 TITLE: How to Make Passive Income CONTENT: How to Make Passive Income When You Have Extra Time and Money\n-------------------------------------------------------------\nIf you can make a larger investment in your passive income venture, consider these options:\n*   **Set up an affiliate marketing business.**  marketing allows you to earn money by promoting products. When you create an affiliate account with a brand, you receive a customized link you can share with friends, family, blog readers or a social media audience. When they use the link to purchase the product, you earn a commission. If you already have a well-read blog or a social media following, you can begin incorporating affiliate links in your posts. (Keep in mind: You'll likely have to disclose that you'll earn money if they use the link in accordance with U.S. law.)\n*   **Buy a rental property.** Purchasing a rental property can be a great way to earn passive income, particularly if you buy in a popular vacation area or an in-demand neighborhood. You'll want to research the market thoroughly beforehand, including the average rent on similar properties. If the property is supposed to supplement or replace your current income, you'll need to charge enough to cover your mortgage payments and then some. It's also important to consider who will maintain the property and address tenant needs, particularly if you don't live nearby. But under the right circumstances, a rental property can be a great option for earning passive income.\n*   **Rent out part of your home on Airbnb.** If you have a spare room that rarely gets used or an apartment over the garage that currently functions as a storage space, you may be able to earn income by fixing it up and renting it out on Airbnb or other vacation rental platforms.\n*   **Create a series of books or an online course.** If you have a special skill or area of expertise, you can create a book or series of books to sell to professionals or consumers. Or you can film courses or seminars and sell those online through sites such as Udemy. After the initial work is done, you may reap sales long into the future.\n*   **Become a peer-to-peer lender.** Peer-to-peer (P2P) lending platforms, such as Prosper, allow you to loan money as part of a pool of lenders. You earn interest on the loans as the borrowers pay them back.\nAdditional Ways to Make Money Fast\n----------------------------------\nEstablishing passive income can take some time and possibly a big initial investment. But there are many ways to free up room in your budget or make money fast.\n*   **Shop generic.** Trim your grocery budget by buying store brand products and only picking up produce and meat that are on sale.\n*   **Find a side gig.** Driving for a ride-hailing app or becoming a shopper through a service such as Instacart can help you earn extra money outside of your full-time job.\n*   **Negotiate your bills.** If you have auto insurance and homeowners or renters insurance, request quotes from several providers to see if you can get a better rate. Your current insurance company may also offer special discounts if you bundle policies with them. If you're struggling with credit card debt, you can call the card companies and ask to negotiate your interest rate or adjust your repayment plan.\n*   **Take out a personal loan.** An unsecured personal loan can provide you with a lump sum of cash to deal with emergency expenses or to streamline your debt and reduce your monthly payments.\nOnce you've created steady passive income streams, you can build up your savings and lower the chances of needing to make money fast under pressure. Diversifying your income not only helps you avoid a crisis if your employer shuts down or you need to take time off work, but it also gives you more freedom. You may feel more comfortable taking risks, such as starting the business you've always dreamed of, knowing that you have enough money coming in regularly to afford your basic needs.\nIf you've never explored passive income options before, you may want to start with one or two ideas and learn as you go. But ultimately developing several sources of income can provide you with greater financial security and opportunities. END