Multiple income streams can be key to building wealth. However, inflation can easily erode your profits during economic downturns, so keep this in mind when choosing business ideas.
Opting for ventures that require you to purchase little-to-no materials can safeguard your earnings. Here’s a look at five inflation-proof passive income streams to consider.
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Rent Out a Parking Spot
Monetize your empty parking space by renting it out to neighbors. Whether you have one designated spot or several, this can be a great way to earn cash with minimal effort.
List your spot on sites like Neighbor.com to easily connect with potential renters. Specific rates vary by factors such as geographic location and whether your space is indoor or outdoor.
However, renters generally earn around $50 to $300 per month, according to Neighbor.com
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Create an Online Course
If you have expertise in a particular area, consider creating an online course. Setting it up will require considerable effort, but afterwards, you can collect earnings for years to come.
There’s no shortage of topics you can teach. For example, Udemy offers courses ranging from web development to pet care and yoga.
The average Udemy instructor earns $3,306 per year, according to analysis conducted by SellCoursesOnline. However, 75% of Udemy instructors make less than $1,000 per year.
To maximize potential profits, conduct research before creating your course. This can help you get a better understanding of what sells and where there might be a gap you can fill.
Rent Out Storage Space
If you have extra space in your home or garage, consider allowing people to rent it out for storage. This could be your basement, attic, spare room or even a garage.
Sites like StoreAtMyHouse.com allow you to list your space and connect with renters. You’re able to set your own rates, but the site recommends offering at least a 50% discount over local commercial self-storage providers.
The average storage unit costs approximately $180 per month, according to a Move.com analysis. While prices will vary, using this as your guide point, you could earn $90 per month for simply storing someone else’s belongings.
Sell Printables
Put your artistic side to work selling digital downloads on Etsy. This requires no physical materials or shipping fees, keeping costs to a minimum.
In fact, you could use free design tools like Canva to create your content.
When you’re just getting started, expect to earn roughly $10 to $100 per week, according to the blog Growing Your Craft. This may increase according to several factors, such as your niche, price point, product rank and your total number of product offerings.
Rent Out Extra Vehicles
If you have an extra car that doesn’t get much use, consider renting it out on Turo. The average annual income of one rental car is $10,868 per year, according to the company’s website.
However, you could step it up a notch and purchase cars specifically to rent out. For example, the average annual income of three cars on Turo is $32,605, rising to $54,341 for five cars, according to Turo.
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This article originally appeared on GOBankingRates.com: 5 Passive Income Streams That Are Resistant To Inflation
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