7 Ways To Earn Extra Money (Passive Income)

Updated: Feb 21



We all would like extra money in our pocket for any specific reason. Whether it's paying off debt using the snowball method or you're saving up to purchase an investment property, sometimes the money you make from your day job isn't enough income to reach your goals fast enough. Having a side hustle is pretty much second nature in this day and age.

1. Robinhood


Robinhood offers option trades, ETF, and commission-free stocks. It also provides a streamlined training platform and free cryptocurrency trading. Robinhood is one of the few brokers that allows cryptocurrency trading. You can purchase a fraction of stocks, so you can still get a piece of a great pie. For example, I purchased 1% of Bitcoin. At the time, Bitcoin was worth $17,000 per stock. To purchase a fraction of that stock, I had to purchase 1% of it, which was $170. Within a week, due to the increase of Bitcoin, I still made $25. Robinhood makes invest easy to trade and understand. Do your research and you will make more money due to the market increase than letting your money sit in a savings account.


New to investing? To learn how to buy stocks, click here.

2. Sell Items on Facebook Marketplace or Trade-In Items


I did a complete scrub of my home to find anything I wasn't using anymore, to my surprise, four iPhones, one Apple EarPod case, one Apple Watch, and jewelry. I traded in my iPhones to AT&T, shaving $400 off my cell phone bill, sold my jewelry for up to $2000 to a local jewelry store, sold the Apple Watch on the Facebook marketplace for $100, and the Apple Earpod case for $60. In total, I made/saved $2560. I used this extra money to go towards paying off debt faster. You will be surprised what you find lying around your house that has value to it.

3. Rent Out Your Room Through Airbnb


Airbnb offers a great resource for people willing to rent out a spare room or even their entire home. If you need some fast cash, Airbnb offers you an opportunity to create an income. You'll get paid 24 hours after a guest checks in, which safeguards you from any problems or potential scams that might arrive. There are hundreds of people who earn their primary income by renting out rooms or homes on Airbnb.


Want to learn how people earn money full time through Airbnb? Click on video below:



4. Manage Social Media Accounts For Businesses


How much time do you already spend on social media ? 2 hours? 3 hours? Imagine getting paid to post on social media. Some businesses require you to do so. Social media has become a great link between a business and its customers. According to Glassdoor social media managers for big companies average $50k full time, and you can find work as a social media manager for small companies on Upwork.

5. Start A Blog


Blogging does not bring overnight money and success, but with a few hours of work towards over a week in time, you will be able to monetize your blogs. This can be done through affiliate marketing. The great thing about blogging is, it's a great way for passive income. A blog you wrote 5 months ago can still make you money while you're asleep or at your day job. Provide content in a niche that can help people, and you will bring traffic to your blogs.


6. Sell Print on Demand T-Shirts (Teespring)


An easy way to make money on the side without worrying about printing and shipping t-shirts is using Teespring. All you have to do is create the designs and put them digitally on your apparel of choice. Another opportunity to find a niche (fishing, hunting, football) of choice, promote it, and make a good amount of money on the side.

7. Become a Freelancer Writer


Write articles for other people. If you have a passion for writing, you could help out other bloggers or become a ghostwriter for a well-known author. Use sites like Freelancer, Upwork, and others to advertise your services.

Conclusion


While you are working on your side hustle, you may find different income streams along the way that provide passive income. These side hustles have the potential to be full-time incomes if you apply the time and effort. Always remember why you started the side hustle to began with so that you can reach your goal on time or early. Write your goals down. Look at the goal you are trying to reach each day to remind yourself why you are sacrificing your time and sleep to make extra money.