- Buy rental property –Â If you have a couple of savings, but not enough to live peacefully, you might want to consider investing in a rental property. It can be a great way to boost your monthly income. The secret is to have enough money to pay for the whole building and make sure the following rental income will also cover the mortgage, so you can profit out of it.
- Invest in real estate funds –Â You might not be in the right position to purchase a property, but there are still options. You can invest in a Real Estate Investment Trust (REIT), which is a type of security that you can buy and trade like stocks.
- Explore real estate crowdfunding –Â Crowdfunding is a new method of raising money for a business venture. The idea is simple: people invest a small amount of money into a particular project. If you’re a firm believer in a specific area, such as eco-friendly businesses or the newest technologies, not only you’ll find crowdfunding beneficial for your finances, but also for your own passion and beliefs.
- Rent a room –Â A common phenomenon nowadays is house sharing. By renting a room you’re not using or keep it for personal storage, you can generate a source of income, while you increase your social network.
- Vacation rental –Â It’s impossible to not have heard of Airbnb by now, as it recently exploded in popularity. List your home on Airbnb, it can be on a permanent or short-term basis, and generate the ideal passive income stream! If you’re a traveler, it’s even better: rent your home while you’re away!
