These days, there are a ton of ways to make money in unconventional ways. From teaching your skills to others to putting your home up for use – you really can do it all without breaking the bank.
With passive income, you can earn extra cash on the side that allows you to reach your financial goals and have a bit of money for use on the side.
When it comes to passive income ideas that won’t leave your pockets empty, the sky is the limit. You can sell services and get creative with things you have sitting around your house right now.
Using a bit of creativity and a lot of motivation, you can start turning a profit in no time, and we’re here to show you how.
10 Passive Income Ideas That Won’t Break the Bank
Of all the choices that are out there, we sifted through and found the top 10 passive income ideas that won’t break the bank.
Choose one (or more) that work for you and start building your earnings today!
1. Sell What You Know
Do you have a talent or skill? Do you love to teach? Well, you could put both of those to work and earn a bit of extra money on the side by sharing your skills and knowledge with others on the web.
Platforms that allow you to offer your courses will let you pick your topic, pick your price, and upload your courses for users to browse.
A few of the top skill-sharing sites include Udemy and SkillShare. When promoting yourself to others on the web, all you’ll need to do is set up a video, create a description, and start sharing your awesome teaching skills with the world wide web.
Startup Fee: Virtually nothing! As long as you have an internet connection, a device with a camera, clear sound, and skills, you can start planning classes and recording today.
Return Potential: Your earning potential can get high the more course you sell. See what others are selling for and stick close to the average for more chances to score learners.
2. Buy Up Rentals
Real estate is one of the best investments that you can make. If you have some extra income or a bit of savings in the bank, check out your options when it comes to buying properties and turning them into rentals.
Before you embark on this journey, you should first consider the costs and establish some foundational skills so that you don’t get in over your head.
Startup Fee: More on the expensive side. The total depends on the type of property you’re investing and if rentals are in high demand in your area.
Return Potential: Depending on the conditions, the return potential is quite high. If you can rent your property long-term, you’ll have plenty of passive income coming in every month.
3. Become an Affiliate
If you haven’t heard of affiliate marketing, where have you been? These days it’s all over the web and several top companies are offering incentives for their affiliates.
If you have a blog or a website with a lot of traffic, you could become a successful affiliate and make a large profit without having to lift a finger.
Besides getting it set up, with each person that clicks and buys, you’ll score a percentage that will help fill your pockets.
Startup Fee: All it takes is time! Become an affiliate and add links to your blogs, videos, websites, and other online content. Then, sit back and wait for clicks.
Return Potential: It all depends on the number of people coming to your site and how many of them follow links to buy. It can be pretty good, especially if you get a lot of traffic.
4. Flip Products
If you have a knack for spotting good deals, then why not turn it into passive income? If you like to scour the web for good deals and buy in bulk, then you could flip them and sell them at a higher cost.
Plus, if you were able to purchase dirt cheap and sell at a low price, you could get repeat customers looking for your deals.
Startup Fee: There are some costs involved to get started. You’ll need to pick your products and buy them, counting that as your initial investment.
Return Potential: Return potential could be great depending on the price you sell your products. If you bought each unit for $1 and sell them for $10, you’re getting 10 times your initial investment. Pretty good!
5. Try P2P Lending
If you have extra income to lend, why not make some money off of it? With peer-to-peer (P2P) lending, you can enter into a lending agreement with someone and let a third party do all the legal stuff.
The cool thing is, you earn money off of interest, likely walking away with more than what you started with.
Startup Fee: You could start with a lending fee as low as $25. Still, the more you lend the higher your earnings could be.
Return Potential: The amount you can earn depends on the borrower, the amount, and the amount of interest you collect. You’ll need to take some time to grow your skills, learning as you go and earn.
6. Make an App
You don’t have to be a coding genius to create an app. Nowadays, anyone can create an app in little to no time at all.
Use open-source libraries to make cool features and give your app some appeal, getting it uploaded and ready to sell in top app stores.
Startup Fee: Your time and some computer skills. You won’t have to invest any money and you can promote on the web for free too.
Return Potential: Depending on the appeal of your app, you could start to make a steady flow of passive income from your app. Try it out and see what kind of return you can pull.
7. Host Visitors
If you live in a cool place and have a comfy abode, you could earn passive income by allowing others to come and stay awhile. Hosting sites like Airbnb allow you to upload your home and invite travelers to come and stay while they explore your area. Due to the popularity of these types of websites and apps, it’s very common and you can keep your home safe too.
Startup Fee: You can sign up for Airbnb for free and start hosting guests as soon as your account is verified. There is no startup fee and, if you set your price right, you could have people coming over in no time.
Return Potential: Your return potential might not be high at first but, over a few years, you’ll have a passive income-making machine! If you live in a cool spot, start letting people enjoy your area by hosting them in your home.
8. Let People Use your Car
Not everyone has a car. Especially if you live in the city, you could make money by letting other people take it for a spin or take it on a weekend trip to somewhere outside of your city or state.
Of course, this one could come with risks but, if you join a site like Turo, you could get customers with reviews and start boosting your earning potential quickly. Read this article from the LATimes for more information.
Startup Fee: There is no startup fee involved. Still, you will need to use caution and maybe use a website that will take out an initial payment or fee for those who will use your car.
Return Potential: If you live in an area where cool places are just a drive away, this could be a moneymaker! Think about lending your car on the weekends or find alternative transportation to work and let someone take your car to earn passive income.
9. Create a YouTube Channel
Alright, we know what you might be thinking but we promise, there is a niche for you out there! YouTube is an amazing space filled with videos of all kinds. If you have a skill, a craft, or are just a ball to be around, you can create a YouTube channel and watch as your audience grows.
With YouTube, you really can take your passion and turn it into passive income, creating content that your viewers can’t wait to see. It may take some time to establish a following but, once you do, you can score advertisements and promotions from companies that will pay you.
Startup Fee: Nothing. Just sign up for a free account and start creating engaging content for all to see.
Return Potential: It might take some time but, the more viewers you have, the more companies will want you to advertise their products.
10. Give Your Two Cents
Ever heard of making money by taking surveys. Though it’s nothing new, there is a whole new generation of survey websites that are great for earning passive income.
You can log in on your own time and work as many hours as you want. For each survey, you’ll get a bit of income that can add up over time if you spend enough time on it.
Startup Fee: It’s free! Most survey sites on the web are free to set up and free to start. You can scroll through and select all that you want at any time you want.
Return Potential: You can earn as much as you want, depending on the time you have. Log in and take surveys when you have free time and make a few extra bucks with each survey.
Start Earning Passive Income Today
It’s always nice to have some extra cash lying around for a rainy day. If things start to get tight at the end of the month, it could be a good idea to start earning passive income.
With our list of 10 ways to earn passive income, you have plenty of choices of all types.
Take on one, two, or all of these opportunities to grow your earnings during your free time and start making more with passive income today. Some require little to no interaction, just setting them up and waiting to see what comes your way.