How To Generate Passive Income In Missouri
Making extra money aside from your 9-5 job is a great way to pay off bills, build an emergency fund, and have spare cash around for when you need it most.
We’re breaking down how to generate passive income today in 6 simple ways. If you’re in a pinch and need cash in the meantime, we’ll also break down how to get Missouri installment loan cash and whether or not it could be the right option for you.
6 Passive Income Strategies
1. Renting Out Extra Space
If you have extra space in your home or on your land, you can rent it out for passive income. If you are interested in house-hacking, the best way is to have a duplex or separate living areas such as a finished garage or basement. This way you can rent out the extra space to someone, but still, live separately.
Another option is to rent out your Missouri home by the room, but you would have to share your common spaces. You can also rent out your land to farmers or horse-owners. Even a large barn or extra space could be rented for storage.
It’s also possible to rent out your car through certain websites, like Turo, if it is in a safe condition.
2. Wrap Your Car
Companies such as Nickelytics, Wrapify, and Carvertise will pay to wrap your car in advertisements if you live in certain cities and drive specific distances. This ensures the ad gets seen.
If you are selected, the companies will send you everything you need to wrap your car and you will receive payment for the duration of the ad campaign. All you need to do is drive as usual!
3. Invest In REITs
A clever way to invest in real estate without buying property is through REITs. Investors can buy REIT stocks, exchange-traded funds, and mutual funds through an easy online brokerage account.
REITs usually have high dividends which are how to generate passive income. They can be paid out to you monthly, quarterly, or annually.
4. Invest In Vending Machines
Investing in vending machines is another great example of how to generate passive income but expect upfront costs. You will need to buy a machine from a manufacturer and its contents.
You will first need to carefully consider the best location and then get permission from the proprietor. Once your operation is up and running, you need to check it often to restock and consider supply and demand when choosing the next inventory.
5. Create A Product
If you are already passionate about creating a product like sewing hats or painting canvases, you can turn this into a profitable business, or maybe you’ve found a problem in a niche industry and have created a product to fix it.
In either circumstance, you need to consider if you have a consumer audience willing to buy your product and the initial investment you’ll need, such as effort and capital. If you have a product people want to buy, you will need to stock inventory and find outlets to advertise and sell such as social media, Etsy, or Amazon.
6. Create A Channel
These days influencers can make money by recommending and using products, but first, you need to create a channel and gain loyal followers. This is easier said than done, but if you have a niche and are relatable, it is possible. You could create a channel on YouTube or other social media sites like TikTok and Instagram.
Another Option for Getting Cash
Another interesting and easy alternative for getting the extra money you need is an installment loan from Missouri Title Loans, Inc. Applying for an installment loan is simple and convenient, and you can get up to $1,500.
How To Get Your MO Installment Loan Cash
To receive Missouri installment loan cash, you first need a driver’s license or government I.D., a statement from a checking account in your name, and your proof of income which can be your most up-to-date pay stub.
Next, simply go to our website and fill out the installment loan request form. A local representative will call you to schedule a time to visit the store with the required documents. The representative will check your documents and other information to ensure you qualify, which will only take around 30 minutes.
If approved, you can receive Missouri installment loan cash the same day or the afternoon of the next workday.
Chat With Us Today!
If you’ve been wondering how to generate passive income, you’ve come to the right place. Options include renting out extra space, wrapping your car in ads, investing in REITs and vending machines, or creating a product or channel; however, the easiest and quickest option is to apply for Missouri installment loan cash today.
Fill out the short form on our homepage today and let us take care of the rest!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.