Let’s start by defining Passive Income. Passive income is an automatic process of making money with little-to-no active work involved. Simply said, it’s making money in your sleep after you’ve done all the groundwork ahead of time.
Let’s say you have $50. If you want this amount to increase without doing any work, you have some options!
*Always do your research to find the best option for you!😉*
15 Passive Income options for you with $0 money to start!
Open a High Yield Savings account (e.g. Ally Bank (my favorite), SoFi, Marcus by Goldman Sachs, Barclays Bank, Alliant Credit Union, CIT Bank, Discover Bank, Citizens Bank, UFB Direct, Capital One Bank).
Create a podcast. You can monetize it by sponsoring with ad partners and once you’re big, you can become part of advertising networks. Examples of Podcast Platforms: iHeartRadio, Apple, Spotify, Audible, Sticher, Google Podcasts.
Start a Retirement Account (IRA). Fidelity, E*Trade, SoFi, Interactive Brokers, Ally, Vanguard, etc.
Rent Your Parking Space - If you have a parking space you don't use, you can rent it out to someone that needs it.
Pet Sit in your home - There are many websites you can use to start your search for work. Trusted House Sitter, Petsitter, Rover, Fetch Pet Care, Petbacker, etc. A simple google search will help you find more.
House Sit for Someone - Just like petsitting, you can house sit as well. For example, Trusted House Sitter, House Carers, and House Sitters America are places you can start your search for work.
Create an Online Course - You can advertise and publish your course on websites like Udemy, Teachable and Coursera.
Sell Digital Products like digital art, graphics, E-Books, etc. You can also sell your art as an NFT (e.g. OpenSea, Foundation). You can use websites like Etsy, Amazon KDP, and Kobo writing life.
Sell Blank Books & Greeting Cards (also known as, Low Content Books). Find a retail stationary company like Book Bolt or Amazon KDP and you can create and sell planners, journals, sketchbooks, templates for Photoshop, templates for Excel, etc.
License Your Music - You can submit your music freely to a music licensing company and people that need music will go to the licensing company´s site, select your music and you get paid! Here are some types of Music Licensing companies: Music Supervisor, Musicbed, Soundstripe, Epidemic Sound, Artlist, Premiumbeat, Marmoset, Audio Jungle, Music Vine, Taxi, JinglePunks, AudioNetwork, Broadjam, MusicXray. (*Taxi and MusicXray have been said to be scammy by some artists. I personally do not pay Licensing Companies to get my music heard and I would not recommend it for many reasons. Do your research and find the best for you.*)
License & Sell Your Photos - You can submit your photos freely to a stock photo company and people that need stock photos will go to their site, select your photos and you get paid! Here are some types of Stock Photo companies: Shutterstock, Pixabay, iStockPhoto, Pexels, Pond5, Dreamstime, Getty Images, Vecteezy, Deposit Photos, and Westend61 (german company).
Start a Blog then make money through affiliate marketing links. There are many blog hosting websites to choose from. Wordpress is quite popular.
Join an Affiliate Program (e.g. Amazon Affiliates, CJ Affliliate, Click Bank). In my opinion, these are best to do when you have a big following or a website with regular traffic because of their sign-up requirements. Although, it is possible to become an affiliate without those.
US Treasury EE and I Bonds. You can make anywhere between .1%-10% interest possible over a 20-30 time.
📢Need financial advice? Contact me for a 1-on-1 financial coaching session!