A side hustle can be a great way to earn extra money outside your primary job. But these gigs can be demanding.
If you know where to look, some side hustles can generate passive income without much time or money invested. Check out these passive income streams that can easily fit into your schedule.
Make Money: 8 things to do if you’re barely scraping by financially
1. Open a high-yield savings account
One of the easiest ways to make money without much effort is to open a high-yield savings account. Check with your local financial institutions to see what kind of options are available and how much you may need to deposit to open an account.
Keep in mind that online banks typically have the best rates. You may be surprised at how quickly your account earns interest.
Who really has the cheapest auto insurance in your area? Check your zip code here.
2. Rent out your car
If you don’t use your car every day, use your car’s downtime to make extra cash by renting it out to another driver who may need it.
Check out car-sharing apps like Turo or Getaround that allow you to rent out your car when you’re not using it. Someone might rent it for a quick trip to the grocery store or a drive to a doctor’s appointment.
3. Invest in vending machines
Vending machines can be an easy way to make income without too much work.
Although there is some planning involved, like stocking the machines regularly or figuring out the best products to keep in them, once they’re stocked, you can walk away and let the machine collect cash from customers while you’re at home.
14 benefits seniors are entitled to but often forget to claim
4. Publish an eBook
You may be an expert on a specific topic or industry. Perhaps you’ve led an interesting life that you think others may want to hear about in a memoir. Or maybe you’re a great fiction writer.
All these options are available to you as an author of an eBook that you can self-publish with little to no cash. Simply upload your files to a retailer like Amazon or Apple Books and see if you can earn extra cash selling a book to readers.
5. Invest in a retirement fund
You may work for an employer that includes matching funds for a 401(k) as part of your employment benefits package.
Consider investing in retirement funds to help build the nest egg you’ll need when you finish working. Matching funds can be considered free cash that your company or organization gives you as part of those investments.
6. Sell affiliate products
You can earn passive income as an affiliate marketer for sites like Amazon using your social media page to promote products.
You have to put in some work, like making posts or generating interest in products for your followers to click on the links, but a quick post or photo could generate extra cash with little effort.
Get Out of Debt for Good: Try these 6 clever ways to crush your debt
7. Invest in rental property
If you haven’t tried it before, a rental property is a great way to get started in real estate investing without going overboard.
You can handle the daily needs of the property yourself or use a property management agency. Remember that an agency costs additional money for the convenience of its services, which could eat into your revenue.
8. Rent out space for storage
Do you have an empty room or a big basement with plenty of space? Consider renting it out as storage to neighbors or locals.
You can even charge short-term fees for people who need their items nearby for a few days and don’t want the hassle of a large storage rental unit.
9. Create digital products
You can design journal pages, event planners, party activities for kids, and more in PDF files, which you can charge per download.
Advertise your downloads on places like Etsy, which can take payments from customers and deliver downloads without your involvement.
Make Money: Discover 17 legit ways to make extra cash
10. Rent out an Airbnb
Turn a vacation home, spare room, or other space into an Airbnb to earn extra short-term rental income. It’s a great way to let a space work for you when you’re not using it.
Remember to factor in any costs you may incur, such as utilities, property management, and regular cleaning service after guests leave.
11. Sell hand-crafted goods
You may have a hobby you love, like pottery, knitting, or woodworking. Consider turning your hobbies into additional income.
This may be a little more intensive than other passive income because you have to make your own products. But websites like Etsy and eBay can make it easy to sell them without much work on your part.
12. Invest in an index fund
An index fund is a portfolio of stocks that tracks a particular index, such as the S&P 500, Nasdaq, or Dow Jones Industrial Average.
An index fund is a wise investment option because it can provide solid returns over a long period without requiring you to closely monitor it or adjust to market changes, unlike a specific company stock.
Make Money: Discover 17 legit ways to make extra cash
13. Housesit
Find clients who need someone to check in on their houses to make sure everything is running smoothly.
You’ll need to check over the house regularly with a quick walk-through or by collecting the mail, but it can be an easy way to make extra cash on the side.
14. Start a YouTube channel
YouTube is home to different kinds of information viewers may need, so think about things you can share to make extra income when someone watches your video.
You may need to invest in editing software or a good camera, but some cheap investments can pay off if users find your content.
15. Start a blog
You can write about topics that interest you or important news in different industries using a blog that can help you generate income.
Check out different blog platforms that can help you earn extra income from subscribers or find ways to advertise to boost your bank account each time someone reads one of your blog posts.
Bottom line
Passive income is a great way to supplement your income so you can stop struggling financially, retire early, or achieve any other financial goal you may have. It’s important to find ways to make extra cash that interest you or align with your talents, such as what you do professionally.
You’ll also want to create a budget for costs you might incur when setting up and operating your passive income generator. Once you’ve gathered some extra income, you can keep it rolling.
More from FinanceBuzz: