16 Ways To Create Additional Revenue Streams
Making money while you sleep sounds good right? It is not as difficult as it sounds once you put some effort into it at the start. Being able to earn some passive income can help you build your next home, buy your next car, or save for your child's college fund.
Most passive income ideas can be grouped into two categories:
High effort up front that can become automated passive income
High investment up front that creates passive streams of income
Creating and managing multiple streams of revenue is a great way to manage higher risk ventures as well. Passive income is attractive because it frees up your time to focus on additional endeavors. These are some of the ways to accelerate your financial income and achieve your goals!
1. High-Yield Dividend Stocks
Investing in high-yield dividend stocks is a great way to earn some passive income from very little involvement. Dividends are profits paid out to owners of stocks. Investing in something new can be risky, especially if you haven't done any research. Stocks that pay dividends can be a great investment as they earn by gaining in value or paying out directly per share. Most dividends are between 2-4% but some can be a lot higher. The higher your dividend, the more you gain to reinvest, save, or spend. Researching the company you is vital to choose whether something is a good investment for you. This could become a dependable source of income once the funds accumulate. All you need to do is open a brokerage account which is much easier than it may sound. If you are looking to get started, Robinhood is a great one to start with as they can give you up to $500 worth of free stocks!!!
Investing in cryptocurrency is a personal favorite. Cryptocurrency is decentralized digital money based on blockchain technology. This has been ramping up quite a bit lately and causing excitement as well. Investing in crypto can be like investing in stocks, however this can be much more volatile. Therefore, you should always do a bit of research to understand how it works. Cryptocurrency can also provide dividends based on which cryptocurrency you invest in. Bitcoin is the most notable cryptocurrency many have heard about, but there are a lot more cryptocurrencies with various applications. There are many other cryptocurrencies you can invest in right now as well! Two platforms that are very notable are Coinbase, Binance, and Robinhood. Creating an account is easy and you can start investing right away if you choose to. As always, do a bit of research before you choose what to invest in.
3. High-yield CD or savings
Investing in a high-yield certificate of deposit (CD) or savings account is great if you want to let your money sit and grow over time. This is the safest method for investing funds. These are also FDIC insured. With rising interest rates, putting more money into a savings can generate a safe passive income stream. This may be a boring investment but remember... it's the safest.
4. Shopping Rewards
This is a great method for earning passive income if you are already buying these items. Fetch is a great app that turns your receipts into gift cards that can be used at many online and in-store retailers. This also works with digital receipts as well. Groceries and household items such as Cottonelle are items that grant additional bonuses. If you sign up through this link using the code '5BQHV8" you'll also get $2 in points just for taking a picture of the first receipt. Fetch Rewards!!You don't have to scan any barcodes or search for offers. The In-app bonuses also add up where you're getting money back for your purchases. It's perfect for those who don't want to put much effort into this. After you shop take a picture of the receipt. That's it! It's not one of the top shopping reward apps for no reason!
Instacart is a great way to earn some extra money in your spare time. Instacart is an online grocery delivery service that works with local grocery stores to deliver directly to your door. As a shopper, you would shop for items, deliver to the customer, and that's it! You are paid weekly and choose when you decide to go on an Instacart run. The demand for Instacart shoppers is also higher than ever with many people outsourcing to various delivery services. You are able to see the items, total earnings of the trip, and tips of BEFORE you accept the shopping order which is great. Why not earn a little extra money in your free time to devote toward your investment endeavors.
6. Create a Digital Product There are many types of digital products that can be created. One that requires upfront effort is a website or blog. Although you can outsource the website and content creation, it is a good idea to build on your own to learn. This can be the platform in which your online content starts to generate some serious income once website traffic picks up. As long as your website receives the traffic from Google, you can also continue to make income from the affiliate sales and display ads on a monthly basis. 7. Sell an E-book or Online Course Sharing your own expertise and experience can also provide an opportunity to earn passive income. Creating an e-book, online course, or online guide can provide income when someone purchases your product. You can sell on a variety of platforms and get affiliates to promote as well. You will need some upfront marketing before it generates some revenue.. Remember that things you may love to do as a hobby could be turned into an additional source of income. Courses can be distributed and sold through sites such as Coursera, Skillshare, and Udemy. 8. Affiliate Marketing Monetizing a blog or website can be difficult sometimes, but affiliate marketing allows you to get a commission based on customers viewing certain sites or products. Your site may require some upkeep but it will keep the passive income coming. ShareASale, Shopify, and the Amazon Associates program are good options. 9. Website Display and CPC (Cost per click) Ads Once you've created your online website or blog, you can have ads displayed on them with Google Ads. The more eyes on your website the more income you are likely to make from display ads. If you have a lot of website traffic, you can earn a lot quickly. Advertisers are paying you to promote their products! With CPC ads, you get paid whenever someone clicks on the ad no matter what happens after. Even if they don't sign up or purchase anything, you get paid for that single click. 10. Dropshipping with Amazon For dropshipping, its extremely important to find a product that is in high demand and low competition. Dropshipping is the process of shipping goods from a manufacturer or wholesaler directly to a customer instead of the retailer who takes the order. As a vendor, you purchase items at a discount and work with a wholesaler. Profits come from the difference in the initial item costs and the price you decide to sell at. You can get your Amazon store set up and be ready to accept orders within 24 hours. As with every note of advice, researching the items you decide to sell determine your potential profitability levels. 11. Vehicle Ad Space Wrapify, Vugo, and Carvertise allow you to earn just by having their advertisements on your car while you drive. If you aren't worried about the look of your car having certain ads listed on them, this can also add a source of revenue. 12. Rental Properties Investing in rental properties can be a great way to earn some passive income if done the right way. It does require a bit of work and research as there are many factors that can vary when investing in rental properties. You would need to look into the costs and expenses you would incur as the owner and the financial risks that come along with it. 13. Real Estate Investing Investing in real estate has been a great way to build wealth for years. This used to take a lot of time, capital, and expertise. However, there are many real estate investing apps that have made this process a lot easier to create some passive income. Real estate investment trusts, or REITS, grant you a small slice of real estate pie that pay out dividends. You can get started with only $500. Fundrise and Diversyfund are two companies that have made it more accessible than ever to invest in real estate. You can invest in property without the aspects of owning the physical property.
14. Vending Machines Vending Machines can bring in a considerable amount of income. They require very little to maintain. You would need to check the laws in your state and inquire about finding new or discounted vending machines to start. Placement is one of the most important factors in accumulating income as the more individuals with access to it would likely result in higher usage. Purchasing a vending machine would be an up-front investment, but it sure does provide a steady source of potential income. 15. Cashback Rewards Cards When dealing with credit cards, one must be very careful. There are many credit cards who offer cash back bonuses and rewards for spending. Using the card grants you rewards. Paying the card off insures you don't incur any interest charges. This small but useful method can create some free passive income that you can use on your other ventures. If you're spending money, why not get cash back. 16. Stock Photography Bloggers are always in search of great photographs to add to their websites. Using sites like Adobe Stock, iStock Photo or Shutterstock, you can start earning after each download and use. This passive income idea is one that usually goes unnoticed. If you love taking pictures and want to earn for your extra photos, this is a great idea. Building a library of photos can take a while but you can start small and work your way up while earning from the beginning. If you have the skills and resources, you can also sell on your own website. Share so others may benefit as well!!!