In today’s economy, more and more people need a side hustle to make ends meet. One person asked an online finance forum for passive ways to increase their monthly income by a few hundred bucks. While they’re not all passive, people had great tips for making some extra money.
Note: Some quotes in this piece have been lightly edited for grammar.
1: Passive Aggressive
Finding proper passive options is next to impossible, according to a finance-savvy commenter. The good news? There are semi-passive options. Putting money into stocks/mutual funds can provide a decent return and are reliable with zero effort. “However, you need a lot of money to earn money. $100/month would take roughly $40,000, invested in a 3% dividend stock basket.”
2: Getting Started
One person offered a few suggestions, including equity and real estate investments, owning or investing in a business, and earning royalties from intellectual property (books, movies, etc.) But be warned, “Most people severely underestimate how difficult it is to make money from books consistently.” Furthermore, “The others require some upfront money.”
3: Risky Business
Although a bit more risky than buying a stock, one person said many others have reported decent returns through money lending websites like Prosper and Lending Club. “But again, this needs a lot of money upfront,” they add.
4: Becoming the Villain
A viable option for extra income is to become a landlord and find renters, one commenter says. “Not exactly passive, but a good way to work towards owning property, as most of your income goes back into the mortgage.”
5: Side Hustle
Starting a side business is another suggestion that’s not passive but can make you a decent chunk of change. Someone said it can be anything from mowing lawns to designing book covers for writers in Photoshop. “There’s no way to estimate the amount of time or level of return from a side business, as everyone is different.”
6: Just Not Possible
One naysayer believes if making passive income was simple, a lot more people would be doing it by now. “It’s going to take a non-insignificant amount of work,” they said.
7: Host With the Most
If you’re not ready to become a full-blown landlord, consider renting a room in your house on Airbnb or VRBO. “Simple way to make extra cash,” one person said. Another suggested homeowners build a “mother-in-law” suite in their backyard and rent it out.
8: Lights, Camera, Action
As long as you’re not camera shy, one person says monetizing YouTube videos can help you a little. All you have to do is enable monetization when you upload. “It’s not entirely passive as it still takes a few minutes to upload to YouTube and put a decent description, title, etc. There’s also a small chance you’ll get some decent traffic if a video is interesting or has the right keywords.”
9: Get Richer
One person says they used to look for passive income but have instead shifted their focus to increasing their current income. They follow Ramit Sethi’s method of saving more. “He points out that focusing on your primary job/career by increasing your skills, asking for raises, and seeking out better jobs is often the quickest and easiest route to increasing your income.”
10: Picture Perfect
One creative says they’ve been looking into modifying assets from various photography and design projects they’ve worked on and selling them on stock websites for extra cash. “I feel like after adding a few things here and there for a year, it could build up to something like $20–50/month,” they said.
11: Automatic Cash
“I run a highly-automated web store,” one earner says. They explain it takes two hours a day for packing and customer service and some time here and there on weekends to restock. “I hope to get about a thousand euros a month from this.”
12: Blog About It
Ever considered starting a blog? One person says it’s a great way to earn money by writing about topics you enjoy. “Once you’ve built an audience, you can monetize your blog through advertising or affiliate marketing,” they said.
13: Teach the World
If you have the expertise for it, another idea is creating an online course and selling it through online platforms like Udemy or Skillshare. “If you’re an expert in a particular field, this can be a lucrative way to earn passive income,” observes one person.
14: Trust Yourself
Wondering where to start? “The key is to find something that aligns with your interests and skills,” a finance-savvy commenter advises. If you love what you do, it’s much easier to put in the initial effort to get started.
Source: Reddit.
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