Creating a passive income is a good way to retire early and achieve financial independence. It’s not free, though, and it may take a lot of work to get it up and running. URL
What do you do when you side hustle?
The first step to creating a passive income is to determine what makes you happy. Then, consider your skills, passions and constraints.
For example, if you’re interested in sports, you might consider creating a sports-related YouTube channel. You’ll earn big bucks from advertisers and affiliate marketing collaborations, but you’ll also need to devote time to promoting the channel. You’ll have to produce and update content on a regular basis to stay relevant.
If you’re interested in photography, you can make money by selling your images to stock photo companies. These sites pay you for high-quality photos. You can sell your images to different companies, including Shutterstock, Adobe Stock and Alamy.
If you’re a freelancer, you can start a side gig as a consulting business. You can also create an online course on a subject you’re knowledgeable about. You can then sell the digital guide through a seller platform.
You can also try a dropshipping business model. This involves setting up an ecommerce store with a supplier. You’ll then get paid when someone purchases the product from the supplier.
You can also rent out items on rental websites. You upload photos of the items you’re renting and people who need the item can then rent it from you. You can list your extra car on Turo or other similar sites.