If you’ve toyed with the idea of earning passive income but gave up because you couldn’t figure out an effective plan, there’s good news. Some of the most effective and reliable systems for earning income passively are still around.
Plus, there are dozens of new ways to go about bringing in monthly cash this way. What’s the secret? Or, put another way, is there a secret?
The short answer is no. Building regular income streams that go on indefinitely without your direct participation is not magic, wishful thinking, or a get-rich-quick scheme. There’s a good deal of work involved in setting up the initial money-making system, including trial and error.Is there anything better than making money while you sleep? I know this concept sounds crazy, but passive income is more than a pipe dream. Here are 5 passive income streams to consider!Click To Tweet
On the positive side, once you go through the first few steps, put in the effort, and design your money-making system correctly, from there on out, it’s on auto-pilot.
What are the wisest ways to bring in an extra few hundred dollars every month? Check out the hugely popular methods listed below.
At least one or two should appeal to anyone who wants to build a cash-generating pipeline. The following methods have been hand-picked for their minimal startup costs, relative simplicity, and long-term ability to generate funds for individuals or small businesses that want to try them out.
Crypto Mining is a Great Passive Income Idea
The growth of cryptocurrency has opened up a whole new world for those investing in the search for passive income. That world is called mining. It’s not what it sounds like.
Instead, mining cryptocurrency is simply the act of allowing your CPU to be used as a node within the transaction verification system of the worldwide crypto network. The bottom line is that anyone who owns a computer, or multiple computers, can earn income as a crypto miner.
Granted, the amounts aren’t large, but the idea is that as you grow several monetary sources like this, it’s possible to purchase larger computer frameworks and exponentially increase the amount of money you bring in each month.
Bid-Ask Adjustment on eBay
The site that started as AuctionWeb and later changed its name to eBay is one of the best sources for generating passive profits. Note that you first have to set up your eBay seller’s store, pay a few minimal fees, and be patient while things get underway.
But the fact is that resellers on the site have been making incremental profits for years by playing the bid-ask spreads on high-priced goods. The starting point is finding a product to buy wholesale for a relatively low price and in large quantities.
Set your eBay store up to resell it at a markup of between 20 and 50 percent. As each item sells, instruct your seller’s software program to relist the item.
That’s just one way to earn money on eBay without being present on your seller site every day.
Automated Trading is a Popular Passive Income Strategy
The best thing about setting your brokerage account to auto-pilot is that you can check on it whenever you want and change the rules that decide how trades are placed.
What makes all this so simple?
With automated trading software, if you’re a member of a platform that gives you access to these algorithmic systems, it’s possible to do a set it and forget it account.
The other huge advantage of this approach is that it takes all the emotion and second-guessing out of it. Emotions are often the downfall of otherwise skilled investors.
If you have a knack for coming up with clever phrases, one-liners, slogans, catchy sayings, or single-frame cartoons, then a POD (print-on-demand) store could be an ideal way for you to boost your monthly budget without lifting a finger.
There are several POD merchandisers online who will emblazon your copyrighted words or images onto almost anything. Think tee shirts, jackets, mousepads, hats, or pens. All you have to do is come up with the words or images and upload them to the POD merchant site.
Then, market the store like crazy for a few months to generate a buzz, and you’re good to go. Every sale generates income direct to your account, less the POD merchant’s cut, of course.
Courses for Sale
Video instructional courses are one of the hottest trends online these days. To be successful as a course creator, you need to produce a high-quality video of you teaching people something.
That something can be whatever it is you are good at and that others might want to learn. This method works well if you have niche skills in martial arts, dance, exercise, or crafts and are good at explaining how to do them.