People need your help and they will pay you for it. Seriously. The “gigs” section of Craigslist.com is a classic place to find jobs, as is the bulletin board at your local church. We wrote a post on all the places to find work. Traditional job search sites can be over saturated with applicants but non-traditional places, as mentioned, can provide you a means for earning some extra income. You just have to be a go-getter and get hungry to find them. You could consider driving for Doordash or downloading the TaskRabbit app which has a plethora of ideas. Click here to get $20 credit when hiring from TaskRabbit.
Haha, that is too funny. I wanted to make an app back in the day called “MyShares” (You can probably tell how I cam up with the name at the time). The idea was that I would loan out books and DVD’s and then would never get them back. Then I thought, how cool would it be if I could rent those items out and that would motivate people to bring them back. Obviously, books and DVD’s are cheap, so this isn’t the money maker. The idea that would probably make the most money would be things like tools, ATVs, etc.
Use Swagbucks for your online searches. Swagbucks is something I don’t use as much, but I do occasionally earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded “Swagbucks” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up today!
P2P lending is the practice of loaning money to borrowers who typically don’t qualify for traditional loans. As the lender you have the ability to choose the borrowers and are able to spread your investment amount out to mitigate your risk. The most popular peer to peer lending platform is Lending Club. You can read our full lending club review here: Lending Club Review.
Why did P2P lending get a liquidity ranking of 6? It is quite possibly the most illiquid investment option you listed. You said you rank liquidity by “difficulty level of withdrawing your money without a massive penalty”, and for Lending Club notes, it’s not only difficult and extremely time consuming to sell all of your notes in their super illiquid market, but you would have to sell your notes at large losses to hope to get others interested in buying your notes. On top of that, it is impossible to withdraw your money any other way other than just waiting for interest/principal to pay off every month until maturity in 3 to 5 years. You can’t just one day tell Lending Club “I want to quit, please give me my money back.” One can even argue that it is less difficult to sell a home (in order to “withdraw” the money invested) than to withdraw all of their money from a P2P loan portfolio because it is very possible to sell a home before 3 to 5 years.
When I started SmartPassiveIncome.com, I already had experience with a successful, automated online business at Green Exam Academy. A lot of people were providing online business advice at the time, but most were using other people’s businesses as examples, or just spoke theory with no real case studies to back it up. Here, I was able to use my own experience as evidence, and it helped me become more credible right from the start.
Considering that you have a finite amount of time, passive income should make up a large part of your work. If you're serious about generating any semblance of income online, then passive income should be one of your sole goals and ambitions. Why? Wouldn't you prefer to do the work one time and get paid repeatedly as opposed to relying on your time to generate that income? Invest the time at the front-end so that you can reap the benefits on the back-end. This means putting in a bit of sweat equity and not getting paid today. Rather, you'll get paid somewhere down the road. And you'll continue getting paid whether you keep building that passive income stream or you stop.
One of the things I'm surprised your article doesn't mention is the tax advantages of this type of investment. The depreciation and rehab costs (purchasing distressed properties) can be huge deductions to ones income taxes, which none of the others have. Then, along with the appreciation of real estate, this passive income investment outperforms the notion of maxing out my 401k as well.
Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I made over $320,000 in 2015 by blogging and nearly $1,000,000 in 2016. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $2.95 per month plus you get a free domain if you sign-up through my tutorial.
Watch other people’s kids along with your own. There’s a good chance your friends who work outside of their homes would be thrilled to have an experienced parent watch their children while they are at the office. It can be manageable if your friend in need has only one or two kids. Plus, the new playmates will help keep your children occupied for a few hours. Pay varies widely based on where you live and the ages and number of kids you'll be watching, but babysitters and nannies typically can make up to $10 an hour in small cities and much more – even double that hourly rate – in larger cities.
2. This article isn’t intended to be about making $50k per year from $0 to start with. This is intended to show different ways that it’s possible to generate $50k in passive income. As for your rental property comment, check out RealtyShares or other similar companies. You can be a rental property owner without having to run the business. You can be a limited partner and just invest in real estate, and leave the actual work to the general partner. Basically, there are options to make $50k without working, but like the first paragraph says – front load your life!
But don't make the mistake of thinking this will be a passive source of income—you're on call whenever you have a guest and you'll always need to keep the place clean for incoming visitors. On top of just renting on Airbnb, consider offering your guests paid add-ons, like Lauren Gheysens', Royal Day Out in London, England—where she gives visitors a local's only tour of the city, complete with bespoke 18th century costumes.
Thanks to the internet there’s now a wide assortment of ways to make money online. So if you are stuck in a dead-end job and would like to change your life around then this guide will provide actionable strategies to enable you to do so. Whether you are looking for ways to make a bit of extra money, a part-time job or want to create a full-time income stream, there are plenty of opportunities to do so, all online and from the comfort of your own home.
Please note that some of the links below are affiliate links and at no additional cost to you, I will earn a commission. Know that I only recommend products, tools and learning resources I've personally used and believe are genuinely helpful, not because of the small commissions I make if you decide to purchase them. Most of all, I would never advocate for buying something that you can't afford or that you're not yet ready to implement.
Make money on YouTube. People who love the spotlight and have other online hustles should consider creating their own YouTube channel. If you’re interested — and interesting — you can use the platform to market affiliate products, sell products you create yourself, or receive ad revenue for your informal tutorials or entertaining videos. Once you get the ball rolling, YouTube offers a partner program that can help you monetize your business further.
For those of you who don’t want to come up with a $220,000 downpayment and a $900,000 mortgage to buy the median home in SF or NYC, who don’t want to deal with tenants or remodeling, and who wants to not do any work after the investment is made, check out Fundrise. They are my favorite real estate crowdsourcing company founded in 2012 and based in Washington DC. They are pioneers in the eREIT product offering and they’re raising an Opportunity Fund to take advantage of new tax favorable laws.
Not quite ready to start your own blog, but still like the idea of getting paid to write? You may want to consider trying your hand at freelance writing. Many bloggers and website owners are willing to shell out some serious cash for high quality writers. In fact, Holly Johnson from ClubThrifty.com makes over $200,000 per year from freelance work! And she has a course that teaches others how to do the same.
Buy bottled water in bulk at Costco or Sam's Club and sell it for a dollar where there are a ton of people: parks, festivals, concerts, etc. People are crazy for bottled water and this is a little summertime gig that can bring in more money than you'd think on a hot sunny afternoon. Here's a bonus tip: give some of your proceeds to a charity you care about or that you know will resonate with people. In doing so, you're bottled water business isn't all about your profit. You're helping better our world and also provide a thirsty person some water to drink.
However, if you're looking for realistic ways you can start earning money online now, then it really truly does boil down to seven paths you can take towards profit. Some will provide you with immediate results, helping you to address your basic monthly necessities such as rent, utilities and groceries, while others have the potential to transform your life by revolutionizing your finances in the long term.