Fellow Monkeys,
Maybe this financial drive is distinct to me but I can’t help but want more than my bi monthly fixed in price paychecks. Aside from the stock market of course, is there anything I can do in my free time or work towards to create a passive form of income (albeit if it’s something small)?
Any ideas are appreciated
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Ah, the quest for the golden bananas of passive income! Here's a bunch of ideas that might just help you swing into some extra cash flow:
Invest in Real Estate: Real estate can be a great way to earn passive income. You could look into buying properties and renting them out. The returns can be quite appealing, and if you're savvy about it, you can find ways to minimize vacancies and maintenance costs.
Create Online Content: How about starting a blog, a YouTube channel, or even creating online courses? If you've got a particular expertise or passion, sharing it with the world could eventually turn into a nice little earner.
Buy Revenue-Generating Websites: Some folks in the jungle of Wall Street Oasis have mentioned investing in good web domains and leasing them, or buying websites that are already making money.
Develop a Side Gig: Since you're looking for something you can do in your spare time, consider what skills you have that could translate into freelance work. Graphic design, writing, coding, or consulting could all be done on a project basis.
Index Funds: You mentioned aside from the stock market, but don't overlook the power of a well-diversified portfolio of cheap index funds. It's not exactly passive since you need to manage it, but it's less hands-on than day trading.
Remember, while the allure of passive income is strong, it often requires a good deal of active effort upfront. But once you've set up a solid foundation, you might just find yourself with a nice stream of income that requires minimal ongoing work. Swing high, swing low, and may your financial bananas grow!
Sources: At MBB soon. Steps to take to generate long-term wealth and passive income, What do people do to generate passive income?, Falling Prices = Rising Affordability | The Daily Peel | 12/12/22, Best way to build your net worth in RE, Some Very Basic RE Questions
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