Content of the material
- 1. Ask To Work From Home
- 13. Sell Your Influence
- Which passive income source is best?
- How can I make passive income with no money?
- How can I make passive income with money?
- 7. Sell Your Things on eBay or Amazon
- Make Money on YouTube
- 10. Build a side hustle business
- 4. Online tutoring
- Save More Money. Faster
- Pick Up Freelance Work
- Reader Interactions
1. Ask To Work From Home
Commuting to work every day isn't just time-consuming; it can be incredibly expensive. In fact, research from Citigroup found that commuting costs Americans an average of $2,600 a year. That works out to about $216 per month — a significant chunk of change you could save if you reduced or eliminated your commute time.
Save on commuting by asking your boss if you can work remotely, either full time or a few days per week. Skype, Slack and other networking apps make remote collaboration easier than ever, and the Harvard Business Review reported that working from home can actually make employees more productive.
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13. Sell Your Influence
If you're already active on sites like Facebook and Twitter, take a tip from social media masters Tony Robbins and Kim Kardashian and earn money online as an influencer. Not only is social media its own legitimate side gig, but using it to build your reputation in an industry related to your main job can raise your profile, making it easier for you to secure a raise.
You can also earn money directly by partnering with brands to use and review specific products or simply let a brand pay to place sponsored content on your profile.
How much you'll make per blog or social media post depends on your following. Morgan Timm, a full-time blogger and blogging coach, writes on her website that even beginning bloggers should charge at least $100 per post.
Which passive income source is best?
The question of which passive income source is best depends on several factors, but some of the most important include the amount of money you have to invest, the total opportunity size, your interest and ability in the area, the amount of time you need to invest and the potential to succeed. Typically, the lower the barriers to entry, the more crowded the field of competitors and the lower likelihood of success.
So you’ll need to weigh the opportunity against these factors and see which passive income strategy works best for you. But it can be helpful to have natural ability and an interest in your target area, because these can help motivate you in the early days when things are likely to be tougher.
There are passive income opportunities for people who are starting out with some money and even those who have no money to start.
How can I make passive income with no money?
If you have little or no money to start, you’ll have to rely mostly on your own time investment to power you through, at least until you build up a little money. That means focusing on passive income sources that take advantage of the following traits:
- An area where you’re an expert. Here you can build your expertise out into a useful product or service for consumers, e.g. design, software coding and others.
- An upfront work-heavy opportunity. You’ll need an opportunity that requires a time or work investment, such as creating a course, building out an influencer profile or other options.
In effect, you’re substituting your time for your lack of capital, until you can get enough capital to expand your set of opportunities.
How can I make passive income with money?
Money can provide you with more passive investment opportunities. If you have money to invest in a passive opportunity, you have not only the opportunity set above but a new range, too. Money is a prerequisite for taking advantage of the following passive income areas:
- Investing in dividend stocks or REITs. Investing in stocks means you need money upfront, but you’ll receive some of the most passive forms of income around.
- Save with bonds or CDs. Other purely passive activities include buying bonds or CDs.
Here you can use your money to make money with little or no effort on your part, if that’s what you’d like to do. Of course, you could pair your money with a lot of time investment to move into an even more lucrative niche, too.
7. Sell Your Things on eBay or Amazon
While this is not a long term income generator, if you’re looking to make more money quickly, it is an effective way to do it. Most of us have masses of stuff that we no longer use or need.
Search around the house for anything that is an unwanted possession. Look for shoes, clothes, furniture, games, toys, electronics, sports equipment, and old textbooks. Literally anything you no longer have use of could find a new home and be put to use.
With your ‘inventory’ assembled, it’s time to find an avenue to sell it.
Or, you can use the time tested approach of holding a yard sale.
Make Money on YouTube
Momentum has been picking up in video monetization, said Hogue from My Work From Home Money. He suspects that vlogging will take over from podcasting once high-speed internet is universal.
Popular ways to make money on YouTube are monetizing ad views, running paid promotions, and being part of the YouTube Partner Program, among other opportunities.
10. Build a side hustle business
There are plenty of ideas for lucrative side hustle businesses that you could easily start from the comfort of your own home. While starting them is easy, actually putting in the work to market and grow those businesses is a bit more challenging. The hard part is seeing them through.
While you could launch a regular business selling someone else’s products, you could also invent your own product. While businesses based on inventions might seem more complex to create, they do present attractive investment opportunities as depicted on popular shows like Shark Tank.
4. Online tutoring
Websites like Skooli, Tutor Me and Tutor.com provide resources for entering into the online tutoring space. While you don’t need to use a platform like these, they provide a lower friction entry point into the market. You could also search for online tutoring gigs on a variety of other sites like Upwork, Freelancer and many more.
What types of things can you tutor online? You could easily tutor a subject like math or science, while also teaching a language if you’re bilingual. You could also tutor musical instruments like the guitar or piano, along with a slew of other subject matters.
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Pick Up Freelance Work
Platforms such as Fiverr, Freelancer, and Upwork are popular online marketplaces that connect freelancers and clients. You can list your services on these sites and check out the opportunities available. You can do freelance work in a number of different fields—for example, writing and editing, marketing, graphics and design, programming, and translation.
Many remote moneymaking ventures can be started with little or no money, said Hogue from My Work From Home Money. You don’t have to spend hundreds for an online course or mentorship; you can find information you need for free online or at a low cost through an ebook.
Dear sir Such a wonderful art of writing , ur writing on income source is fabulously awesome.. Keep writing , keep inspiring Regards Kumar Abhishek