Inflation has reached record levels and while there are signs it may be easing, prices on just about everything remain high. Congress has worked to pass legislation such as the Inflation Reduction Act aimed at lowering costs for Americans, but there are still questions about whether it will solve inflation.
Cutting corners and careful budgeting can help – but it might not always be enough. If you’re looking to reduce some financial stress, you might want to consider creating a passive income stream. Fortunately, the internet makes this easier than you’d think. There are dozens of ways to make money online without any special training – like getting paid to take surveys, for example.
7 passive income ideas to help you make extra cash
Before you begin your passive income journey, it’s important to understand what it means. Essentially, passive income is money you’re making from a source or business other than your direct employer. It typically is a task or action performed on the side that doesn’t require a lot of effort (hence why a lot of the suggestions below exist online).
“Passive activities include trade or business activities in which you don’t materially participate. You materially participate in an activity if you’re involved in the operation of the activity on a regular, continuous, and substantial basis,” the IRS explains on its website.
If you’re looking to create a passive income stream, here are seven ways to make some extra cash.
1. Take online surveys
Giving your opinion and taking part in market research can also be an easy way to make money online. Some of the more popular survey sites include Survey Junkie, Swagbucks, OneOpinion, Opinion Outpost and Ipsos iSay.
Find out how you can make a few extra bucks from home by taking online surveys now!
Keep in mind: These won’t bring in huge earnings. Swagbucks says its members earn about $1 to $5 per day. Just make sure you do some research before you get started or commit to participating in any online surveys.
2. Start a blog
Blogs aren’t just for fun these days. They can be quite the moneymaker when done right. The key is to pick your niche, build your audience and then monetize the blog. Just remember: Building a following can take some time, so be patient.
You can do this through affiliate marketing, which earns you a commission when someone clicks a monetized link or buys a product that’s promoted on your blog. You could also try selling and displaying ads on your site. You can use a tool like Google Adsense to get started with the latter.
3. Sign up for a gig-working platform
There are several platforms designed for online gig work. For example, Amazon Mechanical Turk is a place you can take on small tasks for businesses across the globe. They might include moderating content, taking a survey or transcribing audio.
Clickworker is another similar platform, or if you have a specific skill – like copywriting, editing or graphic design – you can use freelancing platforms like Fiverr, Freelancer.com and Upwork to connect with potential clients.
4. Start an online store
If you’re the creative type, you can start up an Etsy shop. Etsy sellers offer everything from jewelry and clothing to artwork, invitations, yard signs and more.
If that’s not your style, you can start a drop-shipping store. With this strategy, you essentially operate a storefront. When a customer makes an order, you order that product from a third party (typically a manufacturer, vendor, or wholesaler) and ship it directly to the customer. Shopify has a whole dropshipping walkthrough you can use to get started (and you can use their platform to create your store, too).
Shopify encourages users to consider this route and even lists ways it’s beneficial, from reducing your stress to giving you the flexibility to work remotely.
5. Start a YouTube channel
YouTube creators can make a lot of money, and it doesn’t necessarily require a lot of expertise. You can create how-to or explainer videos on virtually any subject or go more personal and put yourself in the videos. You can interview subject matter experts, provide tips and tricks, or even just show yourself playing various video, mobile or board games.
The important thing is to find a niche and build a following. You can then integrate Google Ads, become a YouTube Partner, and even make money off memberships, live chats and subscriptions.
6. Become a transcriptionist
If you’re a fast typer, you might consider doing some online transcription for cash. You’ll simply need to listen to audio files and then type out what you hear. You get paid per piece, so the faster you can type, the better – at least, financially speaking. Rev.com, GoTranscript and TranscribeMe are just a few of the sites where you can find online transcription work.
7. Test websites and apps
Fancy yourself the tech-savvy type? If so, you can get paid to test out new websites and mobile apps and hunt down any glitches. At UserTesting.com, for example, you get to test new sites and products from brands like GoDaddy, Hello Fresh, HP, Subway and Canva. You just need to have a reliable WiFi connection, a microphone, a computer or mobile device and you can get to work. BetaTesting.com, UserZoom and Userlytics are other similar platforms.
More ways to earn quick cash
If none of the above seem like a fit, you can also become a virtual assistant, sell your photos on stock photography websites or become a social media influencer if you can drum up enough followers.
There’s a side gig for everyone. You just need to figure out your perfect fit.
Leave a Reply