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When it comes to thinking of passive income ideas for couples, thankfully there are many options. Are you a couple looking for ways to increase your passive income? Whether you’re just beginning a new business or you’ve been successful for years, there are a few different strategies you can use to help you earn money without having to do much work.
You might even want to consider renting your home or starting a blog, but first, you need to know a few things.
Why consider passive income as a couple?
Looking into passive income as a couple or a side hustle for a couple can bring on a ton of opportunities.
First, it can be a lot of fun to embark on a new money-making project with your partner. With passive income, you do the work upfront to lay the foundation for earning money passively in the future. Laying that groundwork can be a task you and your partner do together and then reap the rewards in the future!
Here are 5 passive income ideas for couples you should consider…
5+ Passive Income Ideas for Couples
These passive income ideas should give you a great starting point to figure out what direction you and your significant other can take…
1. Renting out a home
One way to generate passive income is by renting out your home. This is a great option for those with time and money. You might be sitting on extra cash with your home and you don’t even know it.
However, there are a few things you should consider before you dive in.
First, you will need to consider the market.
It’s important to know what the local market is like, especially if you’re investing in a major metropolitan area.
Also, keep in mind that you’ll want to make sure your monthly rent is sufficient to cover your homeowner’s insurance and HOA fees.
The best way to find out is to talk to a real estate agent.
The most reputable agents will have all the details you need. The next step is to decide what you want from your rental property. You should decide whether you want to sell it in a few years or rent it out on a long-term basis.
This is one of the best side hustles for couples don’t miss out on this one.
Tips for starting with short-term rental income
2. Real estate mortgage notes
If you are looking for a safe and secure way to earn passive income, consider buying real estate mortgage notes. A promissory note is a security instrument that guarantees the lender that the borrower will pay back the loan. It also serves as a legal document that is recorded in a county record.
In 2009, fifteen million homes were underwater. That means the lender was holding the note on a property that isn’t worth what it was owed. It was a big problem for the banks.
Fortunately, they found a solution. They pooled loans based on the loan characteristics and sold the notes to private companies. Using the Internet, it’s easier than ever to invest in single-family homes.
Mortgage notes can generate passive income because investors receive monthly payments as a form of return on their investment. The amount of passive income you’ll get depends on your location and your lifestyle.
Have you heard of Arrived Homes? They help you invest in real estate rental properties with as little as $100. Here’s our review so you can see how it all works.
3. Car rental apps
Car rental apps like Turo or Getaround are a great way to make some extra cash. They are also a good way to earn passive income. With the right app, you can find yourself earning hundreds of dollars a month.
This is one of my favorite ways for couples to make money.
It’s within reach for a lot of couples because many people own cars and it’s a relatively hands-off approach for couples to get into making cash on the side.
Car sharing is becoming more and more popular as people who need a car but can’t afford one start looking for a cheap rental option. These apps are ideal for people who don’t want to own a vehicle or people who simply need to travel to work or the grocery store.
The downside to these car rental apps is that you have to pay in advance. You also have to pay for overage and for maintenance on the car. There are also fees if you have to pick the car up late.
Tips to using Turo for short-term car rental income
- Set the right price: Consider factors like the make and model of your car, its condition, and the demand for similar vehicles in your area when setting your rental price.
- Offer added value: Offer extras such as GPS navigation systems, child car seats, or a pre-paid fuel option to make your car more appealing to renters.
- Maintain your car: Keep your car in good condition to ensure a positive rental experience for your guests. Regular cleaning and maintenance will also help you command a higher price.
- Respond promptly: Respond quickly to rental requests to increase your chances of getting booked.
- Be flexible: Be flexible with your rental dates and consider offering one-way rentals to increase your chances of getting booked.
- Manage your calendar: Keep your calendar up to date to avoid double-bookings and ensure that your car is always available when you want it.
- Provide excellent customer service: Respond promptly to any questions or concerns from your renters and be willing to accommodate their needs to ensure a positive rental experience.
By following these tips, you can maximize your earnings on Turo and enjoy the benefits of sharing your car with others.
4. Etsy
There are a number of Etsy passive income ideas that can be used by couples to increase their earning potential. However, not every idea will work for everyone.
Etsy is an online marketplace that allows users to sell handmade or vintage goods. It is a great way for creative individuals to showcase their talents and create a brand name for themselves. It can also be a side hustle for those looking to earn some extra money.
There are many things you could sell on Etsy:
- Digital artwork
- Templates
- Website themes
- Coffee mugs
- Brownies
- Handknit chunky blankets
The sky’s the limit here.
Tips to sell on Etsy
- Know your target audience: Understanding your target market is crucial for success on Etsy. Consider who your ideal customer is, what their needs and preferences are, and how you can best meet those needs with your products.
- Develop a unique brand: Create a strong brand that sets you apart from other sellers on Etsy. This includes creating a consistent visual aesthetic, developing a distinctive voice, and differentiating your product offerings.
- Offer high-quality products: Ensure that your products are of the highest quality, are well-made, and are carefully packaged and shipped.
To start selling on Etsy, you’ll need to set up your shop. This can take time, so you need to be prepared to devote some time to your shop in the beginning.
5. Blogging
Blogging is an excellent idea for couples making money. It’s also a way for couples to make money online.
Getting started with a passive income blog can be a daunting task. There’s a lot of time, energy, and money involved. However, it’s not impossible to make it work.
To make it work you need to build an audience. This can be done through social media and email marketing. You also need to write great content. And, if you are willing to put in the work, you might even be able to turn it into a business.
Depending on the niche you choose, you can sell products directly through your site, or promote products from other companies. Some bloggers may be lucky enough to receive free products in exchange for reviews. If you are one of those fortunate individuals, you might be able to earn a few bucks along the way.
Tips for blogging
Blogging can be a great way to share your ideas, experiences, and knowledge with others, and it can also be a source of income. Here are some tips to help you make money through blogging:
- Choose a profitable niche: Choose a topic that you’re passionate about and that has a large and engaged audience. Niches such as personal finance, health and wellness, and lifestyle are often profitable.
- Build a strong audience: Focus on creating high-quality content that provides value to your audience. Utilize social media, search engine optimization (SEO), and other strategies to grow your audience and increase your visibility.
- Monetize your blog: There are several ways to monetize your blog, including advertising, sponsored content, affiliate marketing, and selling digital products or services. Choose the methods that work best for you and your audience.
- Network with other bloggers and brands: Connect with other bloggers and brands in your niche to collaborate and cross-promote each other’s content. This can help you grow your audience and generate more income.
- Offer premium content or services: Consider offering premium content or services, such as e-books, courses, or one-on-one coaching, to your most dedicated followers. This can help you generate additional income and build a closer relationship with your audience.
- Continuously improve your blog: Stay up-to-date with the latest trends and best practices in blogging and continuously improve your blog to provide the best experience for your audience.
6. Course Creation
I bought a course from the (former) couple behind Create and Go! They helped people make money online, among other things. This could be a fun way for you and your partner to collaborate and teach a skill to people over the internet:
- How to bake bread
- Container gardening for beginners
- Knitting basics
There are so many different topic ideas available. Pick one that you both can get excited about teaching to others.
Teachable is my favorite platform for making courses. You can do everything from publish your course to send emails to students, set up an affiliate system, offer coupons, gift cards, and more.
Bottom Line
As you can see, there are tons of passive income ideas for couples out there. Which one will you pursue?