How to create multiple sources of passive income for you

Aug 29, 2018 | Tony Byrne's View

 

Following on from my blog last week about teaching young children the difference between working for money (salary) and money working for you (passive income) I thought it would be timely to give you some tips on how to create multiple sources of passive income.

Here are just a few ideas:

Rent your drive, parking space or garage

There are a number of online peer to peer parking space companies in the UK including my very own Parking Spaces Rentals Business. Contact the company and agree how much rent you want to charge for your parking space.

Rent your car

Did you know that the average person leaves their car on a drive, in a car park for 90% of the time! So why not rent your car instead? Try Easycar.

Rent a spare room in your house or your whole house

There are various websites you can visit to do your research such as Airbnb or Spare Room. Just take some nice photos and list the property, then wait for the enquiries to come in.

Start up and run your own business

Start off with something you like and you are good at. An Internet business is likely to be the most cost effective business of all as you don’t need an office, a shop, an industrial unit etc and you don’t even need to employ people!

Get a second job and even a third job

This isn’t passive income but it is a way to build some capital before you give up your day job.

Become an eBay trader

eBay trading is a simple way to run a business. Simply buy stuff cheaply then sell it at a profit.

Become a network marketer

Network marketing is a tried and tested way of earning money in addition to your salary. You can usually work as many hours as you like. Find a product or service that interests you first then it will be easier to sell it.

There are of course many other ways of earning extra money. Admittedly not all of the above ideas generate passive income nor is it an exhaustive list. Nonetheless it does go to show that there are numerous ways to earn extra money.

So if you are seeking extra income in retirement or you simply want to earn enough passive income so that you can give up your day job there are clearly plenty of ways to do it. If you would like advice on such strategies why not contact us? You know it makes sense.

Contact us here: https://wealthandtax.co.uk/contact/

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