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There are many reasons you may be looking for ways to make money online. The good news is that there are so many opportunities to do so in today's economy. With inflation high and interest rates climbing, your money isn't stretching as far as it once did. But with the internet, there are ways to gain new income streams and help boost your finances.
Whether you're looking to supplement your cash flow or looking into a completely new career path, there's opportunities out there. And in most cases, you can use your existing skills to create a passive income stream.
With so many options to earn money online, it may be difficult to figure out which opportunities are legitimate. To get you started, we've done the research and rounded up some of the best ways to start making passive income right now.
Healthy Wallet has partnered with CardRatings for our coverage of credit card products. Healthy Wallet and CardRatings may receive a commission from card issuers. *For rates and fees of the Blue Cash Everyday® Card from American Express, please visit www.americanexpress.com/us/credit-cards/card/blue-cash-everyday.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. *For rates and fees of the Blue Cash Everyday® Card from American Express, please visit www.americanexpress.com/us/credit-cards/card/blue-cash-everyday.
Passive income is basically money you're making from somewhere other than your direct employer. This type of income comes from a task or action on the side of your regular job that doesn't require much effort to do (which is why a lot of these income sources are online based)
Despite the name though, even passive income can take some work, both upfront and ongoing.
The IRS explains it on their website as such: "Passive activities include trade or business activities in which you don't materially participate. You materially participate in an activity if you're involved in the operation of the activity on a regular, continuous, and substantial basis."
Here are 9 ways you can use a passive income source for some extra cash.
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Blogs are for more than just hobbies these days. They can be quite lucrative if done right. The key for having a successful blog is to find your niche, build your audience and then monetize. Gaining a solid following may require some time though, so it helps to be patient.
You can monetize through affiliate marketing, where you earn a commission when someone clicks on a monetized link or buys a product that is promoted on your blog. You could even try selling and displaying ads on your site using a tool like Google Adsense.
Giving your opinion and taking part in market research can be a fairly simple way to make money online. Some of the more popular survey sites include Branded Surveys, Swagbucks, OneOpinion, Opinion Outpost and Ipsos iSay.
Find out how you can make a few extra bucks from home by taking online surveys now!
This type of passive income won't bring in tons, but it can put some extra cash in your pocket. Swagbucks says its members earn about $1 to $5 per day on average.
If you're a creator, you can consider selling your creations online through a site like Etsy. Sellers on Etsy offer everything from clothing and jewelry to artwork, home supplies and more.
Or you can choose to start a drop-shipping store, which is essentially a storefront. When a customer orders something, you order than product from a third party (such as a vendor, manufacturer, or wholesaler) and ship it directly to the customer.
Content creators on YouTube can make a lot of money, and you don't necessarily need much expertise to get started. You can make how-to or explainer videos on basically any subject, or get more personal and put yourself in the videos. Look into different types of formats successful on the platform like interviews, tips and tricks style videos, or even gaming videos.
Much like blogging, finding your niche and building a following is the most important thing to get going. Then you can integrate Google Ads, become a YouTube Partner, and even make money from memberships and subscriptions.
If you're a shutterbug, look into making extra money by selling your photos online. Websites like Fine Art America let you upload your images and have them featured on merchandise sold on the site.
If you're a fast typer, look into doing online transcription for cash. That would consist of listening to audio files and accurately typing out what you hear. You would be paid per piece, so the faster you type, the more money you could earn. Rev.com, GoTranscript, and TranscribeMe are just a few sites you can find online transcription work.
A lot more work is being done online with the recent rise in remote work. It follows that remove help is more common as well. Why not look into becoming a virtual assistant via a website like Indeed (just search for "Remote Virtual Assistant"? You can work for a business in need from the comfort of your own home.
The work varies from writing and social media management gigs to traditional bookkeeping - so look around for something that fits your skills and background
Consider yourself tech-savvy? You can get paid to test out new websites and mobile apps and hunt for glitches. At UserTesting.com, you can test new sites and products from popular brands today.
All you need is a reliable WiFi connection, a microphone, a computer or mobile device and you can start working. BetaTesting.com, UserZoo, and Userlytics are other similar platforms.
Those with web-savvy skills should consider passive income by purchasing and then selling domain names. Sites like GoDaddy.com can even help you complete the sale through an online auction. Or simply buy names you think may be interesting in the future (think entertainment, sports and political events) then put your contact info on those URL pages and offer to sell them to anyone looking to buy the page.
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The Bottom Line
There's a fitting side gig for everyone; you just need to find your perfect fit. Start with one of the suggestions above, then consider branching out even if your first try doesn't work out. Like any other type of income, generating a solid amount of passive income can take some time and effort upfront. In the meantime, start small and begin making money now by taking surveys. That is one quick and easy way to earn a little extra cash in your downtime.