Setting a monthly income without much effort is not always easy, but there are some ways to earn passive income. Here are some options to consider:
- Rental Income: If you have a spare room or property, you can rent it out and earn a monthly income. You can list your property on websites like Airbnb or find a long-term tenant.
- Dividend Income: You can invest in stocks that pay dividends, which is a portion of the company’s earnings distributed to its shareholders. Look for companies with a good track record of paying dividends.
- Peer-to-Peer Lending: You can invest in peer-to-peer lending platforms like LendingClub or Prosper, which connect borrowers with investors. You can earn interest on the loans you fund.
- Royalties: If you have creative skills like writing, photography, or music, you can earn royalties by licensing your work. You can list your work on websites like Shutterstock or TuneCore.
- Affiliate Marketing: You can promote products or services of companies and earn a commission for each sale made through your unique referral link. You can join affiliate programs of popular e-commerce websites like Amazon, Flipkart, and eBay.
- Online Courses: You can create and sell online courses on platforms like Udemy or Coursera. Once you have created the course, it can generate passive income for you.
- Renting Out Your Car: If you have a car that you don’t use often, you can rent it out on platforms like Turo or Getaround and earn a monthly income.
These are some options for earning passive income without much effort. However, keep in mind that these options require some initial effort to set up and may take time to generate significant income.