In a high-competitive world, earning money has become challenging. Earning it without working has even more.
Beyond the huge mass of scammers that offer magical solutions, is it really possible to build a stream of passive income? And even better: can we build it as a side hustle?
In this article, we will explore the best options and strategies to earn passive income through side hustles.
Passive income opportunities: genuine options
Out of thousands of possible ways to get a passive income stream, we collated the most feasible sources you can invest in and start earning today:
- Digital Market: with a 24/7 audience of customers, the digital media are a good option for building passive income streams. Among the available opportunities, creating a digital product, working as an affiliate, or leveraging paid advertisements are the most valuable ones.
- Financial market: dividend-paying stocks, ETFs, and other investments are genuine passive income sources for you to receive monthly payments.
- Business ownership: from selling a company to seizing the profits of one, you can leverage entrepreneurship to earn money around the clock. In case you own a company, you must set everything up for it to be self-manageable. Doing so will guarantee that you will keep earning money even while you sit and relax on a calm beach.
How to side hustle and earn money
“Side hustle: a piece of work or a job that you get paid for doing in addition to doing your main” – Cambridge Dictionary
Beyond the passive income myth, we’ve seen that there are indeed options to create passive income sources.
The point now is whether it is possible to start to work on something (in addition to your 9-5 job) that results in passive income while giving you the money today.
The good news is: yes! All the ideas that we provided take time to be matured and give you the security to be considered truly passive income options.
However, it doesn’t mean you cannot start benefiting from them right now.
- For the digital market, you can start as an affiliate and directly promote other people’s products, earning with each sale.
- In the stock market, you can learn how to operate in day trading. Perhaps not the most secure option, but still a valid one.
- As a business owner, you can earn a salary for the work you offer to your company while building what is going to be the goose that lays the golden eggs. Check out our article about home business ideas for more insights;
Although we are aiming to earn money while we sleep, this doesn’t mean we don’t have to hard work to reach this objective.
Getting started with passive income side hustles can be time-consuming in the first place.
Yes, although we are aiming to earn money while we sleep, this doesn’t mean we don’t have to hard work to reach this objective.
That said, the first thing you must keep in mind is to research:
- How much do I want to earn passively?
- What are my resources to achieve this?
- How much time can I spend to build my passive income stream?
Equipped with these answers, you can now start to search for each one of the possibilities and what is your best fit.
The next challenge is time management. You must balance your day-to-day activities with your side hustle project, being sure to excel in the long term.
And, last but not least: just start! Apart from all the concerns and doubts, you can do it.
If you are truly committed to building a passive income source for yourself, start today and go for it.
The next steps
What do you think about those ideas? Are they easy to do? Do you have any questions?
Let us know in the comment section below 🙂