4 Passive Income Ideas for New York City Residents featured image.jpg

4 Passive Income Ideas for New York City Residents

Looking for ways to make extra income in the Big Apple? There are all sorts of ways of flexible money-making opportunities here. But if you already have a job, picking up extra work may not be viable; there simply might not be enough time in the day for that. It’s far better to look for ways to earn passive income, as much as possible. Whether you’re worried about paying next month’s rent or saving enough of your earnings to achieve your retirement goals, building wealth through passive income is an appealing strategy that can really help get you over the top.

There are essentially two types of passive income: investments providing dividends and capital gains and businesses that you participate in without being involved in regular operations. One opportunity for the latter option is to make money on your daily commute by getting an eBump set up on the side of your vehicle. What is an eBump? It is essentially an LCD screen that shows ads you pre-approve in location- and time-of-day-targeted ways that are placed on the side of your car and earn you passive income from your daily commute. Find out if you qualify for a free eBump here!

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A Caveat About Earning Passive Income

In practice, passive income is not about getting something for nothing, though many people inaccurately see it that way. It will typically involve some up-front work. However, if you’re committed to your strategy, it can be a truly fantastic way to generate some extra financial security for yourself.

4 Passive Income Ideas for NYC Residents

If you live in NYC, there are dozens of ways to earn passive income. The unique relation to the financial sector, the high population, and the number of people looking to find their fortunes here makes it a very opportune place to try out any of the following passive income strategies:

#1: Invest in Rental Properties

Starting with a classic passive income strategy, renting out a property is typically quite a reliable way to earn extra money. While there is some financial risk regarding the property market, tenant choice, and potential damages, it can drive quite a significant ROI if you can muster the initial capital to buy a property. For most people, this isn’t the most viable strategy, as it’s too big too soon for our financial situations. Related to this idea, though at a smaller scale is...

#2: List a Spare Room on Airbnb

While most of us don’t have a spare house to rent out, we probably do have a spare room that could be jazzed up and rented out on the short for travelers, job hunters, and other people coming through your area. All you have to be is a good host, take care of the room, and try and help out a bit, and you’re golden. Here is a link to sign up as an Airbnb host.

#3: Rent Your Parking Space

Another, similar way to make passive income to renting out rooms and properties is to rent out your parking space! It’s not uncommon for spots in private driveways in Queens to rent out for more than $200 a month. For a spot a block or two from Long Beach, you can make more than $300 a month. If you’re sitting on a nice spot, you can make a pretty chunk of change just renting it out.

#4: Sell Ad Space On Your Car

Mobile vehicle advertising is a specialized way you can use the time you are commuting around to continue earning money. Traditional mobile vehicle advertising might involve actually wrapping your car with stickers and advertising wraps, however, that’s not a great option for most of us. Most of us don’t want to show up to our cousin’s wedding in a car covered in a giant Red Bull sticker, for example. What is more, doing so doesn’t compensate you based on the time you are actually promoting and on the road, but typically more at a fixed rate.

As a more modern alternative for mobile vehicle advertising, eBumps is pleased to offer you a passive income strategy that can help you make an extra $3,600 a year just by driving your car around the way you normally do. eBumps are also removable, so your car doesn’t have to be tarnished with garish stickers or anything like that. You have control over what ads appear on your car, you get paid by actual driving metrics, and, best of all, start-up costs are ZERO. We offer eBumps to qualifying drivers for FREE. We simply provide you an LCD screen that can be attached to the side of your car and you can start getting paid immediately. By placing real-time ads on car-mounted LCD screens, eBumps is able to bypass traditional marketing platforms and allow for highly customized, dynamic advertisements in a revolutionary new way, while also providing New York City residents with a new, easy way to make passive income.

Get Started With Mobile Vehicle Advertising

Want to be part of this new platform and start making passive income simply by driving around as normal? Become an eBumps driver today! There is no “one size fits all” advice for generating passive income streams. As the saying goes: you catch more fish with more lines in the water. Diversifying your income streams is always a good idea. However, some passive income ideas can cause you to lose focus on other more essential income streams, so you want to choose opportunities that balance your effort and ensure you’re staying focused on what will help you out most in the long run.

Ever since the Dutch bought Manhattan from the Native Americans in 1626, NYC has always been about real estate. Whether that’s a room, your apartment, your house, or even your car, making money in all about letting the space you own earn you money.

If you have any questions about eBumps or would like to even become an advertiser on our platform, reach out to us today!