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You don’t have to work overtime every week to get ahead on your finances. Why should making money be difficult or time-consuming? These passive income ideas put money in your pocket without making you lift a finger.
What is passive income? Unlike a second income opportunity, passive income is money that you don’t have to put effort into earning. These strategies make money while you are busy doing other things.
You’ll also find residual income ideas. Residual income is money that comes from a project you’ve already completed and from which you can continually make money.
Don’t pick up an additional shift just yet! Find our favorite supplemental income strategies to make the most of your money!
If you are a photographer, writer, artist, or musician, you may be able to earn royalties for the work you've already completed. Intellectual property like images or songs can be sold to companies that will, in turn, give you a percentage of every purchase of your property. For example, stock image websites will give you an average of 15% of the download price for your image, so you can earn a small, but steady income if you have popular images.
If you already have intellectual property like songs and eBooks completed, you can sell them on platforms such as iTunes to start earning money on every download. If you don't have photos, songs, or writing ready, you can turn this passive income idea into a residual income opportunity by putting forth the hard work now and then sit back and reap the benefits.
2. Cashback Websites
If you shop online without using a cashback app, you are missing out on potential savings. No matter what they advertise, you won't make millions of dollars by using cashback sites, but you'll earn back a steady stream of cash every time you make an online purchase. Find out which site is best for you in our cashback comparison.
You don't have to live in Michigan to earn money from recycling cans and bottles. Check to see if your state has a bottle return program that will give you money per bottle or can you turn in at a recycling center. If they don't, there are probably recycling centers near you that will pay for your aluminum cans at a per-pound rate. You won't earn a lot of money, but you can earn a small, steady additional income. find out where you can recycle cans at Earth911.
Investing is one of the easiest passive income ideas because it creates a revenue stream from your existing cash. While there are inherent risks to investments, you can be more conservative in your investments to earn a smaller amount of money on less risky stocks and bonds. If you don't understand investing or don't have the time to do the proper research for the volatile stock market, a robo-advisor app may be perfect for you. Sites like Betterment and Wealthsimple invest your money for you in diversified accounts based on your preferred risk. Neither site requires a minimum deposit and each only charges a 0.25% fee on your investment returns.
5. Real Estate
Real estate ventures can either be active or passive investments depending on the work you put in. If you don't want the work of being a landlord, investing in a Real Estate Investment Trust (REIT) can put money in your account without any labor. REIT sites like Fundrise crowdsource to purchase or develop real estate (think of them as Kickstarter for apartment buildings). After your initial investment, you'll earn a share of the profits paid in monthly or quarterly dividends as your return on investment.
How do you passively earn income?
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