Making money while you sleep (or passive income) is a goal for many–especially now with people losing their jobs due to COVID-19. But thanks to readily available apps, the ever growing popularity of online learning and the decentralization of big banks, earning a passive income can be your reality.
From investing to renting ad space on your car, we’ll look at seven ways you can start earning money with very little to no effort at all.
1. Investment apps
If you’ve always wanted to get into investing but think you don’t have enough money to get started, think again. Thanks to apps like Acorns,Stash, and Robin Hood, investing is super simple to get started these days.
For example, with Stash, can make your first investment with as little as $5 with access to over 40 different investment options. Acorns even allows you link your debit card and will round up the dollars you spend to help you save for retirement and/or invest.
2. Affiliate marketing
If you run a blog and have a loyal following, you should consider monetizing it through affiliate marketing. The concept is simple: companies hire you to feature their product/service on your blog, and you either get a share of the revenue if one of your readers makes a purchase or a flat fee per click.
If you have expertise that you’re willing to share, there’s an opportunity for you to start earning passive income while simultaneously helping people around the world. It’ll take some legwork up front, but once you write/record your course or e-book, you’ll get paid every time someone purchases your product. Skillshare, Udemy and Teachableare great tools to use to get started.
4. Rent ad space on your car
This is the most unconventional item on our list, but it can extremely lucrative—especially if you’re a rideshare driver. Basically, companies pay you to display their advertisements on your car. An expert will apply the car wrap and it won’t damage your car. Once the promotional is over, the expert will return to remove the wrap from your car. You can easily earn up to $450 in passive income every month.
Have an extra room in your house, a separate cottage in the back or a garage you recently converted into a guest room? Well, you’re sitting on a gold mine of passive income potential. List your spare room on Airbnb for travelers or on sites like SpareRoom for a more permanent renter.
This is an easy way for you to earn thousands of dollars in passive income.
6. Earn money while shopping
Want to earn money just for shopping like you normally do? Download theIbottaorRakutenapp and get cash back or gift cards by shopping at grocery stores and other retailers. Ibotta alone has over 1500 participating brands and retailers.
7. Buy parking spots
If you live in a high-traffic city like New York, San Francisco or Chicago you know how expensive parking can be. Well, why not be the one making the money? Find an empty lot in your city, purchase it and rent it out to tourists or busy locals. It’s cheaper than buying property and can be extremely lucrative depending on the area.
Desperate times call for creative measures. If you’re struggling right now or simply looking for a way to add a new revenue stream, give the items on this list a try. Who knows, you could land upon a whole new career!
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