Did you know that nearly 9 in 10 active duty service members and 84% of their spouses or partners have worries about personal finances? They are worried about meeting basic household needs and debt payments.
This is exacerbated because a lot of these military families are surviving on a single-family income. Are you a service member who is dealing with such a dire financial situation? Read on to see the best passive income ideas you can implement to get some extra money flowing into your family coffers.
1. Convert Part or All of Your Home into an Airbnb
When you are deployed, your home might be empty if your family is traveling with you or if they live with your family while you are gone. It would be such a waste to leave your apartment or house empty while you are not around. You could convert part or all of your home into an Airbnb or a rental unit, so you can generate passive income.
2. Start Selling Your Artwork or Pottery on Etsy
Do you have a creative talent that you could monetize? Perhaps you like to make little dolls out of leftover yarn? Or maybe you like creating metal artwork pieces from random items found in salvage yards.
Whatever your hobby or passion, turn it into a passive income venture by selling your creative artwork on Etsy or eBay, or through your website.
3. Write an Ebook about Your Military Life
Are you a great writer who can spin a yarn that enthralls crowds? You could try writing a novel about your military life, fiction or not, or you could just write about something completely different? This could end up being another source of passive income for you.
4. Invest in Weekly or Monthly Dividend Funds
There are many mutual funds or index funds on the stock market right now that offer weekly or monthly dividends. All you need to do is invest any extra you might have into such funds and then get investment income without lifting a finger. Check out these resources on passive income for service members for more ideas.
5. Start an Instagram or TikTok about Your Military Life
If you aren’t using social media yet, rectify that right away. Social media channels like Instagram and TikTok are allowing people to share their life with strangers and make money while they are at it. If you are going to be taking pictures or videos anyways, why not share these with the world as well?
Use These Best Passive Income Ideas to Your Advantage
Your financial situation will not change until you do. Stop worrying about your debt or other financial problems, and start making more money so you can divert some of this extra passive income into building an emergency fund or paying off your mortgage.
If you loved this article about the best passive income ideas and found it practical and usable, then check out the rest of our blog for more inspiring posts.