Your job earns you a living wage in the form of salary, hourly wage, tips, and commissions.
Active income means you do the work related to your job or your job, and you get paid for it. Active income consumes your time. Passive income allows you to earn money with minimal effort.
Passive income can be a great way to help you generate extra income, whether you are busy or just trying to get a little bit of extra money each month. Passive income can help you gain more in good times and free you when you are unemployed or if you voluntarily take time off work.
Start a YouTube channel or podcast
Starting a Youtube channel may take time to build up enough audiences to monetise your YouTube channel. You can still make a lot of money from advertisers and even marketing-related partnerships.
The amount you can earn on YouTube will vary depending on the number of subscribers, engagement rates, average viewers, and more. In ads, most travel YouTubers can expect about £ 0.01 to £0.03 per ad. Many travel youtubers also make money by requesting donations through Patron.
Podcasts can also make money by introducing paid membership categories, selling sponsorships, joining an advertising network, or selling premium episodes.
Earn through Rental Property
Rental properties may be the primary source of income and remain an important asset over time. To make the rental property more efficient, you can take out the day-to-day operations and pass them on to a management company… So you just need to plan the mortgage and enjoy the revenue!
It is also possible to purchase turnkey properties that allow you to skip renovation and leasing steps that most homeowners have to go through before renting their property. With turnkey buildings, you buy an area with tenants living in them already. There will be a lot of demand this year. That means all you have to do is make sure the building is well maintained to keep tenants happy. Again, you can hire a management company to deal with this.
Consulting And Freelance Services
Private consulting services are two excellent ways to make money. So, if you have a set of marketable skills or help a company improve its business environment and make more money, you should consider this.
For example, suppose you are a senior photographer, video photographer, web developer, graphic designer, or author. In that case, you could start a private business that offers those services to clients.
Suppose you have a deep understanding of digital marketing, social media, transportation, or business operations. In that case, you can offer consulting services to companies that need help in your area of expertise. Many professionals live an unbelievable life with this kind of income.
Language Teaching
If you are fluent in English, teaching English as a foreign language is a great way to earn money while travelling – the need to learn English is great worldwide!
If you are a native speaker, you are very lucky, especially because individuals and schools often hire teachers whose mother tongue is English. It would be a good idea to take a course, such as TEFL, to increase your chances of getting a job.
Online Tutoring
It can be a relatively short-term gig, while teaching in person tends to be more committed.
English Tutoring jobs online have many benefits, and the demand for this market is growing daily due to new technologies. Now, anyone can make a living as an independent online educator.
Online teaching can help speed up teachers’ work with software to take exams or track digital post assignments quickly. Given that by 2019, 33% of students have taken at least one course online, working online helps teachers remain at the forefront of their industry. On average, English tutors on Preply charge £15-25 per hour.