Passive income ideas
- Online ventures
- Brick and mortar businesses
- Renting out your assets
Passive income can help give you more financial freedom and flexibility, but how do you go about generating it? While some passive income ideas are easy to set up, others may require a bit of upfront work and ongoing maintenance.
We've put together a list of the best ways to earn passive income into categories, and how much effort each involves:
One thing to keep in mind is that certain passive income ideas may be more effective during certain economic conditions. For example, during times of rising interest rates and high inflation (like we have now), a high-interest savings account may be a more reliable source of passive income than something like property.
Investing is perhaps the most hands-off way to earn passive income. All you have to do is deposit some money into an interest-bearing account and leave it there while the cash starts rolling in. Of course, your income will depend on the level of interest the account offers, will how much you put into the investment and how long you leave it there.
Here are some passive income investment ideas:
You always hear stories about people striking it rich in real estate. That's because it is a tried and tested way of bringing in some extra cash. Not only does the price of your assets tend to go up in the long term, but you can also earn rental income along the way.
These days, affording a rental property is out of many people's reach especially in Australia's big cities. But buying rental property is not the only way to get into the real estate game. Here are some other ways to invest in real estate:
Online businesses were tailor made for passive income since you can automate much of the work, and there are numerous ways to do it. Here are just a few:
There are a couple of brick and mortar businesses that fly under the radar, and which can bring you in a decent level of passive income:
There are many opportunities out there to make money renting out the stuff you own. Cars are the most popular choice, but similar services exist for other items as well. If you have a lot of nice stuff you don't use, it might make sense to rent it out rather than sell it.
Here are some examples:
Track all the key financial dates for the Australian financial year, including tax, interest rates, health insurance, energy and sales.
A 3-part podcast series to help you master investing.
Our team of 12 finance experts love the stuff that you don't (super, insurance, banking, debt management, you name it!) - and have put together a list of 20 things you can do right now to take control of your finances.
Everything you need to know about Airtasker including how to get started, how much you can earn and how tax and insurance work.
We compiled a quick list of easy side hustle ideas to get you started today.
The 8 best ways to earn extra money fast online or from your home.
Besides assisting with your tuition fees, the Australian Government also offers other incentives.
Depending on your enrolled university, the fees and financing for your studies may differ. Learn more about paying for your higher education as a tertiary student.