The rising cost of living has compelled many people worldwide to explore newer income sources for sustainable and comfortable living. Since traditional 9-5 jobs are exhausting and take significant day hours, there is a rising inclination towards creating multiple passive income sources. Unlike regular job income, passive income doesn’t demand greater time and effort to generate a consistent income flow.
The following tips can offer a great starting point if you plan to diversify your income.
Rent Your Property
The easiest way to create an extra income source is by renting your property on sites like Airbnb. Creating a stable income source becomes easier since you can rent full or partial property for quick money on such websites. While the earning potential depends on numerous factors, such as the property’s location, desirability, aesthetics, amenities, etc., you can expect to earn a decent amount. The typical Airbnb host’s income averaged over $13,800 in the U.S.
Sell Unimportant Items Online
If you want to earn money by spending less time and effort, sell items you no longer need on online marketplaces like eBay. This platform can help you sell anything from used furniture to second-hand clothes. Existing sellers on eBay have been selling used toaster ovens for $58.74, pre-owned futon sofa beds for $150, etc. You can list all household items no longer needed for quick money. You can also convert it into a side hustle by collecting spare products from others and selling them online for a consistent income stream.
Become a Content Creator
Another excellent way to earn money is by creating content on platforms like YouTube, Instagram, TikTok, etc. Whether you have phenomenal knowledge on topics like the stock market, digital marketing, accountancy, taxation, etc., there’s an audience waiting for quality content in every niche. You can also create content to show your talent, such as comedy skits, dance tutorials, music videos, etc., and earn money via ad revenue and brand collaborations. An average content creator in the U.S. makes approximately $57,061 a year.
Create Online Courses
People with specialized knowledge in taxation, healing, real estate, astrology, marketing, data science, etc., can monetize their expertise by creating high-quality courses. The earning potential depends on the course niche, the creator’s reputation, the audience base, and numerous factors. Successful course creators typically earn between $1,000 and $10,000/month.
Invest in Dividend Stocks
Dividend stocks are among the top income diversification options for busy individuals because they distribute a part of the company’s earnings to dividend stock investors. While stock investments are subject to market risk, strategic investments can earn you great returns. Some dividends in the S&P 500 can earn you a trailing dividend yield of 5.4% and higher. However, make informed stock choices by consulting a professional consultant and invest based on your risk appetite.
Get a Roommate
Wise people have rightly said that money saved is money earned. If you’re trying to cut down on your expenses or live comfortably within the salary your traditional job pays, getting a roommate can help. People living in New York City can save approximately $1,865 every month by getting a roommate to split their housing expenses. The amount saved will vary depending on location, property type, etc.
Wrap Car with Ads
One of the easiest ways to earn money is by renting your car exteriors for brand advertisements. Many American companies pay decent money to car owners for letting them advertise specific brands on their vehicles. While the earnings depend on the location, vehicle type, miles covered, etc., the average earnings fall between $250 and $1,300/month range. Drivers always have the option to refuse advertising for brands they don’t support.
Sell Stock Photos
If you can capture beautiful pictures that grab peoples’ attention, you can monetize this ability for a steady income. Every business needs high-quality images for marketing campaigns. They even pay top dollar for it. While earnings depend on numerous factors, such as website rates, number of downloads, etc., stock photo artists earn decent money. Diana Mironenko is an artist who earns between $20 and $700 per image for selling travel and fashion photos to Canva.
Start Freelancing
Freelancing is the best way to create a steady source of additional income. You can earn a good hourly or project rate if you help businesses with their accounting, marketing, web development, taxation, administration, etc. You can sign up on any freelancing platform and list your services with the desired fee. According to Upwork, a leading freelancing marketplace, general developers earn $50-60/hour, graphic designers earn $40-45/hour, marketers earn $50/hour, etc. The earnings will vary significantly based on project type, expertise, skill set, duration, etc.
Peer-to-Peer Lending
You can let your money work for you and earn passive income with minimal effort. Numerous American companies in the peer-to-peer lending space let people lend their money in exchange for lucrative returns. While the interest rates vary from one platform to another, they are typically higher than your regular savings account interest rates. Some people who invested in real estate peer-to-peer lending platforms have earned an 18.3% rate of return.
Design Custom Products
Creative individuals can generate additional income streams by selling customized products on platforms like eBay, Etsy, etc. You can pick any category you’re great at, and start making and selling. Something as simple as selling customized T-shirts can earn you a steady $428 every month, assuming you sell 100 shirts monthly. The earnings will continue increasing with every sale you make, building a reliable income stream for you and your family.
Try Affiliate Marketing
People with a knack for selling can earn a steady income through affiliate marketing. The best part about this method is that you don’t need to create any product, look after product/service delivery, etc. In affiliate marketing, you sell someone’s products/services and receive a commission for every sale you make. The earning potential depends on the type of products one promotes, commission rate, and numerous other factors. Many affiliate marketers earn around $10k or less a year, while others earn in the range of $30k-50k annually or more.
