Monday, 29 July 2024
by BD Banks
Image source: Getty Images
Who says you can’t make money while sleeping? Aside from inheriting a fortune or becoming a mattress tester, passive income is your ticket to padding your savings account without the daily grind.
Let’s uncover some engaging ways to pocket over $500 each month by capitalizing on what you already do or by putting in some initial effort to set up a steady income stream.
Start by assessing your hobbies and skills. For instance, if you love taking photos during your travels or even locally, why not turn that passion into profit? Selling stock photos online through platforms like Shutterstock, iStock, or Adobe Stock can transform your snapshots into cash. The more unique and high-quality your photos are, the better they sell.
Initially, each image might earn you a modest amount. Still, as your portfolio grows, it can substantially boost your income — some successful stock photographers make thousands of dollars monthly after building a solid collection.
Do you have expertise in a particular area? Create digital products like ebooks, online courses, or even templates. For example, crafting and selling an online course on platforms like Udemy or Teachable can be highly lucrative.
Although setting up a high-quality course requires some upfront work — perhaps a few weeks to a few months — it can generate significant income long term. Imagine pricing your course at $50 and selling it to 300 people; that’s a $15,000 return with minimal ongoing maintenance.
Look around you — do you have an extra room or perhaps a car that’s often unused? These can become income-generating assets. Renting out a room or your entire home on Airbnb can fetch $50 to $150 per night, depending on your location and the appeal of your space.
Similarly, if your car often sits idle, consider a car-sharing platform like Turo or Getaround, where you can earn $30 to $45 per day. And Turo estimates you can make about $6,000 to over $13,000 a year depending on car type and location. While these methods require some effort to set up, they offer flexibility and significant earning potential.
Dropshipping is a popular e-commerce strategy where you sell products through an online store without managing inventory or shipping logistics yourself. When a customer makes a purchase, the order is sent directly to the supplier, who ships the product to the customer.
Drop shipping can be quite profitable with a good niche and effective marketing. You can expect a 15% to 20% profit margin, depending on your niche. For instance, if your store achieves $5,000 in monthly sales, you could net $750 to $1,000 in profit, boosting your checking account balance nicely.
If you already run a blog or YouTube channel or have a strong social media following, affiliate marketing is a powerful tool. By promoting products that align with your content and audience interests, you can earn commissions on sales made through your affiliate links.
For instance, if 1% of your 10,000 followers buy a $100 product with a 10% commission, that’s $1,000 in your pocket each month. Success in affiliate marketing depends heavily on your credibility and the relevance of the products you promote.
Earning over $500 monthly in passive income involves blending creativity with opportunity. You could have serious earning potential if you turn to monetizing a hobby like photography, leveraging existing assets like your home or car, or creating digital or physical products. The key is to choose methods that not only align with your lifestyle and interests but also require an amount of effort you’re comfortable with initially.
With some ingenuity and initial effort, your passive income streams can flourish, boosting your budget while you focus on what you enjoy.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.