Teacher | Blogger | Mom
J. Paul Getty, of Getty Oil fame, once wisely said, “The key to wealth is to learn to make money while you sleep.” How right he was—and if you’re like many moms today, you also don’t have enough time to work more than 40 hours a week, either. Thankfully, passive income is a mom’s best friend in this situation. If you’re looking for new ways to improve your income, these mom-approved methods will be sure to work.
The easiest way to ensure that you will have some serious passive income is to start socking away money into investments. You can choose almost any kind of investment out there—including real estate, stocks, or even gold. The important thing here is to invest in things you feel confident in. Obviously, this particular form of passive income will require money. This may have been an unattainable goal for many people, but these days, there are apps that allow you to invest as little as $5 at a time. Some will even automatically round up your transactions to sock away your spare change. The more you invest, the richer you’ll be.
Become a landlord
If you have a spare room or a summer home, why not rent it out? Apps like Airbnb make it easy as can be to find good renters who will leave your home in pristine quality. Of course, getting regular income out of this often requires living in an area that has high levels of tourism and having a room or home that regularly ends up being empty. Like with any form of business, it’s easy to see that some risks could make this a tricky choice. One bad renter is all it takes to lose the money that you wanted to make that evening. Even so, it’s an option to consider.
Create art that you can resell
Artists will be happy to know that they have a lot of options when it comes to making a passive income. Writers can write and sell books online. Digital painters can sell their posters. Almost any form of creativity can turn into a form of passive income if you know how to use your skills well.
Most of the time, moms can do this by selling artwork or content to people. You don’t have to stop at just making and selling your artwork in galleries or on Amazon. With a little elbow grease, you can even start up your own online dropship store that sells prints and mails them out for you. Many online stores basically run themselves.
Or, you could own a business
Certain types of businesses, including automated car washes and laundromats, don’t need to have the CEO working there all the time. This is also true of being a landlord, which would only require you to be present during room showings. If you have the money to do so, you may be able to hire a full-time staff member for your business and just let them collect the money while you live life with your kids. After all, what’s motherhood without time for your family?
No matter what method you choose, make it work for you.
No two families are alike. Some will fare best with passive income, while others will do well selling art, and even more may choose to find passive income in real estate. Don’t worry about which income makes the most money; choose the one that fits your family’s lifestyle. As long as you work to make your passive income work for you, you’ll be ahead of the game—and a lot wealthier.
About Jane Sandwood
Jane has been a freelance writer and editor for over 10 years. She has written for both digital and print across a wide variety of fields. Her main interest is exploring how people can improve their health and well being in their everyday life. And when she isn’t writing, Jane can often be found with her nose in a good book, at the gym or just spending quality time with her family.