Many people retire and discover that their pension isn’t enough to comfortably live off. Finding another source of income could allow you to live a better quality life. Passive income streams are sources of income that you don’t have to actively work for. You may have to invest some time and money upfront, but once they’re set up they should generate money themselves. It’s a great way to make some extra money without having to continue working. Below are a few examples of passive income streams.
Rent out property
One option could be to consider renting out a property. This could include renting out a residential property to tenants or it could include alternative property investments like renting out a commercial property to businesses or renting out a holiday home to guests. You’ll need the funds to buy a property and you’ll need to be willing to keep the property maintained and find tenants/guests. A lot of landlords find it easier to outsource a property manager to help look after maintenance. Rental agencies can meanwhile help you find tenants.
Invest in stocks
You could also generate a passive income by investing in the right stocks. This can be a more profitable alternative to putting your money in a savings account – you could make a return of 10% each year by investing in the right stocks. There are stock trading apps that can allow you to get involved in stocks yourself, or you can hire a company to put your money into stocks for you.
Invest in bonds
It’s also possible to invest your money into bonds. Premium bonds provided by NS&I are a popular option – these work similar to a savings account in that they collect interest, however the interest amount works on a randomly allocated lottery system. Each month random accounts are chosen with cash prizes ranging anywhere from £25 to £1 million. The more money you invest and the longer you leave it, the more chance you have of winning something.
Create an online course
Online courses can be a great way to make money by teaching a skill or knowledge. The great thing about online courses is that you don’t have to teach lessons in person – you can simply use documents and videos to teach people. You will need to spend some time creating your course and you will need to advertise it. However, you then don’t have to do any work and can make money every time someone signs up to your course.
Write an ebook
You could also consider writing an ebook. Every time someone pays to download your book, you’ll make some extra income. You do have to spend time writing your book and the book has to be marketed well enough that people will download it. But you don’t have to spend ages creating a literary masterpiece – the benefit of an ebook is that it doesn’t have to be any specific length (the average ebook is between 50 and 100 pages) and you don’t have to go through a publisher. It could be anything from a collection of short stories to a recipe book.
Start a blog/vlog
Finally, you could consider starting a blog or a video blog (AKA a ‘vlog’). Blogs and vlogs can be turned into sources of income if you get enough readers – you can display adverts and make money through ad revenue. It’s also possible to make money through sponsored content. There are many platforms you can use to start a blog, while YouTube and TikTok are the most popular platforms for vlogging.
