Want to start making money on the side without much effort, but not sure where to start? You’re not alone. Plenty of people who strive to earn a passive income quit before they start seeing results simply because they don’t know what strategy to pursue.
The following ideas will help. While this is by no means an exhaustive list of passive income ideas, it does cover some options you may not have considered. Take the time to genuinely evaluate each one. In fact, consider trying multiple strategies from this list. Doing so could be the key to making a decent amount of extra money without putting in a lot of work.
Get a Robo-adviser
Working with a financial advisor to invest your extra money is often an effective way to earn passive income. Unfortunately, the fees associated with doing so often prevent some people from taking advantage of this option.
Alternatively, you could take advantage of a Robo-adviser. Companies like Betterment offer automated services as a low-cost alternative to a traditional financial advisor. Customers can tailor their investment strategy based on how much risk they’re willing to take. They can also invest as little as they wish, and they can even set up automatic deposits. The program uses an algorithm to keep your portfolio balanced. You just sit back and watch your money grow.
Blog about a Topic That Interests You
It’s important to understand that many passive income strategies do involve some degree of work. However, the nature of that “work” may actually appeal to you.
For instance, if you have a natural passion for a particular subject, you may consider creating a blog about it. You can monetize the blog with Google AdSense, or even create an e-book or other form of premium content to promote via your blog.
This principle can also apply to YouTube videos or podcasts. If you’re interested enough in a topic that creating content related to it actually seems fun to you, earning money doing so is essentially the same thing as earning money passively.
Purchase a Blog
Even if you are passionate about the subject, it can be difficult to grow enough of a following to make a blog profitable. If you like the idea of making money from a blog but don’t like the idea of putting in the effort required to grow your follower base during the early stages, services like Flippa allow users to purchase existing blogs.
People abandon blogs for numerous reasons. Sometimes they actually grow popular blogs with the goal of selling them for a profit later. If you find a popular blog for sale in your budget (and relevant to your interests), purchasing it helps you skip the early stage, when you may struggle to build up a following. You can also use the popularity of an existing blog to promote an e-book or other product.
Buy Low, Sell High
Are you the type of person who is naturally drawn to garage sales, book sales, and thrift shops? These are great places to find potentially valuable products at a low price. You could buy them and put them up for sale on eBay or Amazon Marketplace at a higher price if you know they are valuable enough to justify the markup. If you enjoy restoring old items you find at garage sales and thrift stops, you could add even more value to an item before putting it up for sale.
Make Money Browsing the Web
Did you know that services like InboxDollars and Swagbucks will often pay you simply for doing the kinds of tasks you already use the Internet for? These services pay you to shop online, play games, and in some instances, simply browse the Web.
There’s a good chance you already spend a decent amount of time online. You might as well earn some money doing so.
Invest in a Business
This tactic won’t apply to everyone. You do need some amount of starting capital to take advantage of this method. You also need time to evaluate a business idea.
However, if you have enough money to do so, investing in a small business for a share of the profits can be a simple way to earn money on the side. Being a silent partner doesn’t need to involve much work on your part. You can simply provide the money, and then collect rewards when the business starts making a profit. Just make sure you’re confident the business will succeed before making an investment.
Again, this list doesn’t begin to cover all the ways you can make money on the side with little effort. However, it can give you some new ideas if you’ve been struggling to establish a passive income strategy. Sometimes, all you need is help taking that first step.