Anyone
who reads this blog on a regular basis knows that earning passive income
doesn’t actually involve zero effort. In most cases, you need to devote some
time and energy to setting up passive income streams before they start yielding
returns.
For
example, many people earn passive income by monetizing their expertise. They
self-publish ebooks or create online courses that share valuable information
with consumers. However, before the earnings begin, they need to create
products. They also need to promote them to ensure potential customers know
they exist.
This
sometimes discourages people from creating their own passive income streams.
Part of the appeal of earning money on the side with little to no effort is the
fact that busy people don’t have time to boost their earnings by taking on
additional jobs or gigs. Thus, many people interested in earning passive income
are so busy, they lack the time necessary to start projects.
Does
this sound familiar? If so, don’t worry. If you don’t have time to write a book
or create an online course, consider these options instead.
Make
Small Investments Every Week
It’s
important that you don’t make the mistake of assuming these passive
income strategies require absolutely zero time investment. You actually can lose
money if you don’t, for example, perform necessary research.
That’s
crucial to remember if you choose to earn extra money by investing in the stock
market. You need to thoroughly understand how safe certain investments are to
avoid making poor choices. However, if you perform the necessary research,
investing is a very low-effort way to earn passive income. Simply set aside a
relatively small amount of money to invest every week.
Review
your weekly expenses and determine where you can make cuts. For instance, instead
of buying an expensive cup of coffee every morning, you can make your own at
home. The money you save may not seem like much, but if you invest it every
week, over time, it will add up to much more than you might have expected. On
top of that, you barely have to devote any time to the process. The actual task
of investing your extra money can be completed in under a minute.
Take
Paid Surveys
Numerous
apps and websites allow users to earn extra money by completing surveys.
Although the amount of money you can make from using these apps may not be
substantial, it’s still extra money you can earn with very little effort.
Consider
this option if you have any free time in your day that may be used more
productively. For example, if you commute to work via public transit, instead
of listening to music or a podcast, use that time to make extra cash taking
surveys.
Rent
Out Property
If
you have a house or apartment, you can rent it out to guests. Thanks to
platforms such as AirBnB, creating a listing now requires very little
time.
You
don’t need to own an additional property to take advantage of this passive
income stream. If you travel relatively often, you can rent out your home while
you are away. You even can rent out a small room in your house while you are
still there, as long as you are comfortable with the impact this might have on
your privacy.
It’s
also worth noting that companies such as Turo now allow people to rent out
their cars. This is another option to consider if you want to earn extra money
during periods of time when you know won’t need your vehicle.
Invest
in Someone’s Business
Once
again, you need to conduct research to avoid losing money instead of earning
it. However, if you know any budding entrepreneurs who have strong business
ideas and appear to be genuinely dedicated to bringing them to life, you might
want to invest in their businesses. In exchange for providing initial funding,
you can be granted partial ownership of the company, or you can agree to accept
a lump sum payment once the business starts earning revenue. You won’t have to
put in any effort once you’ve assessed the business idea and made your investment.
Keep
these options in mind if you think you don’t have time to create a passive
income stream. Even with a busy lifestyle, you can make easy extra money on the
side.
