Passive Income Ideas (Part 6 – 📦 Assets You Already Own)

Hi again and welcome back again to another part of this multipart series. The series is about passive income ideas. In today’s part we will talk about assets you already own as passive income ideas. This will help you know how you can turn your assets into passive income. This part is the 6th part of this series. There are 5 parts before this. If you have not read the previous parts of this series, you can read them below.

After you read the previous parts, now its time to dive into this part.

Assets You Already Own as passive income ideas.

If you already own any kinds of assets, we are going to inform you how you can use those assets to create a passive income. You will be able to get passive income from those assets without you having to work all the time.

Idea #34. Rent Out Your Car.

If you already own a car, you can turn it into a source of income. You can rent out that car on platforms like Turo or Getaround. On such platforms or even offline in your town, you can find clients who are willing to rent out your car. When these people rent your car, they pay you for it. Hence you make money with your car without having to do anything. With such platforms, you do not even need to go looking for clients, the clients will come to you. The clients will find your car online and rent it.

Idea #35. Sell Data.

You can also create a passive income by selling your data on platforms like Nielsen or MobileXpression. I know you are wondering how does this work? Let me explain. Big tech, big pharma and other big companies need data. They need a lot of data. They need this data to understand their customers. These companies need to understand their customers in order to know how to market to them. In addition to that, they need this data to know how to make the best products for their customers. Hence why they are willing to pay you for your data.

So how exactly do you do it? You go to any of the sites that pay for data like Nielsen or MobileXpression. Then you create your account. Then you download their app. This app is the one that collects data about your internet as well as other services usage. It collects this data and sends it to their servers. This app passively tracks your internet, mobile and TV usage to gather data.

Idea #36. License Your Photography / Art.

If you are a person who creates art or loves photography, you can turn it into a passive income. If you are a photographer or you love taking great photos, you can turn them into a passive income. How do you do that? To turn your photography or art into a passive income, the way to do it is by licensing it. You can make an endless income by licensing your content to users across the internet. There are so many people and businesses over the internet that need new and great photos. Maybe its for their websites or blogs or maybe its their content, the need for such images is endless.

So you license these people and businesses to use your photos and art in their businesses. These licenses can rack up to a whole lot of money.

Idea #37. Rent Out Equipment.

Another great idea that you can use to create a passive income with your assets is renting out your equipment. If you have equipment like high definition cameras, you can rent them out. For example, you can rent out these cameras to weddings, parties and other content creators or journalists. In addition to that, if you have other equipment like tools and party gear, you can rent them out to people who need them. You can even rent out the party gear to those who want to have parties.

Idea #38. Rent Out Your Backyard for Events.

Often in urban areas like cities, people always want to hold social events but they do not have a place to do it. They do not have open spaces to do the social event. Mostly because they live in apartments that do not have a lot of space nor outdoor space. Hence these people will be willing to pay you to use your backyard for their events. If you need to find clients for your backyard, you can try the following website Peerspace.

Idea #39. Lease Out Unused Land for Farming or Storage.

This is mainly for upcountry people who do not live in the cities. Of course i do not imagine that you have unused land in a city. So if you are one of those people upcountry with large swaths of land, you can turn it into a passive income. One way of doing this is leasing out this unused land to those who want to put it into good use. There are people who can do a lot of farming with this land and produce a lot of food. For this, you can charge them a lease price for using your land for agriculture. In addition to that you can lease out this unused land for storage by things like factories.

Conclusion.

Now you know how to turn your assets that you already own into passive income. You can take that asset and turn it into income generating asset. This marks the end of our 6th part of this multipart series on passive income ideas. Furthermore, this article brings our total number of passive income ideas to 39. Come back again tomorrow for the 7th part of this series. In the 7th part we will talk about using your Knowledge and Expertise to create passive income. See you tomorrow.