Generate passive income by using low risk methods. Here are 4 simple ways to increase wealth that do not require “get rich quick” schemes or significant initial investments. Our goal here is to put our money to work in more than one way and create additional income streams to get closer to financial freedom. Below are some ideas and resources for making multiple income streams (Pinola, 2011).

1. Checking or savings accounts with a high yield

Improving the interest rate on your savings is a simple way to make your money work harder. The average savings or money market account currently yields less than 1% interest, but we can do better—without increasing risk. Although high-yield savings banks aren’t as popular as once, online banks still offer higher interest rates than traditional brick-and-mortar accounts. Nevertheless, switching to a higher-yielding checking or savings account will not make you rich, but it will result in more savings.

2. Rental earnings

Real estate investing is much riskier than it used to be. It takes a lot of effort to find the right property and qualify/pay for it, and it usually comes with many headaches. Being a landlord frequently entails dealing with difficult or uncooperative tenants, expensive property repairs, and other factors that make managing this investment less profitable than it appears. Also, renting out a spare room, attic space, or basement space in your home is another way to make more money from what you already have.

3. Putting your knowledge online

The most straightforward route is to start blogging about something you’re passionate about — say, widgets — and include affiliate links to various widget stores in your blog posts. The most important thing to remember when doing this is only to embed links to products or services that you would honestly recommend to others. Finally, people who they trust are more likely to trust product recommendations.

4. Offering information products for sale

Every specialized knowledge or skill can be packaged as a book, e-book, CD, DVD, game, poster, and various other formats. Moreover, the internet reduces the cost of producing and marketing information products. Royalties from photographs, artwork, patents, or other intellectual property that you can license out are examples of passive income.

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