If you’re trying to create a life you don’t need a vacation from, chances are you’ve thought of ways to create passive income. Passive income is one of the best ways to free up your time, increase your revenue, and level up your life simultaneously.
You don’t have to have a lot of money to get started, either. If you are looking for ways to create passive income with little to no money, check out the post, 8 Ways to Create Passive Income with No Money.
I’ve compiled a list of more ways to create passive income below.
11 Passive Income Streams to Start Now!
Rent Out Your Car: I don’t know if you have heard about the rental car shortage. You can turn your car into a business expense and money-generating hustle by renting it out on sites like Turo.
Buy a Vending Machine: This is a great way to add income to your household. You can hire your children as employees and take advantage of extra tax benefits. All you need is to legitimize your business. I show you how in the Minding Your Business Bundle.
Put Ads on Your Car: Once again, turn a liability into an asset.
Rent Out Party Equipment: Party rentals are the perfect way to create another source of income. The possibilities are endless. Rent out fancy chairs, bounce houses, luxury cars, tablecloths, chair covers, centerpieces, photo booths, and more. The possibilities are endless.
Sell Print on Demand Products: This could be anything from t-shirts to bags. You can sell your products on sites such as Esty.
Start a Laundromat: You don’t have to use your money to do this. You could get a business loan or use business credit. My Level Up Your Business Course will show you how to build business credit from scratch.
Buy a Profitable Youtube Channel: You can go on Fiverr and pay someone to create a profitable youtube channel for you and get paid simply by owning the channel.
Invest In Dividend Stocks: Investing in dividend stocks is excellent for creating passive income. Do your research before getting started.
Buy an ATM: Yes, you can own an ATM. It is similar to a vending machine. Be sure to do your research on this one as well.
Rent Out Storage Space: If you have extra space in your home. Better yet, a shed in your backyard, you can lend out the extra space for cash.
Buy Rental Property: Real estate is one of the best ways to generate passive income and wealth. You may have to play the long game with this one. You can buy a house, live in it for a few years, and then use the equity to buy a new home. Turn your old home into a rental that pays for itself. Rinse and repeat.
Credit Cards With Cashback: Get paid to spend money you were already planning to spend. Here are a few cashback cards to consider. Business (Brex) get $250 when you sign up.
Some of these resources require money to start up. However, you don’t have to use your own money. In fact, I highly advise that you don’t use your own money. Instead, use business credit to fund your passive income streams. I show you how in the Level Up Your Business Course. Don’t worry if your personal credit is low. I show you how to leverage it without using your personal credit. Click Here to grab the course! Do you want to preview the course first, join the Wealth Builders Club for instant access? Click HERE to learn more!
It is easier than ever to create another source of income these days. Remember to do your research on best practices.
Cheers to creating a life you don’t need a vacation from!
EL Consulting Team
