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It might seem like a bit of a long shot right now, especially if you’re not happy with your current financial situation, but there is a lot that you can do with your existing assets to make money and build an income. It’s not the easiest thing in the world, but if you can figure out how to make money from the assets you’ve got, then you can finally start building a passive income and hustling your way to the top of the income ladder.

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Asset Income Idea #1: Real Estate Investment Trusts

Real estate investment trusts, or REITs, are a special kind of investment that you make in real estate (as the name implies). Rather than buying an apartment or house outright, you buy a chunk of a portfolio of properties that generate income, either through the private rental market or through the commercial sector. REITs are highly divisible and pay a dividend, so you can start earning passive income immediately.

Asset Income Idea #2: Sell Your Car

Your car is one of your most valuable assets, not because of the services that it offers (usually), but because of the money that’s stored up inside it. Think carefully about how often you use your car. Are there alternatives? If so, you could sell your vehicle through a vendor like Mountbatten and then use the money you make to invest in alternative assets, some of which we will discuss below. Living without a car is not without its drawbacks, but if merely building passive income is the name of the game, then it can be a great way to get a quick lump sump and then start using it for additional income in the future.

Asset Income Idea #3: Rent A Property

If you own a property that isn’t currently being let, then it’s worth seriously thinking about whether you can use it to make money. Heck, thanks to online services like Airbnb, you can even rent out spare rooms.

Renting a property isn’t truly passive if you decide to do it yourself. But going through an agency can lower the time you have to spend on things like maintenance: they’ll manage the tenants and the issues with the house themselves.

Asset Income Idea #4: Lend To Your Peers

Many people are looking for angel investors to give them the initial startup capital that they need to launch a new business idea. Getting a business off the ground, however, can be tricky, especially when traditional lenders aren’t lending.

Right now, there’s a significant demand for relatively small chunks of capital between $2,000 and $30,000. If you’ve got that kind of money sloshing around and want to earn a decent return, then peer-to-peer lending might be the ideal solution. As with any investments, there are risks, but once you’ve taken the time to evaluate the quality of a business proposition, there’s a lot that you can do to reduce these.

Making money from the assets you’ve got should be your first port of call when thinking about how to boost your income. Once you’ve got a healthy secondary income stream, you can cut your working hours and do the things you want to do in life.

Chiino
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