Future-proof your career and financial standing through passive income streams, so you can be … [+] risk-averse to job cuts and layoffsgetty
With the cost of living crisis, financial stability is more critical than ever before. For some, the answer is over-employment—that is, working multiple jobs especially in white-collar remote roles, to ensure steady multiple streams of income. Sometimes this is effective, but other times it doesn’t work because over-employed employees either get busted, priorities clash, they are overworked and burned out, or it simply isn’t a way to sustain living for the long term.
For others, climbing the ladder and aspiring to a senior leadership or management role within their corporation is the answer to financial security and being able to live comfortably enough to make ends meet, and then some.
But irrespective of whatever career path you choose, having passive income streams, especially multiple sources of them, is perhaps one of the best decisions you can make to secure your financial and career future, and ensure you continue to live comfortably. You can even have savings to invest in your own business when the time is right, regardless of your employment status.
Check out five passive income ideas so you can literally make money in your sleep like you’ve always dreamed:
1. Rent Your Property
Purchasing a property and renting it out is a classic and well-established form of passive income. These days it’s even easier with the Airbnb structure; you don’t need to wait to buy a new property to profit on the one you already have. If you have a spare room or section of the house, convert it into an Airbnb. If you have plans to go on vacation for a few weeks or months you can turn your entire house into accommodation for tourists so you’ll make money, even while you’re on holiday.
2. Create A Course
Course creation is pretty straightforward, thanks to hosting platforms such as Udemy, Thinkific, and LearnWorlds. Launch a course that provides significant value to people searching for answers that your expertise can fulfil. Once it is pre-recorded and the course content is prepared and published, people who visit your website or are searching for the subject matter via the course hosting platform will see your course, and have the option to pay and enrol.
MORE FROM FORBESHow To Make Money In 2024 Using ChatGPT’s GPT StoreBy Rachel Wells
3. Develop A Custom GPT
Thanks to the launch of OpenAI’s GPT store, you can use the marketplace to easily create and launch your own customized GPTs. And the best part about it, is you don’t need to be technical to release it to the public, and no coding skills are required. You just need to have an understanding of prompting mechanisms and how ChatGPT works, and have a solid database from which the GPT can provide answers. Then ensure your app creation is compliant with OpenAI ‘s guidelines, and release it on the GPT store for others to pay for and use.
4. Start Blogging
Blogging is a popular option for establishing one’s personal brand and also generating passive income. Once you have nailed your SEO strategy and ensured your blog or website has consistently high traffic volumes each month, you can use it to generate income. For example, you could try Amazon affiliate marketing, in which you create an Amazon affiliate account, write about a particular subject such as a hobby or professional topic you’re passionate about, then hyperlink with your affiliate link to products, books, etc. throughout the article in a non-spammy way that complements the content of your blog.
You can also create a Google Ads account and generate revenue through targeted ad placements throughout your blog or website; when visitors click the ad or affiliate link and go on to make a purchase, you generate commission.
5. Invest In Dividend Stocks
Dividend stocks make the perfect choice for investors who wish to make money without the responsibility of actively managing their investment portfolio. In simple terms, a dividend stock is simply a publicly traded company that shares profits to investors called shareholders. If you purchase its stock, you become a shareholder. Pay-outs are usually made quarterly but can have other schedules such as annual.
To benefit from this hands-off, low maintenance option, all you need to do is own shares via a brokerage or retirement account such as an IRA, and the funds will be credited to your account once the dividends are paid out.For your passive income stream to work and produce money with minimal effort, you need to be willing … [+] to put in the initial elbow grease to conduct research, test the market appetite, and explore your optionsgetty
So is it possible to make more money through working smarter, not harder? Of course it is. With diligent research, understanding of your market and field, and careful planning, you can ensure long-term financial stability for yourself and your loved ones, improved wellbeing, financial independence, and, who knows, maybe you could quit your toxic or stagnant job altogether?
The journey begins now.
https://www.forbes.com/sites/rachelwells/2024/01/07/5-passive-income-ideas-for-2024/
