Making money from assets is a great way to increase cash flow, generate multiple income streams, and ensure you make ends meet while saving loads of cash. Passive incomes and side hustles help increase the monthly inflow without adding strain on your time and energy. Passive incomes also help you tide over in bad times and do not create a dent in your pocket. This type of income is excellent at keeping the ball rolling if you face unemployment or wish to take a break from work for a while.
Passive income is best for building a corpus for your retirement and ensuring you always have a nest egg to fall back on in case of hard times. Passive incomes contribute towards retirement goals, wealth and investment creation, and other holiday and travel funds. Most people who consider passive and asset-based forms of income generation do so with specific goals in their minds. For some, it may be a world tour; for others, it may be building a retirement home. There are many reasons for making secondary and tertiary sources of income.
However, when it comes to assets you already own, it is best to consider starting an income from them to reduce the risk and stress of initial capital investment.
Let us look at how you can make money from assets you already have.
Renting Out Parking Spaces:
If you already own a secure parking spot but use it sparingly, you should consider renting out the place for additional income generation. YourParkingSpace.co.uk offers excellent deals to parking spot owners across the UK. The app is user-friendly, extremely safe, and vets all applicants before processing.
All you have to do is sign up, enter your location, write an attractive description (how far from the main road, enclosed/open parking, free from trees), upload photos of the spot, set the desired rate (per hour, per week, per month), and availability. There is plenty of income to be made from renting out the driveway, garage, or personal parking spot. Space owners can earn anything between £40 – £400 per month depending on the location, and proximity to shops, malls, and offices.
Sell Informational Products:
Excellent secondary and passive income methods are establishing a product that sells information like an online tutorial course or an ebook. Online courses can be sold on multiple sites that feature specialized, skills-based learning. Some useful courses are languages, software applications, coding, investment advice, and more.
While there is effort involved initially in writing an ebook or making a video and slide-based course, the rewards keep paying off at a later date. Marketing the informational product and ensuring it reaches target audiences will help the money start rolling in on its own. Once the product becomes popular, the site (where it is posted) will include your content in their algorithm, and the income stream will become automatic.
Investing in rental properties is also an excellent method to generate passive income. If you already have another property or an extra room in your house, you can put it up for rent on popular sites for visitors and backpackers. However, the rooms or places need to be maintained and cleaned regularly. You may also have to spend a little money ensuring everything is in working condition.
Old properties have plumbing and electrical issues that should be looked at and fixed. Adding a fresh coat of paint often works wonders in reviving old homes. Adding low-cost, clean, and new furniture would also help spruce up the place and make it liveable for holiday renters.
Transport Rental Income:
Most homes in the UK have one or two cars. However, with people still working from home and having remote work options, a family has no need to have two functional vehicles. But not having a requirement does not stop the monthly instalment on the car from leaving your account. It is best to rent the vehicle to others in need and earn extra cash from it at such times.
Many online transportation companies also provide insurance to ensure that cars and owners are not taking on any additional liabilities. You would also need to consider the wear and tear on the vehicle before putting it up for rent. It is best to audit everything, take photos, and keep a write-up in mind – like the parking space. This form of transport rental can also be applied to boats, bikes, trucks, and other vehicles.