Everyone could use a little more money in their pocket these days. Whether it’s a few extra dollars to pay the cable bill or to help save up for an upcoming vacation, every extra dollar coming in is especially helpful. However, going into work and asking for a raise isn’t always going to be an option. And, even if it is, that doesn’t mean it’s not possible to bring in a continual cash flow from the outside. Passive income helps make financial planning a little easier and makes life that much more enjoyable. Everyone can make passive income. It doesn’t matter where you are in life, what your current job is or what kind of money you already make. There is a way to bring in more money on your own. By taking advantage of these 10 untapped passive income options today, you’ll see your bank account grow tomorrow.
What Is Passive Income?
Passive income is money that comes in from a secondary source. It is not your primary job, and it isn’t something you depend on for most of your money. It’s basically the icing on top of the cake. Your regular job does the rest of the work and makes most of the money you rely on. Passive income comes in passing. You may not count on a certain amount month to month, and it may come from varying sources. However, this money is extra cash in your pocket you can do just about anything with. So, whether you want more money to help save for your kid’s upcoming soccer camp, or you want to chip away at a few bills you have stacking up, there are all kinds of ways you can go about making a passive income (and potentially turning it into a lucrative side business).
Benefits Of Passive Income
The major benefit behind passive income is its extra money on top of what you’re already making. Some forms of passive income come in based on you performing specific jobs, such as walking dogs or babysitting. However, there are other kinds of passive income where you set up something online and money comes in after you’ve already done the work. Whatever you do or however you go about making the passive income, you’ll see new ways of making money, all of which you can use on bills, saving for a vacation, or putting away for retirement.
10 Untapped Passive Income Opportunities
There is no shortage to the kinds of passive income sources you can take advantage of. It really comes down to what you’re interested in and what kind of income these additions bring into the fold. Not all earning methods will be right for everyone, but that’s why there are so many of them and why it is so beneficial to look at the different options and see which might work for you.
1. Financial Investing
This one might not be as exciting because you need money to make money, but it’s at least worth mentioning. Investing in stock can come with some risk, and you want to make money, not lose it. Due to this, investing in bonds and CDs may be beneficial. Each of these investments will mature at set periods of time (ranging from six months to several years). At the maturation date, you’ll receive your money back plus interest. Longer time periods give you a higher interest rate of return. So, if you can afford to put money away and not use it, this is something to consider. This is a great option if you have a child, and you want to give them some money later on when they can use it (such as going off to college).
2. Buy And Sell Old Books
You might be surprised as to just how much money you can nab from a first edition book. The beauty of buying and selling old books is that most people don’t know what to look for. If you go to a large used bookstore in town, you’ll likely find all kinds of first edition books that regularly retail for hundreds, if not thousands of dollars on eBay. You can start with the classics like Jungle Book or The Grapes of Wrath. You can also just wander around the bookstore and look into old books for the publication dates. You should also keep your eyes open at garage sales and especially estate sales. Estate sales are great for locating old books. You never know when a single old book will pay your cable bill for the rest of the year.
3. Sell Stock Photos
Stock photos are in demand right now. There are dozens of websites that allow you to sell images you took with your camera. You can sell photos of leaves or of the beautiful scenery you like to take. Pictures of birds, animals, and waterscapes are great. If you have a passion for photography, or just like snapping pictures when you have a free minute, you can turn this into income.
4. Drop Shipping Through Shopify
This takes a little work, but it’s possible to make big bucks off of drop shipping. Drop shipping is when you don’t physically have a product on hand, but it’s shipped out by a different location. For example, you go to a store for a couch. The store doesn’t have the couch, but its warehouse does. You buy the couch and the warehouse ships it to you. This is drop shipping.
Shopify is a website that lets you create a digital storefront. It works like a website, only it’s all set up for you so there’s less work and there are immediate customers (similar to Amazon). You then look over products listed on websites like Alibaba and list the products on your own storefront for less than the competition. When someone buys from you, the product price goes to the manufacturer on Alibaba and you get the rest, all without buying the product yourself or having it in stock. There are many people who turn this into a seven-figure income, so it’s worth checking out.
5. Write Online
There are a few online writing avenues you can take advantage of. First, you can blog. Blogging takes time to build up traffic, but if you stick with it, you can make money off of advertisements placed on the website.
If you don’t want to wait that long, you can write posts for Medium.com. Here you’ll post content and other readers will “clap” for your post. Every clap is worth varying amounts of money (depending on how many claps a person gives out per month). When people like your content and follow you, you’ll make more money. Just keep with it.
6. YouTube Channel
You can create a YouTube channel and do just about anything. You can show people how to sew or paint watercolors. You can offer do-it-yourself advice for fixing a clogged drain. Focus on what you enjoy, and people will show up. Now, you need 1,000 subscribers and 4,000 hours of watch time (in the previous year) to make money, but once you hit this threshold, you’ll see some nice income streams arriving.
Ride-share programs like Lyft and Uber are good if you like to drive and have a new, fuel-efficient vehicle. If you’d rather not deal with people, you can deliver food through programs like Uber Eats. When you have extra time and don’t mind getting out, this is a great form of passive income.
8. Walk Pets
Want to get your exercise in and walk neighborhood pets? There are several apps you can use where people will pay you to walk their pets. This is also a good option for teenagers looking to make extra money.
9. Get Paid To Shop
Secret shopping programs have been around for a while. However, this might not be something you’re interested in. Instead, there are applications out there, such as Ibotta, where you’re paid cash to buy certain products. These items range from beer to fabric softener. You need to check the app to see what products are paying. You may get a nice cash-back reward for buying what you normally buy.
10. Fix Old Furniture
People are always getting rid of old furniture they don’t want. You might see an old chair on the sidewalk or a cheap table for a few bucks. You can pick these items up, fix it, then post it back online. You’ll be amazed at what you can make in money by fixing the old furniture.
There are many opportunities available to you when it comes to a passive income. There doesn’t need to be anything passive about it. By taking advantage of these different tips and suggestions, you’re likely to find something that works specifically for you. Not that you only have to focus on one. If you enjoy one method for making a passive income, you can take on multiple revenue streams. This way, you have money coming in not only from different sources, but at different times of the month, so you always have some kind of money coming in. Passive income makes affording your lifestyle that much easier, and it will go a long way to improve your personal finances.