start a business http://www.wisebread.com/taxonomy/term/15830/all en-US Best Money Tips: You Can Start These Full-Time Businesses on a Part-Time Budget http://www.wisebread.com/best-money-tips-you-can-start-these-full-time-businesses-on-a-part-time-budget <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-you-can-start-these-full-time-businesses-on-a-part-time-budget" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_small_business_85195073.jpg" alt="Woman starting a full-time business " title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found articles on full-time businesses you can start on a part-time budget, ways to save at the airport, and reasons why you should travel in fall.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.pfadvice.com/2016/09/10/four-full-time-businesses-you-can-start-on-a-part-time-budget/">Four Full-Time Businesses You Can Start on a Part-Time Budget</a> &mdash; To be a successful flipper, all you really need is a good eye for products that may be in demand. [Personal Finance Advice]</p> <p><a href="http://www.csmonitor.com/Business/Saving-Money/2016/0817/Five-ways-to-save-at-the-airport">Five ways to save at the airport</a> &mdash; Flying Spirit Airlines? They charge $18 each way if you book online. If you can, try to buy your tickets at their counter in the airport. [The Monitor]</p> <p><a href="http://www.popsugar.com/smart-living/Why-Traveling-Fall-Best-42287839#photo-42287839">7 Reasons Fall Is a Great Time to Travel</a> &mdash; High-demand places tend to be really hard to book if you want to be there during the holidays or summertime. Not so much for fall! [PopSugar Smart Living]</p> <p><a href="http://www.moneytalksnews.com/how-avoid-8-seriously-foolish-financial-moves/">How to Avoid 8 Foolish and Costly Financial Mistakes</a> &mdash; You can waste thousands if you fall for these expensive mistakes. Know what to watch out for and how to avoid it to keep your well-earned money in your pocket. [Money Talks News]</p> <p><a href="http://www.marcandangel.com/2016/09/11/4-secrets-to-getting-through-difficult-situations-and-really-bad-days/">4 Secrets to Getting Through Difficult Situations (and Really Bad Days)</a> &mdash; Find something to be grateful for despite the bad situation. This helps you to refocus on the present moment and to celebrate the small steps of progress you make every day. [Marc &amp; Angel Hack Life]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.livingwellspendingless.com/2016/09/12/how-to-cultivate-meaningful-relationships/">How to Cultivate Meaningful Relationships</a> &mdash; Don't assume you're getting all the news from a newsfeed. Keep in touch with your friends and family by giving them a quick call or sending a personal text or email once in a while.&nbsp; [Living Well Spending Less]</p> <p><a href="http://www.cheapism.com/blog/cheap-ski-trip-14432/">16 Ways to Hit the Slopes for Less This Winter</a> &mdash; If you plan to visit more than one snowy slope this season, you can save money by purchasing multi-resort passes. [Cheapism]</p> <p><a href="http://www.thepennyhoarder.com/work-from-home-customer-service-jobs/">Now Hiring: 7 Open Customer Service Jobs That Let You Work From Home</a> &mdash; Some of these jobs require you to live in certain states, but they're all worth checking out if you like the idea of working from home. [The Penny Hoarder]</p> <p><a href="http://afewshortcuts.com/2016/09/7-things-you-can-do-while-drinking-your-coffee-free-printable/">7 Things You Can Do While Drinking Your Coffee</a> &mdash; Make your day run more smoothly by doing these things &mdash; over coffee! [A Few Shortcuts]</p> <p><a href="http://www.onesmartdollar.com/4-ways-to-save-when-buying-your-teenager-their-first-vehicle/">4 Ways to Save When Buying Your Teenager Their First Vehicle</a> &mdash; Find that sweet spot between affordable and reliable. Look for a certified, pre-owned car with high safety ratings and fuel efficiency. [One Smart Dollar]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-you-can-start-these-full-time-businesses-on-a-part-time-budget">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/great-ways-to-generate-passive-income">Great Ways to Generate Passive Income</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/freelancing-a-beginner-s-guide-to-doing-it-right">Freelancing: A Beginner’s Guide to Doing It Right</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses">The 5 Best Credit Cards for Small Businesses</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">4 Best States to Start a New Business In</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-freelance-jobs-that-pay-surprisingly-well">11 Freelance Jobs That Pay Surprisingly Well</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship best money tips start a business Mon, 26 Sep 2016 10:00:12 +0000 Amy Lu 1799079 at http://www.wisebread.com Freelancing: A Beginner’s Guide to Doing It Right http://www.wisebread.com/freelancing-a-beginner-s-guide-to-doing-it-right <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/freelancing-a-beginner-s-guide-to-doing-it-right" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/wisebreadfreelance.jpg" alt="Coffeeshop Telecommuter " title="Coffeeshop Telecommuter" class="imagecache imagecache-250w" width="250" height="168" /></a> </div> </div> </div> <p>Depending on the field you&rsquo;re in, freelancing can be a great way to make extra money or transition into a full-time flexible career. But doing it right takes some planning and strategy. If you&rsquo;re considering freelancing as a way to supplement or replace your current income, here are the basics on how to get started. (See also: <a href="http://www.wisebread.com/30-great-side-jobs">30&nbsp;Great Side Jobs</a>)</p> <h2>Network</h2> <p>As with any other business, <a href="http://www.wisebread.com/15-simple-networking-tricks">networking makes all the difference in the freelance world</a>.</p> <p>Use past work connections, friendships, social media sites, and professional groups to get the word out about your services. Have an elevator pitch ready to explain what you do, your qualifications, and what sets you apart from the competition. Though networking is a never-ending process, it&rsquo;ll become easier as your body of independent work builds and satisfied customers begin spreading the word.</p> <h2>Research and Set Fees</h2> <p>Knowing what to charge can be tricky. Most freelancers make one of two mistakes when it comes to setting their fee structure. Either they underestimate what the market is willing to pay (short changing themselves in the long run), or they price their services too high for their experience level (alienating potential new clients).</p> <p>Use <a href="http://thenextweb.com/entrepreneur/2012/09/08/freelancing-pricing-services/" target="_blank">online research tools to determine</a> what independent contractors are making in your field and in your area. Find the sweet spot based upon your background and skill set.</p> <h2>Establish a Rate Card</h2> <p>Once you know the general range of what you&rsquo;ll be charging, establish a rate card that outlines your menu of services.</p> <p>Think of every potential project you could land.</p> <ul> <li>Will you charge per hour or per project?</li> <li>How might your hourly rate change based upon the complexity of the work?</li> </ul> <p>A clear outline of prices (or even a good estimate) will help clients anticipate expenditures and budget for your services.</p> <h2>Pitch Recurring Projects</h2> <p>Big projects are great, but they&rsquo;re inconsistent. Pitching recurring monthly or quarterly projects to clients will show initiative and help smooth the peaks and valleys in your freelance income. Even a few modestly priced &ldquo;maintenance&rdquo; projects that you can count on every month will make a world of difference financially &mdash; especially in the beginning.</p> <h2>Create an Invoicing System</h2> <p>Once you have a rate card and are assertively pursuing projects, it&rsquo;s time to create an invoice. Here, simplicity is key. Create a one page Word document that includes:</p> <ul> <li>Date</li> <li>Your business name, address, and phone</li> <li>Tax ID number (if applicable)</li> <li>Client name, address, and contact person</li> <li>Project description</li> <li>Date work was completed</li> <li>Agreed upon fees and totals</li> <li>Method of remittance</li> <li>A thank you</li> </ul> <p>For examples of invoices that tick all the right boxes, check out <a href="http://www.smashingmagazine.com/2009/11/05/invoice-like-a-pro/" target="_blank">these slick designs</a> from Smashing Magazine.</p> <p>Every client has a different payment schedule and as your work expands, you&rsquo;ll need a way to track your invoices quickly and easily. I use a <a href="http://www.wisebread.com/excel-the-most-underrated-software-you-already-own">simple Excel sheet</a> with six columns: Client Name, Project Description, Hours Worked, Amount of Invoice, Date Invoiced, and Payment Status. It&rsquo;s a bare bones way for me to check the status of my billings and helps ensure that no client gets invoiced twice for the same job.</p> <h2>Don&rsquo;t Forget About Taxes</h2> <p>Remember, freelance work typically means you&rsquo;ll be receiving a 1099 tax form and will be responsible for setting aside the proper income tax amount yourself. Depending on how you structure your freelance work and how much revenue you&rsquo;re bringing in, you may be required to file estimated taxes quarterly. Discuss the particulars of your business with a tax advisor to make sure you&rsquo;re organized for Uncle Sam.</p> <h2>Create a Freelance Resume and Portfolio</h2> <p>Typically, your first few clients as freelancer will be people who know you and know your work. But once you have some projects under your belt, it&rsquo;s time to formalize it and reflect it in your resume. Create a separate resume or portfolio of work that you can use when pitching projects marketing your business to new clients.</p> <h2>Market, Market, Market</h2> <p>A successful freelance business takes constant attention. The work you&rsquo;re doing today is probably work you pitched three months ago to a client you met last year. That long horizon must be factored into to your daily work and it&rsquo;s a discipline that takes some practice to master.</p> <p>Market your services online, offline, formally, and informally &mdash; always with an eye toward where you want to be in six months or a year. Oh, and don&rsquo;t forget to thank current customers who send new clients your way &mdash; referrals are golden.</p> <p>Are you ready to test the waters of a <a href="http://www.wisebread.com/part-time-jobs-that-can-get-you-serious-discounts">part-time</a> or full-time freelance career? If so, some upfront planning focused on the basics can save you a lot of time and stress later. Happy freelancing!</p> <p><em>Are you a freelancer or have you worked solo in the past? What tips do you have for newbies?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> of <a href="http://www.wisebread.com/freelancing-a-beginner-s-guide-to-doing-it-right">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-signs-its-time-to-make-your-side-gig-your-career">6 Signs It&#039;s Time to Make Your Side Gig Your Career</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/great-ways-to-generate-passive-income">Great Ways to Generate Passive Income</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-ways-to-make-money-during-a-semester-abroad">7 Ways to Make Money During a Semester Abroad</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-side-jobs-for-stay-at-home-moms-and-dads">12 Side Jobs for Stay-at-Home Moms and Dads</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-ways-to-earn-extra-cash-when-money-is-tight">9 Ways to Earn Extra Cash When Money Is Tight</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Extra Income freelance income side jobs start a business Mon, 28 Jan 2013 10:48:33 +0000 Kentin Waits 967361 at http://www.wisebread.com Make Your Dream Career a Reality for Less Than $100 http://www.wisebread.com/make-your-dream-career-a-reality-for-less-than-100 <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/make-your-dream-career-a-reality-for-less-than-100" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/4384408269_43d021046b_z_0.jpg" alt="chef" title="chef" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Why are we constantly pinning our happiness on events yet to happen?</p> <ul> <li>&ldquo;I'll be happy when I get that promotion.&rdquo;</li> <li>&ldquo;When the kids are out of school, things will be easier.&rdquo;</li> <li>&ldquo;Once I'm <a href="http://www.wisebread.com/financial-iq-test-how-healthy-is-your-debt-management">out of debt</a>, I can buy that new [whatever], and then I can move forward with life.&quot;&nbsp;</li> </ul> <p>Maybe these examples are right on the mark.</p> <p>Maybe that promotion <em>will</em> make you happy. Maybe <a href="http://www.wisebread.com/how-to-financially-educate-your-children">each stage of your kids' development</a> does become less complicated. And maybe becoming debt-free (and/or making a big purchase) will indeed mark the beginning of a new life for you.</p> <p>Or maybe not.</p> <p>What if reaching a benchmark you've been waiting for and working towards doesn't encapsulate the transformative qualities you'd hoped for?&nbsp;What if you could create the life of your dreams &mdash; now &mdash; for less than $100? Hundreds &mdash; if not thousands &mdash; of people have already done it...including me. (See also:&nbsp;<a href="http://www.wisebread.com/motivating-yourself-and-others">Motivating Yourself and Others</a>)</p> <h2>Passion-Based Business</h2> <p>Believe it or not, you don't need a fancy degree, large amounts of capital, or to be a high-flying entrepreneur to open your own business. More than anything else, you simply need a passion that drives you. The rest tends to fall into place from there.</p> <p style="margin-bottom: 0cm">In my journey to <a href="http://www.theprofessionalhobo.com/2012/02/how-i-became-the-professional-hobo-part-i-the-dream-the-decision/">becoming The Professional Hobo</a>, I knew I needed a change in my life. I took a <a href="http://www.theprofessionalhobo.com/2012/05/how-responsible-is-a-leap-of-faith/">leap of faith</a> and sold everything I owned to pursue my dream of traveling the world.</p> <p>With less than $100, I started a travel blog and combined my passion for travel with my financial planning skills to become an expert in writing about travel, personal finance, and lifestyle design. I earned credibility by &ldquo;walking the talk&rdquo; and creating a full-time financially sustainable travel lifestyle.</p> <h2>Merging Your Passion With What's Important</h2> <p>The key to any successful business is that it provides a product or service that is important to a reasonably sized group of people.</p> <p>And the key to <em>being happy in</em> a successful business is that the product or service other people care about is <em>also</em> something you're passionate about.</p> <p>Your passion will drive the business, and the fact that other people care about it is what will grow and perpetuate it.</p> <h2>Ditching the Planning</h2> <p>The problem with making big life changes or implementing new business ideas is our perception that lots of planning is required first. We need a business plan, a perfect website, and to have everything in full operational order before we open our doors to the public.</p> <p>It feels safe to sit back and dot i's and cross t's. We can't fail as long as we're only planning.</p> <p>But life happens while we're busy making plans. A lot can change in a moment (or week/month/year) of hesitation.</p> <p>Although a good dose of planning is prudent, it's also a trap. We can become so mired in &ldquo;the plan&rdquo; that is paralyzes us from action.</p> <p>When I decided to travel full-time, I had many questions and very few answers. At the time, I couldn't even properly define what a blog was! But I knew there was a convergence between my passion for travel, personal finance skills, and other people's desire to do something similar with their lives.</p> <h2>The Three Key Ingredients of a $100 Business</h2> <p>As I continue into my sixth year of full-time travel, my business can evolve with me. I can offer personal coaching, write books, give seminars, host TV shows, and more.</p> <p>The three key ingredients required to make any of these business elements work are the following:</p> <ol> <li>I have a product or service</li> <li>There are people willing to pay for it</li> <li>I have a way to get paid&nbsp;</li> </ol> <h2>The $100 Startup</h2> <p>The concepts above are addressed in depth in a new book called <em><a href="http://www.100startup.com/">The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future</a></em>, by Chris Guillebeau.</p> <p>It features dozens of case studies of people who:</p> <ol> <li>Followed their passion to create a business</li> <li>Spent less than $1,000 &mdash; usually less than $100 &mdash; to get it started</li> <li>Earn at least $50k/year in net income</li> </ol> <p>They are normal people, most of whom don't possess extraordinary skills or education. They just had a passion, an idea, and the motivation to make it happen.</p> <p>For some of them, their business started almost by accident when they realized the convergence between their passion and a market need. Others knew they had a good idea, but got stuck in the planning phases, and it was an unexpected first sale that actually kicked them into action. And for others yet, disasters like being laid off created an environment to seize opportunities that had been on the back burner for too long.</p> <h2>How to Follow Your Passion</h2> <p>Here are some related articles about finding &mdash; and chasing &mdash; your passion, and using it to create a passion-based business that makes your heart sing:</p> <ul> <li><a href="http://www.wisebread.com/feeling-stuck-100-ways-to-change-your-life" target="_blank">Feeling Stuck? 100 Ways to Change Your Life</a></li> <li><a href="http://www.wisebread.com/looking-for-answers-in-life-heres-your-key" target="_blank">Looking for Answers in Life? Here's Your Key</a></li> <li><a href="http://www.wisebread.com/location-independent-career-basics" target="_blank">Location Independent Career Basics</a></li> <li><a href="http://www.wisebread.com/three-e-books-to-help-you-make-money-travel-and-change-your-life" target="_blank">Three E-Books to Help You Make Money, Travel, and Change Your Life</a></li> </ul> <p><em>Do any Wise Bread readers have ideas for (or examples of) creating passion-based businesses? Please share in the comments! </em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/nora-dunn">Nora Dunn</a> of <a href="http://www.wisebread.com/make-your-dream-career-a-reality-for-less-than-100">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-simple-ways-to-find-your-passion">5 Simple Ways to Find Your Passion</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/adaptation-lessons-learned-from-being-unemployed">Adaptation: Lessons learned from being unemployed</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-is-your-dream-job">What Is Your Dream Job?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/find-your-passion">Find Your Passion</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/america-is-the-no-vacation-nation">America Is the No Vacation Nation</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income Lifestyle dream job motivation passion start a business Fri, 25 May 2012 10:24:12 +0000 Nora Dunn 929296 at http://www.wisebread.com Great Ways to Generate Passive Income http://www.wisebread.com/great-ways-to-generate-passive-income <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/great-ways-to-generate-passive-income" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/3412060489_9a61077f6b_z.jpg" alt="woman holding cash" title="woman holding cash" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Earning income passively is a dream for most people, since it essentially means you make money without putting in a significant time investment.&nbsp;Most sources of passive income will require time and some money to get started, but if successful, these opportunities can generate income for you long-term and without your direct involvement. (See also: <a href="http://www.wisebread.com/4-reasons-why-everyone-needs-side-income">4 Reasons Why Everyone Needs Side Income</a>)</p> <p>Here are some great ways to generate passive income.</p> <h2>Create a Product</h2> <p>You can earn passive income by creating a digital product, whether it is an e-book, audio file, video, or some type of presentation, and then sell it over and over again automatically. Once the initial creation of your product is complete, the sales of the product become passive if you set up an automated system to deliver prospects to your sales page, collect payment, and send out their purchased product.</p> <p>Other opportunities for passive income by creating a product might include writing a physical book and getting it published &mdash; ongoing sales of your book are earned passively. Some people become television writers, and when their series is picked up for reruns, royalties earned are considered passive income.</p> <h2>Sell Advertising</h2> <p>As a website owner or publisher of a popular e-zine, magazine, blog, or newsletter, you can sell advertising space. While you will have to do the initial legwork to create a successful website with a large following, once established, advertising revenue is a passive income opportunity where other business owners will pay you to include an advertisement on your website or in your newsletter.</p> <h2>Own a Business</h2> <p>When people think of <a href="http://www.wisebread.com/small-business/passive-income-for-every-entrepreneur">passive income</a>, chances are they will immediately think about an online business of some type. The internet makes it possible to start and run a business with low start-up costs and low overhead expenses &mdash; which means more profit in your pocket. It also creates opportunities for automation, and anything you can automate provides a potential passive income stream.</p> <p>While it&rsquo;s often easier to break into the world of passive income online, passive income is not limited to the internet.&nbsp;Any business you own can generate passive income for you if it is established the right way. If you hire people to fulfill the day-to-day activities of your business, your business should generate a profit after all the expenses are paid.&nbsp;The profit you receive as the owner of the business is passive if you aren&rsquo;t directly involved in the daily operations.</p> <h2>Become a Landlord</h2> <p>People who own apartments or commercial space earn passive income through the rent payments they receive from their tenants.&nbsp;You receive the payment every month simply because you own the property; and you aren&rsquo;t exchanging a direct service or time for the rent payment.&nbsp;There are of course, responsibilities that come with being a <a href="http://www.wisebread.com/so-you-want-to-be-a-landlord-part-i">landlord</a> &mdash; but many people find the experience rewarding and a way to establish consistent income without directly trading their hours for dollars.</p> <p>If buying a property to rent out is out of your comfort zone, you can start on a smaller scale and rent out an extra room in your home, your garage, or even your driveway. <a href="http://www.parkatmyhouse.com">Park at&nbsp;My&nbsp;House</a> will tell you the &ldquo;value&rdquo; of your driveway and help connect you to people looking for a place to park near event venues or who just need a place to park their vehicle in your area.</p> <h2>Investing</h2> <p>A variety of social lending opportunities online allow you to earn a return by helping fund other people&rsquo;s loan requests in <a href="http://www.wisebread.com/peer-to-peer-lending-prosper-marketplace-or-lending-club">peer-to-peer lending</a>.&nbsp;Your total investment in the peer-to-peer lending site is generally divided up across multiple borrowers to help reduce your risks, but your money helps others gain the money they need, and you benefit by earning a return on the investment in the form of interest.&nbsp;Two of the more popular social lenders include <a href="http://prosper.evyy.net/c/27771/27132/994">Prosper</a> and <a href="http://track.flexlinks.com/a.ashx?foid=1029882.227343&amp;fot=9999&amp;foc=1">Lending Club</a>.</p> <p>When saving your money in a bank, take some time to compare savings accounts to earn as much interest on your money as you can. If you meet minimum balance requirements, you can also earn interest on money saved in a checking account. Earning interest on your money is a passive way to increase your income, so you may as well take some time to discover your highest earning potential.</p> <p>You can also build an income investing portfolio to create passive income while growing long-term investments. You may include a variety of investments from dividend stocks to CDs, bonds, and annuities, with the goal of earning money quarterly, semi-annually, or annually without having to sell the investment.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/debbie-dragon">Debbie Dragon</a> of <a href="http://www.wisebread.com/great-ways-to-generate-passive-income">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/freelancing-a-beginner-s-guide-to-doing-it-right">Freelancing: A Beginner’s Guide to Doing It Right</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make">The 5 Biggest Mistakes Freelancers Make</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-freelance-jobs-that-pay-surprisingly-well">11 Freelance Jobs That Pay Surprisingly Well</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-ways-to-make-money-outside-your-day-job">15 Ways to Make Money Outside Your Day Job</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-clever-ways-people-are-making-money-from-pok-mon-go">8 Clever Ways People Are Making Money From Pokémon GO</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Extra Income Investment extra money passive income start a business Fri, 04 May 2012 10:24:15 +0000 Debbie Dragon 924887 at http://www.wisebread.com