If you’re looking to add to your standard income with a new investment idea but aren’t sure where to start, then there are a few options you can try. You could earn money while you sleep from a passive income stream such as investing in real estate or stocks, or you could consider a side hustle such as affiliate marketing. The main thing is to do your research and choose an investment idea that works for you. Here are five ideas to get your started.
Invest in a business
If you’ve got spare funds to invest but don’t have the time to start a side hustle, you could invest in a business. There are several ways in which to do this. You could support another business by investing as a part owner or buying shares. Another alternative is to set up a business with someone you know and you can be a silent partner. You could even buy a business online. If you’re interested in investing in a business, here are some extra resources to help you.
Consider a rental property
Real estate is often considered one of the most lucrative investments because more often than not property will go through appreciation over time. You could invest in a rental property, for instance. You’ll make steady earnings from your tenants and this could work out as a long-term passive income solution. If you’re not sure whether investing in a rental property is right for you, you could find a financial advisor. They’ll be able to give you professional insights according to your unique situation.
Rent out a room
Perhaps you don’t have the resources to invest in a new property but have space in your own. You could consider renting out a room. There are plenty of websites you can use to find a roommate online. You can set the terms and start on a temporary basis. If you find that this situation works for you, you could even rent out your property to vacationers, for example.
Purchase stocks and shares
If you’d rather start small rather than investing in real estate or business, you could try online trading. Do your research and purchase stocks and shares. Here is a beginner's guide to investing in stocks. The key is to diversify your investments, i.e. not putting all your eggs in one basket. Divide your funds across stocks, bonds, commodities, currencies, index funds, and more. This will help to minimize risk.
If you have a little more time to dedicate you could consider affiliate marketing. This is essentially promoting particular brands and their products online through reviews, blogging, ads, and more. This would start as a simple side hustle from home, but the more established you get the more automatic everything will be, and your business will more or less run itself. Here’s how to make money with affiliate marketing. Choose a passive income stream that makes the most sense to you according to your preferences and lifestyle.