Make some extra money by turning one of your passions or
hobbies into passive income. Getty Images
There are many different reasons why you may be looking for
new ways to make money online, and the good news is that there are more
opportunities than ever to do this in today's economy. With inflation high and
interest rates climbing, your money isn't stretching as far as it once did. But
there are ways to use the internet to gain new income streams and help boost
your finances.
And, that's true whether you're looking for ways to
supplement your cash flow or want to find a completely new career path. In most
cases, you can even use your existing skills to create a passive income
stream.
But given the wide range of options you have to earn money
online, it may be difficult to figure out which opportunities are legitimate,
won't require a ton of money upfront — and are right for you. To help you get
started, we've rounded up some of the best ways to start making passive income
right now.
10
passive income ideas to help you make extra cash
Passive income is essentially money you're making from a
source or business other than your direct employer. This type of income is
often earned via a task or action performed on the side of your regular job
that doesn't require a lot of effort to do (which is why many of these income
sources are found online).
Still, despite its name, even passive income can take some
work, both upfront and ongoing.
"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.
Here are 10 ways you can use a passive income stream to
make some extra cash.
1. Take
online surveys
Giving your opinion and taking part in market research can
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: This type of passive income won't bring in
huge earnings, but it can put some extra cash in your pocket. Swagbucks says
its members earn about $1 to $5 per day on average. Just make sure you do some
research before you get started or commit to participating in any online
surveys.
2. Sign
up for a gig-working platform
There are several platforms designed for online gig work.
For example, Amazon Mechanical Turk is a site you can use to take on small
tasks for businesses across the globe. They might include moderating content,
taking a survey or transcribing audio.
Clickworker is a 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.
3.
Start a blog
Blogs aren't just for fun these days. They can be quite the
moneymaker when done right. The key to creating a successful blog is to pick
your niche, build your audience and then monetize. Building a following can
take some time though, 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 using a tool like Google Adsense.
4.
Start an online store
If you're the creative type, you might consider selling
your wares online through a site like Etsy. Sellers on Etsy offer everything
from jewelry and clothing to artwork, invitations, yard signs, templates and
more.
You might even choose to start a drop-shipping store, which
is essentially a storefront. When a customer makes an order, you order that
product from a third party (a manufacturer, vendor, or wholesaler) and ship it
directly to the customer.
5.
Start a YouTube channel
YouTube creators can make a lot of money, and getting
started doesn't necessarily require much expertise. You can create how-to or
explainer videos on virtually any subject, or go more personal and put yourself
in the videos. Consider different formats that are successful on the platform,
like interviewing subject matter experts, providing tips and tricks, or even
just showing yourself playing various video, mobile or board games.
Like blogging, 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. Make
money from photography
If you're known as the photographer in the family, you can
make some extra money by selling your photos online. There are websites
like Fine Art America in which you can upload your images and have
them featured on merchandise that's sold on the site.
7.
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 accurately type out what you hear. You get paid per piece, so the faster
you can type, the better when it comes to making money. Rev.com,
GoTranscript and TranscribeMe are just a few of the sites where you
can find online transcription work.
8.
Become a virtual assistant
More work than ever is being done online following the
recent rise in remote work. It makes sense, then, that remote help is more
common, too. By becoming a virtual assistant via websites
like Indeed (just search for "Remote Virtual Assistant")
you can work for a business in need from the comfort of your home office.
The work needed varies — you might find gigs ranging from
writing to social media management to traditional bookkeeping — so look around
for something that fits your skills and background.
9. 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 the opportunity to test new sites and
products from popular brands today.
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.
10. Buy
and sell domain names
Those with similarly web-savvy skills might consider
passive income via purchasing and then selling domain names. Sites like GoDaddy.com
can even help complete the sale via an online auction. Or just simply buy names
you think may be interesting in the future (think entertainment, sports and
political events) then put your contact information on those URLs and offer to
sell them to anyone looking to buy.
The
bottom line
There's a side gig for everyone; you just need to figure
out your perfect fit. Start with an idea above, then considering branching out
even if your first try doesn't work out. Like any type of income, generating a
solid source of passive income can take some upfront time and effort. In the
meantime, you can start small and begin making money by taking surveys
now. Surveys are one quick and easy way to earn a little extra cash in your
downtime.
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