Passive income encompasses efforts that give you ongoing cash flow without the commitment from a traditional 9-to-5 job. Here are six viable ideas to broaden your passive income 2020 plans. They’re well worth considering, especially if you’re a stay-at-home parent.
1. Open a High-Yield Savings Account
A high-yield savings account lets you earn simply by keeping a positive balance. One of the things that sets a high-yield account apart from a traditional savings account is the percentage paid to you. This option pays 20 to 25 times the national average. That means you’ll accumulate money faster than you might expect.
Your preferred banking brand may have high-yield savings account to offer. You might need to open one elsewhere, though. Online banks often have options that’ll earn you the most money over time. However, there are plenty of services that allow you to transfer money between financial institutions, sometimes featured on the bank’s website.
2. Show Display Ads on Your Website
Maybe you have a website and use it to share knowledge, give your opinions, or provide content that matches your passions. Those are all worthy reasons to launch and maintain a site. You can also make money from home by agreeing to have ads placed on it.
Get started by applying to an advertising network. Those companies usually want to see proof of your website traffic. If you get the go-ahead, the business will give you a code to insert on your site. It makes the ads appear, and you get paid whenever a visitor clicks on them. Payouts usually happen 30-60 days after the first batch of advertisements run. The payments then continue coming to you monthly.
3. Maintain a Diverse Investment Portfolio
Investing in the stock market is a popular way to make passive income. You may initially think it’s too risky, but there are ways to reduce that aspect. Diversification is one of them. It means you select assets that react differently to the same economic conditions. If one of them loses value, it’s more likely that another will maintain stability or become more lucrative for you.
Every investment poses a financial risk. However, your willingness to accept that ties into the return on investment enjoyed. If your passive income 2020 plans involve this possibility, think carefully about how much risk you want to take. Start small from there until the efforts begin to show some results.
4. Purchase an E-Commerce Store and Use the Dropshipping Model
Dropshipping is a model that allows sending products to customers without holding inventory. It could be ideal if you’re interested in boosting your income with an online store, but don’t want to deal with the hassles of keeping the products in your home and shipping them.
One popular way to get started is to buy an existing online store. You may need to tweak the site to make it perform better and suit your needs, but there’s far less work involved than beginning your e-commerce venture from scratch. Some options also automate contacting a dropshipper to inform them of new orders, further reducing the work required from you.
5. Sell a Digital Product
Self-doubt may cause you to think otherwise sometimes, but you probably have valuable knowledge that may help you earn money from home. Maybe you were a top-earning marketing professional before becoming a stay-at-home mom and want to give your tips to others. Alternatively, perhaps you have lots of parenting insights you wish someone would have mentioned to save you from learning through experience.
This option works best if you already have somewhat of a following. If people appreciate your information and trust it, they’ll be more likely to want to pay for an online course or e-book. It’s crucial to keep the quality level high, too. After all, the content could directly influence your reputation.
6. Offer Rental Space
Maybe you have an unused room in your home, but don’t want the potential dangers of renting it out to a stranger. You could do the next best thing and offer storage space. Then, you set a rate and have ongoing income from it.
Craigslist is one option for advertising your space. However, Neighbor is a newer, specific site for this purpose. Before pursuing this passive income 2020 opportunity, spend time researching the rates in your area to stay competitive and appealing to potential renters.
You Can Make Money From Home
There’s no need to choose between making money and staying home with your family. These six ideas let you do both and offer various levels of involvement based on your schedule.
BY TECHIE MAMMA