You’ve probably heard that it takes money to make money, but there are several ways to start bringing in extra income with little to no upfront investment. Monetizing your skills and taking advantage of your existing assets can help you build up an extra income stream and potentially even a passive income stream that doesn’t require ongoing work or attention. Consider trying one of these six ideas.
While it can be difficult to generate passive income without already having wealth to invest, there are plenty of ways to start earning extra money and building a passive income stream without much or any money.
1. Start a Blog or YouTube Channel
If you are able to attract a big enough audience, a blog or YouTube channel can earn money through sponsorships and ads while providing a platform to talk about a favorite topic. You can start off with free blogging tools, and use your smartphone camera to create photos and videos.2. Sell Art Online
Digital designs or works of art can be sold multiple times, which makes them a great opportunity for passive income. Platforms like Etsy and Redbubble let you list and sell your work without the need to set up your own site or invest in marketing. You can also sell other digital products like templates, digital planners, or printable designs. If you design something that sells well, it could continue to bring in income long after the work is done.3. Rent Out Things You Already Own
From your spare bedroom to your car to your driveway, many of your assets could be desirable for visitors to your area. If you live in an area popular with tourists or visitors, renting your spare room – or your entire home – through Airbnb can be a great way to bring in extra income. If you own a car but don’t need to use it every day, listing it on Turo can let it earn money for you. If you live in a dense area where parking is at a premium, listing your driveway or parking space on a site like JustPark is another easy way to make money.4. Create a Course
As online courses become more and more popular, there’s plenty of money to be made in this area. Putting together a great course that people will want to buy requires significant effort upfront. However, a well-produced online course that delivers valuable information can continue to sell for years without requiring much ongoing work. Platforms like SkillShare and Udemy are good places to consider for hosting and promoting your course.
5. Shop on Cash Back Sites
Apps like Rakuten and Ibotta give you a certain percentage of cash back from your purchases. Depending on the app you use, you’ll either need to scan your receipt after a grocery shopping trip or use a browser extension while making an online purchase. While you won’t earn a large amount this way, it is an easy option for earning a bit from the purchases you’re already making.6. Low-minimum Investments
Most opportunities to earn extra money without spending anything upfront will require some time and effort instead. If you’re looking for a truly passive way to increase your income, there are plenty of income-generating investment options with small minimum investments. For example, peer-to-peer lending programs let you make a small, unsecured loan and earn interest when the loan is repaid. Prosper is a peer-to-peer platform with a minimum investment of $25. Starting small and gradually increasing your investments as you earn more can be a good way to generate passive income.While it can be difficult to generate passive income without already having wealth to invest, there are plenty of ways to start earning extra money and building a passive income stream without much or any money.
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