If you’re looking to make a little extra cash on the side to the tune of $400+ per month, there are a handful of ideas to try. You should be ready to dedicate some time to learning about each of these ideas to be successful at implementing them. That’s especially true if you go with the trading option, since you’ll need to perform some basic research before getting started.
Research Dividend-Paying Stocks
There are a handful of dividend-paying stocks that have been reliably paying dividends for 50+ years. If you already have a chunk of change that you’d like to turn into more money, then dividend-paying stocks should be your first stop. These stocks grant passive income that is semi-reliable, depending on the mix of dividend stocks you hold. You can manage a dividend portfolio entirely with an online trading account. The gains aren’t as tantalizing as those that come with buying penny stocks, but the stability is increased and the risk is typically minimal.
Become an Affiliate.
If you have a decent online presence on any social media site or a video platform, then affiliate marketing can be great for generating passive income. Reviewing tech products, games, make-up, accessories, just about any hobby items can be a good way to generate passive income. Sites like Amazon offer decent commissions on a variety of categories. When a customer you refer to the site buys something, you get a small piece of the sale. Affiliate marketing is how many smallish internet sites support themselves when making product recommendations.
Sell Your Work.
If you have a creative talent that you’d like to develop, you can make money along the way by offering your services on sites like Fiverr. Creative professionals have started generating a decent wage from the gigs they perform on Fiverr. Some essential services like resume builders up to more complex offerings like voice acting are available. If you have any marketable skill that someone would pay for, you can probably make a few bucks on the side with Fiverr.
Hustle in the App Economy.
If you live in a large urban area, you can make extra money on the side by driving for services like Lyft or Uber. The amount of money you make depends on your ride and whether or not the service is experiencing peak hours where riders pay more for service. If you have a long commute into a city like Los Angeles or San Francisco, you could establish a commuting carpool that pays for itself. For drivers who prefer not to interact with human passengers at all, Amazon has its own fleet of plainclothes delivery men. Services like Deliveroo and UberEats offer opportunities to act as a delivery driver for any number of restaurants.
Rent a Room or Your Guest House. If you have an extra space in your home that you aren’t using, you could make some extra money by listing it on Airbnb. When you become an Airbnb host, you’ll have out-of-town visitors in your home or property, similarly to how a hotel operates. You’ll get to meet new people and turn a space you’re not using into extra income. Before going this route, you should check on any local rules and regulations surrounding short-term rentals. Airbnb has faced increased regulations from cities who are being pressured by the hotel and hospitality lobby to make Airbnb rentals subject to the same kinds of taxes as the hotel industry.