overlooked Ways to Add Diversity to Your Portfolio

It’s an exciting time for American investors. Recent years have seen a boom in Americans investing in the stock market, with Goldman Sachs estimating U.S. households will spend $400 billion on equities in 2021, averaging an eyebrow-raising 44% allocation of their total assets to stocks. Between new technologies (like mobile trading apps) lowering the bar to entry and “meme stock” trends raising awareness, it’s no wonder so many people are waking up to the power and potential of investing.