What is passive income?

Life can be expensive. Fortunately, thanks to the internet and innovative app ideas, there are endless passive income opportunities that can help you earn money on the side. But what is passive income and how can you get it?

What is passive income?

Passive income is earnings or revenue received from an investment or venture that doesn’t require continuous work.

Examples of passive income are royalties or dividends from an investment in a company, money earned from renting out a property or even starting a business and letting someone else run it. Essentially, it means making money for very little or no effort day-to-day.

How to make money with passive income in Australia

You don’t need to buy a house or start a business to have a healthy passive income. If your budget doesn’t allow for investment in real estate or purchasing a chunk of shares in a company, there are plenty of other ways to make money that doesn’t require much of an upfront cost.

Rent out your space

Going away on holiday or have an extra room in your apartment? Why not rent it out on Airbnb?

Make money from your photos

There’s no denying that we’re all obsessed with taking photos of everything we do and everywhere we go so we can show off to our friends, family, and sometimes complete strangers on Instagram. So why not make some money off of it?

You can license some of your photos with companies like Shutterstock who will give you royalties every time one of your photos is downloaded or purchased.

Pet sitting

Have you always wanted a dog but don’t have the time to commit to looking after it full-time? There are now many companies like MadPaws and PawShake who can connect you to owners who need someone to look after their pets while they are away. Not only do you get to spend time with an awesome dog, cat or rabbit, but you also get paid!

Renting out your car

Renting out your car, or car sharing as some people know it, is a fantastic way to make some extra money from something you already own. Whether you don’t use your car during the week or have a second car that spends most of its time in the garage, you can rent it out as much or as little as you want and make some easy money.

Peer-to-peer car sharing is a great way to make some passive income. And with a reputable company like DriveMyCar at the helm, you know your car will be in safe hands.

Passive income isn’t just something that savvy Wall Street types can enjoy. There are plenty of ways to make money that don’t involve a big upfront investment start earning today.