goodluz / Shutterstock.com
If you have ever wanted to earn more money but do not have the time to take on a second job, you may want to consider earning passive income. While passive income is not a “get rich quick” scheme, it is a great way to earn extra money without having to leave your home.
Financial guru, Dave Ramsey, offered considerable insight on how everyday people can start to earn passive income on the weekends. He explained that while passive income requires some sweat equity, particularly in the beginning, it is a smart way to build your wealth without having to sit behind a desk or clock in. In many cases, you will set your own hours and will be able to do the work from the comfort of your couch.
The pros of earning passive income are endless. Foremost, it can help you achieve your financial goals, whether it is saving more for retirement or having extra money for that next vacation. Next, it can provide you with more flexibility than a traditional job. Finally, it can provide some peace of mind in the event of a job loss or other change of circumstances. Here are 5 ways Dave Ramsey recommends to build passive income.
1. Buy Real Estate
One of Dave Ramsey’s most well-known tips for earning passive income is through buying real estate. He cautions that people should be debt-free and have saved up some money before they venture into investment properties. While real estate properties can be low maintenance, they are not maintenance-free, so they will require some active management.
Ramsey recommended that, hopefully, investors pay off their own homes first and be able to buy the rental property with cash. In his “15 Passive Income Ideas to Build Wealth in 2023,” he warned, “Don’t evergo into debt to buy rental property.” If you still want to invest in real estate but want a more hands-off approach, he suggests thinking about investing in real estate trust investments.
2. Start Blogging
Another method for making passive income that Ramsey recommends is to start blogging or creating a YouTube series. He explained, “If your content is engaging and gets enough daily traffic, you could sell ad space on your blog or ad spots on your channel.” While this is becoming a crowded field, you may be able to find a niche with unique or compelling content. As with real estate, this will take some work. You will want to continue to create new content in order to stay relevant and keep your sponsors.
3. Car Advertisements
A less conventional but enticing way to make a couple of extra hundred dollars each month is by advertising your vehicle. If you don’t mind driving around with a giant logo on your car, then it can be one of the easiest ways to make money. Ramsey notes that websites like Wrapify pay people to use their “car as a mobile billboard.”
4. Write an Online Course
Another way Ramsey suggests you can earn some extra money on the weekends is by creating an online course. People across the globe are looking to platforms like Udemy to learn new things. According to its website, the online learning forum has over 64 million learners and 210,000 courses. Setting up a course on the site seems fairly straightforward, and you receive money for every paid enrollment you receive. The best part is once your course is launched, there is not much else you have to do.
5. Rent Your Stuff
Make your assets work for you. Your house, car, and other items might be a money-making machine that you never knew existed. Ramsey recommended renting out a spare room in your house or an extra vehicle that you have in your garage. He cautioned individuals to check their home and auto insurance policies to ensure that they do not need extra coverage.
Ramsey also said you can look to make money off of things that other people might want to borrow. “Things like a trailer, trampoline, kayak, or even your own yard or backyard pool could earn you passive income as rental items,” Ramsey said. If you have stuff like sports gear or power tools, you can find websites that allow you to post your rentals.
Get Started Earning Today
Whether you want to retire at 55 or are simply hoping for a little cushion during uncertain economic times, passive income is a smart way to earn money without having to leave your home. While most side hustles will still require a certain amount of sweat equity, they generally won’t have you stuck behind a cubicle for hours on end.
More From GOBankingRates