3 ways to make passive income from home
It's always helpful to have some extra money, but it's particularly important in today's economic climate. With inflation still high and the costs of everything from grocery shopping to veterinary care burdensome, an alternative source of income could be welcome for millions of Americans. Fortunately, there are multiple ways to make passive income from the comfort of your home, and they don't need to be a 40-hour-a-week commitment.
Passive income activities, explained by the IRS, "include trade or business activities in which you don't materially participate. You materially participate in an activity if you're involved in the operation of the activity on a regular, continuous, and substantial basis."
Granted, the below three passive income ideas will require some involvement, but they also won't require as much heavy lifting as a full- or even part-time job would. In this article, we will break down three ways you can start making passive income from the comfort of your home.
3 ways to make passive income from home
Here are three ways you can start building passive income now.
Take paid surveys
If you've ever answered a telemarketer's phone call or completed a brief survey online, you already have experience in this field. So why not get paid to take surveys online? It's fast and simple, and you can do it on your own time at your own pace. The more surveys you complete, the more money you'll make, although some longer surveys may offer you bigger payouts than you'd make by taking multiple short ones.
"We reward our members with free gift cards and cash for the everyday things they already do online," Swagbucks, a paid survey site, explains. "Shop in-store or online, watch entertaining videos, play games, search the web, answer surveys, and find great deals to earn points. Redeem your points for gift cards to your favorite retailers like Amazon or Walmart, to name a few, or get cash back from PayPal."
The more you put into paid surveys, the more you can make. You can also spread out your work by using multiple companies. Build accounts with Swagbucks, Survey Junkie and Branded Research and take it from there. Sign up, become a member and start making passive income from your home today!
Rent out storage space
If you have an unused area of your home or property you feel comfortable renting out, you could start making money quickly without ever having to step foot outside.
What kind of area is applicable? The possibilities are endless. You can rent out a bedroom you're not using or a side apartment. You can also rent out your basement, either for storage or as a living space, if eligible.
Want to keep the rentals outside? Then consider renting your garage for storage. If you have a backyard you're OK with renting out, consider going that route. Websites like Swimply will even let you rent out your own private pool. Do your research and see where you could be making some passive income with the real estate you already own.
Consider virtual assistant work
In an era when millions of Americans are working remotely, there are new opportunities for those who want to do assistant work. By becoming a virtual assistant, you can secure a steady income while working from your home office or kitchen.
The work typically includes answering e-mails, updating calendars, scheduling meetings and appointments, bookkeeping and more. The specific tasks depend on the employer. Simply check out sites like Indeed and start searching for virtual assistant positions. You may be pleasantly surprised by what you discover.
The bottom line
There are multiple ways adults can start making passive income, many of which don't require them to leave the comfort of their homes. Paid surveys could be a good way to make a few extra dollars while keeping your mind sharp and active. But those interested can also make money by renting out portions of their real estate or doing a more traditional job like being a virtual assistant.
There are various ways to earn money from home. So do your research and find a passive income job now.
