Some months it seems like our paychecks don’t stretch as far as they need to go. And while we’re working on landing that promotion and salary raise, that takes time. We can and should be working to build multiple streams of income in our spare time as well.

You may have heard the phrase “passive income” — a term that refers to businesses, investments, or other efforts that provide you with additional income without much extra effort after you set them up. With time and effort upfront, you can build one or more of the following passive streams to help you achieve your financial goals.

Build — and monetize — a blog

You can make money by developing your own blog. First, you’ll have to pick a unique niche, publish engaging content consistently, and make sure users can find your content. As you build traffic to your site, you can make money through selling display ads as well as through an affiliate marketing program of a major retailer like Amazon. When someone comes to your blog, sees and clicks on an ad for a retail product, then buys that product on the retailer’s website, you earn a percentage of that sale. And you can also sell related digital products on your blog, like e-books or online courses you produce.

Buy and rental an investment property

If you have some money upfront to invest, you can purchase a residential property to rent out, either through long-term leases or through short term stays using services like Airbnb. You’ll have to manage the property, which will require you to make repairs, collect rent, and deal with tenant disputes. But if you’re prudent about your property, tenants, and costs, you can net a tidy profit each month with a minimum of work or hassle.

Invest in dividend stock

If you’re genuinely looking for a set-it-and-forget-it type of investment, consider dividend stock. Known for returning a consistent dividend every quarter, dividend stock will provide stable and predictable income that you can either use immediately or reinvest to ensure you receive a higher payout each quarter.

Build a CD or bond ladder

You can also build a CD or bond ladder. Here’s how this works. Say you’re looking for bi-monthly income. You purchase six CDs or bonds with staggered maturity dates such that one matures every two months. This way, while the bulk of your money remains invested, you’ll be receiving regular income as each bond matures bi-monthly.

Create content for revenue-sharing sites

You can also create content and upload it to content-revenue-sharing sites. You can upload articles you’ve written, or videos you’ve produced that will pay you a portion of the advertising revenue your content generates on their platform. You can also upload photos you take to a stock photo site, which, if visitors choose to purchase for their own use, you’ll receive a portion of the sale proceeds.

—

If you’re willing to invest some time and resources upfront, you too can build an income stream that returns regular cash with relatively little effort over time. Doing so will help you reach your financial goals and build real wealth for you and your family.