Think of it as a side hustle, often without all the hustle.
Passive income can come from any source that isn’t your full-time job. Rental property, dividend-paying investments and side businesses are just a few of the very long list of sources that more and more people are considering to boost financial stability.
Having more than one source of income is really pretty common these days. However, creating a passive income stream can be anything but passive. It can require upfront planning — upfront capital, too. But it can also be a great way to turn a passion into a solid income. And that income could give you the means and the confidence to cut back on your day job … or cut ties with it completely.
Here are just of few of the hundreds of ways you can explore to start generating passive income:
Create an app
Open an online business
Do short-term rentals on your home
Write a book
Create a blog or YouTube channel
Use your socials for affiliate marketing
Start a vending machine company
Create an online course
Buy and sell domain names
This material is intended for general use. By providing this content The Guardian Life Insurance Company of America, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity.
Pub11573 2022-138369 Exp. 5/24