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10. Money-making strategy: Grab gigs on Fivver

No matter what type of service you offer, you can likely offer it Fivver. This is terrific for digital services such as graphic design, web design, short audio or video clip creation, editing services, writing and so on.

Fivver has expanded beyond just the $5-per-gig model. Fiverr Pro pools the best talent on its platform. Depending on your skills, you could do considerably well on here.

Related: 5 Ways Fiverr Jump-Started My Life as an Entrepreneur

How Can I Make Money Online?

If you want to earn extra money without breaking a sweat, keep scrolling. To save you time and hours of research, I’ve created this extensive list of online money-making ideas and gigs on the side. All you need to do is set aside some time to read through the list, and I’m pretty confident you’ll find one or two you quite like the sound of.

10. REITs

A REIT is a real estate investment trust, which is a fancy name for a company that owns and manages real estate. REITs have a special legal structure so that they pay little or no corporate income tax if they pass along most of their income to shareholders.

Opportunity: You can purchase REITs on the stock market just like any other company or dividend stock. You’ll earn whatever the REIT pays out as a dividend, and the best REITs have a record of increasing their dividend on an annual basis, so you could have a growing stream of dividends over time.

Like dividend stocks, individual REITs can be more risky than owning an ETF consisting of dozens of REIT stocks. A fund provides immediate diversification and is usually a lot safer than buying individual stocks — and you’ll still get a nice payout.

Risk: Just like dividend stocks, you’ll have to be able to pick the good REITs, and that means you’ll need to analyze each of the businesses that you might buy — a time-consuming process. And while it’s a passive activity, you can lose a lot of money if you don’t know what you’re doing. Like any stock, the price can fluctuate a lot in the short term.

REIT dividends are not protected from tough economic times, either. If the REIT doesn’t generate enough income, it will likely have to cut its dividend or eliminate it entirely. So your passive income may get hit just when you want it most.

6 Strategies to Accelerate Cash Flow

Every business could certainly benefit from an increase of cash flow. More money in the bank means more opportunities to hire additional employees, expand operations, invest in new products and services and, ultimately, grow your business. The challenge is getting your cash flow moving at a more efficient speed, allowing you the freedom to invest.

Here are six easy to implement business strategies that will increase your cash flow and get you on the fast track to higher profits.

1. Reduce your spending. Decreasing your spending is one of the more obvious ways to increase your cash flow. Of course, this is easier said than done. But even a few minor reductions can result in major returns.

The first step to implementing this strategy is to carefully analyze all of your spending. How much do your office supplies and electrical bills cost every month? How much do you pay for insurance, employee salaries, and other bills? After analyzing your spending, look for areas that can be reduced. However, it’s important to approach spending cuts carefully, because pay cuts can result in driving away employees.

2. Create additional revenue streams. One smart way to tap into a new revenue stream and increase cash flow is Central Bank’s Commercial Payments solution. This powerful and automated Accounts Payable (AP) system will streamline your current payment process into a faster, more efficient payment system that requires less management — saving you more money and time. And because Commercial Payments is credit card based, Central Bank will pay you a revenue share, or cash back, on every dollar of digital payments processed through the system.

3. Offer discounts for fast payments. If you’re looking for a way to encourage your customers to pay their invoices or bills faster to increase your cash flow, then fast pay discounts may help. The discount doesn’t have to be substantial, but customers will appreciate a small amount of savings if they pay within 30 days or less. Try several incentive plans, with different discount levels, to reach more clients and collect payments faster. Also, making it easier for customers to pay will increase the well-being of your business. Consider a payments and invoicing solution, like Autobooks, to streamline your payment acceptance.

You can also approach your vendors and offer this same incentive when you pay them faster through Central Bank’s Commercial Payments automated payment system. Be sure to explore this opportunity to negotiate a discount incentive by paying your vendor sooner, or even before the due date.

4. Watch your inventory. Are you investing a large portion of your cash into inventory? Inventory may be the lifeline of your business, but you don’t want it to destroy your cash flow. The boxes of shirts, candles, or other items you sell shouldn’t sit in warehouses for decades. It’s important to find a balance between having too much and too little of inventory, find the fine line that is just enough to satisfy your customers’ needs.

5. Consider raising your prices. Are you keeping up with inflation? You might be able to raise prices on your products and services to keep up with the market. Higher prices can lead to more cash flow, but they may also scare away customers. Find the happy-medium that fulfills your cash flow needs, but also stays within a prince range that keeps your customers happy and loyal.

6. Offer prepayment rewards. By offering a variety of rewards ranging from discounts to extra products, you can incentivize your customers to prepay a portion, or their entire bill, up front. You can also create a special rewards program with gift cards or other items. Customers who prepay for large packages, services, or multiple items could receive extra rewards. These rewards will encourage them to stay and continue buying your products or services.

Cash is King in every business. And cash flow is your company’s life blood. So creating a customer rewards program that increases cash flow is always a smart idea. By offering sales, discounts, and other special rewards, you can expand your customer base and gain loyalty to your business. Plus automating and streamlining your current AP process with Central Bank’s Commercial Payments solution can make it even easier. Incorporate several of these strategies into your business operations to discover what works best for you.

Stop by any Central Bank location to find out how Commercial Payments can make your Accounts Payable system more efficient and profitable.

Sell Your Art and Designs

A very popular way to make money online is to sell your art and designs. If you’ve got a good eye for design or consider yourself an artist, it’s possible to sell what you create online and also make money.

There are lots of websites that specialize in this kind of product. You’ll get help creating your shop on the platform, uploading your art or designs, marketing your products, along selling and shipping orders.

Where you decide to sell your designs and art online depends on what you want to sell. A wide range of platforms is available for selling everything from drawings and paintings to woodworking and crafts.

Here are some of the best we’ve found:

• Etsy: This site has a massive following, making it a great place to sell your art. You have to pay listing fees, and the competition is intense, but it’s worth checking out. To make your art stand out, you’ll need to include high-quality images.
• Artfinder: This online marketplace is where independent artists sell their work. You can sell paintings, sculptures, photographs, and much more. The site is aimed at high-end collectors, but that does mean you can charge more for your art. You have to apply to Artfinder if you want to sell your art. Applications are reviewed for originality and quality.
• Big Cartel: Big Cartel charges a flat monthly fee and doesn’t take a percentage from your sales.
• Storeenvy: This platform is entirely free, which makes it a great starting point.
• ArtPal: No upfront fees have to be paid. Instead, ArtPal takes 5% from any sales you make.
• Artmajeur: This site is based in France but sells art globally. Commission rates are a little steep, but you can list various items, including sculptures, drawings, multimedia, paintings, and photography.
• Society6: You can use this site to sell reproductions of art or get your designs or art printed on various items. Simply upload your photography or artwork, and you can have it printed onto everything from iPhone cases to art prints.

You can also use Facebook, Instagram, Patreon, or Shopify.

Level of expertise: Beginner, intermediate, expert

Requirements: Artistic flare or a good eye for design

Time: Up to 12 months to make a liveable profit

Tools: Arts and crafts materials

Income Potential: $50 – $10,000/month

Make deliveries

If you live in a major city, you’ll find options to deliver food, groceries, and other items that customers order through apps such as Instacart, Uber Eats, Door Dash and Postmates. Here’s the full rundown.

Passive income can be a great way to help you generate extra cash flow, whether you’re running a side hustle or just trying to get a little extra dough each month. Passive income can help you earn more during the good times and tide you over if you suddenly become unemployed or even if you voluntarily take time away from work.

With passive income you can have money coming in even as you pursue your primary job, or if you’re able to build up a solid stream of passive income, you might want to kick back a little. Either way, a passive income gives you extra security.

And if you’re worried about being able to save enough of your earnings to meet your retirement goals, building wealth through passive income is a strategy that might appeal to you, too.

18. Sell designs online

If you have design skills, you may be able to turn them into a money maker by selling items with your printed designs on them. Businesses such as CafePress and Zazzle allow you to sell items such as T-shirts, hats, mugs and more with your own designs.

Opportunity: You can start with your own designs and see what the market is interested in, and expand from there. You may be able to capitalize on surging interest in a current event and design a shirt that captures the spirit of the times or at least a snarky take on it. And you can also set up your own web storefront through a site such as Shopify to market your goodies.

Risk: Printing partners allow you to ship items without directly investing in the merchandise yourself, avoiding one of the biggest risks of tying up your capital. But you may be able to get better pricing if you invest in some of the inventory yourself. Another big risk here is that you could invest a lot of time with little payoff, but this avenue might be interesting if you’re already doing the design work for another purpose, such as personal interest.

26. Money-making strategy: Sell vintage clothes at a thrift shop

You'll likely get paid by the pound but it's some money, so if you're in need, then why not -- especially if you have no use for those clothes anymore. This works best for things like maternity clothes, old children's clothes, clothes that you haven't worn in years or are simply out of style.

Make Money Online with Google AdSense

Google AdSense is a program that lets you run ads on your website, YouTube videos, or blog. You are paid when someone clicks on the ad. Businesses using the Google AdWords program generate the ads, and you feed them by using an AdSense code.

If your website or blog is new, Google AdSense is one of the quickest ways to generate an income.

The program is free, and the eligibility requirements are simple. You get a wide range of ad options to choose from, some of which you’re able to customize to complement the feel and look of your site.

Payments made to you by Google are made by direct deposit every month. You’re not limited to running ads on just one website, and you can also run ads on RSS feeds and mobile devices. You have to meet specific Google requirements to include the ads on your website, blog, or YouTube channel.

Your website, for example, has to have at least 30 pages of content that’s unique, is three months old, and generates traffic. The better the traffic, the higher your potential for earning.

Level of expertise: Intermediate, expert

Requirements: Website, blog, or YouTube channel that meets Google requirements, some technical knowledge

Time: You can start earning as soon as your site is approved

Tools: It’s easier to display ads if you use a platform such as WordPress

Income Potential: $0.20 – $15/click

Look After Other People’s Pets

Believe it or not, there is a massive demand for responsible and reliable pet sitters. One essential thing is that you have to love pets. Typically, it would be cats and dogs you’d be caring for, but potentially, it could be anything from a parrot to tropical fish.

Pet sitting is very similar to babysitting, but you’ll be looking after a beloved pet rather than a child in this case. It depends on the job, but you could look after the pet in your own home or the home of the owner.

If you don’t think you’ll be able to commit to caring for a pet over several days or longer, other options are possible. Perhaps you could be a dog walker or keep a pet company while their owner works.

There are several pet sitting websites where you can look for work, for example:

• Care.com
• Tailster
• Cat in a Flat
• Rover
• Pawshake
• Trusted Housesitters

Level of expertise: Beginner, intermediate, expert

Requirements: You have to be an animal lover, be patient, and be empathic for animals

Time: Work on getting a good reputation, and you could turn a profit in a couple of months

Tools: Certification will help you get better-paid jobs, insurance should anything go wrong

Income Potential: $10 – $25/hour

1. Create a course

One popular strategy for passive income is creating an audio or video course, then kicking back while cash rolls in from the sale of your product. Courses can be distributed and sold through sites such as Udemy, SkillShare and Coursera.

Alternatively, you might consider a “freemium model” – building up a following with free content and then charging for more detailed information or for those who want to know more. For example, language teachers and stock-picking advice may use this model. The free content acts as a demonstration of your expertise, and may attract those looking to go to the next level.

Opportunity: A course can deliver an excellent income stream, because you make money easily after the initial outlay of time.

Risk: “It takes a massive amount of effort to create the product,” Tresidder says. “And to make good money from it, it has to be great. There’s no room for trash out there.”

Tresidder says you must build a strong platform, market your products and plan for more products if you want to be successful.

“One product is not a business unless you get really lucky,” Tresidder says. “The best way to sell an existing product is to create more excellent products.”

Once you master the business model, you can generate a good income stream, he says.

Make Money Writing on Sites

Do you like the sound of getting paid to write from home? You don’t need a vast amount of experience, but you do need to be able to string words together if you want to get paid for your efforts. There’s an abundance of websites and blogs that will pay you to follow guidelines and deliver good quality content.

There are many benefits to writing online. No upfront investment is required, and there are no start-up fees. You can expect to be paid relatively quickly, and there’s no shortage of writing gigs.

You might find yourself writing reviews, tutorials, how-to articles, or lists, and the subject matter could be anything, from travel and web design to parenting, health, and wellness.

Some blogs and websites pay writers on a revenue-share model, but that’s not the case in the following list. You can expect to receive an agreed-upon fee in exchange for every article you write that is accepted. This is a small selection of the sites that pay you to write.

• Textbroker
• iWriter
• Writer Access
• Upwork
• Problogger
• Freelancer.com
• Fiverr
• WordAgents
• Verblio
• Writers Domain
• People per Hour

Level of expertise: Beginner, intermediate, expert

Requirements: Good English language skills, knowledge of grammar and punctuation

Time: Instant

Tools: Writing software such as Google Docs or Microsoft Office, grammar checking tool

Income Potential: $10 – $500/article

Make Money with Online Surveys

This option will not make you rich, but it is a way of earning prizes or fast cash and not worrying about learning a new skill. You can do this job in your spare time. The work is effortless, and most online survey sites require little or no skill or education.

Some survey websites pay more than you might expect, but even so, don’t expect your earnings to be in anything more than double figures.

You have to sign up at an online survey site and provide certain information, including your interests and background. With that information, the platforms can match you up with the most appropriate surveys.

The most popular survey sites online include:

• Swagbucks
• I-say
• Pinecone Research
• Pro Opinion
• SendEarnings

Level of expertise: Beginner, intermediate

Requirements: None

Time: Instant

Tools: Smartphone

Income Potential: $1 – $20/hour

Become a freelance copywriter

Ten years ago in the middle of the Great Recession, a mutual friend introduced me to Kate Phillips, who was co-writing this blog with me for almost as long! Kate tells other writers that the key to being a successful writer is to make it profitable for someone else.

If you can help businesses attract new prospects, stay in touch with existing customers and clients, and sell more products or services, you will always be in demand! To get started, there are many copywriting training sessions that can help you, such as Drop Dead Copy.

Photography

Visuals have become equally important in the advertising industry and are considered to have as much influence as the written word. If you’re a photographer, you don’t have to limit yourself to covering weddings and events. It’s possible to earn money in food design and product photography disciplines, for example. You could also post your work on stock websites or sell editing presets.

Level of expertise: Beginner, intermediate, expert

Requirements: Knowledge or skill that people are willing to pay for

Time: Instant

Tools: Your website or an account with a freelancing site

Income Potential: up to $80,000/month

1. Money-making strategy: Drive for Uber or Lyft

Companies like Uber and Lyft offer a great opportunity to make some quick cash. You'll need a clean driving record, a fairly new car and the authorization to work wherever it is that you live. If you have all of those things, you can work when it's feasible for you, whether that's in the middle of the day during rush hour, or in the wee hours of the night on a weekend. The choice is yours.

9. Money-making strategy: Answer questions on JustAnswer

People looking for expertise online. JustAnswer (and several sites like it) allow doctors, lawyers, engineers and others with enhanced knowledge to earn a small income merely answering questions from people who would otherwise have to pay a hefty sum for those answers.

This platform is a great resource for people. It's also lucrative (for the time spent) if you're looking to earn a bit of cash in a hurry. Don't expect to get rich answering questions, but you can generate a few bucks here or there if you're in a bind.

6. Sell photography online

Selling photography online might not be the most obvious place to set up a passive business, but it could allow you to scale your efforts, especially if you can sell the same photos over and over again. To do that, you might work with an organization such as Getty Images, Shutterstock or Alamy.

To get started, you’ll have to be approved by the platform, and then you license your photos to be used by whomever downloads them. The platform then pays you every time someone uses your photo.

You’ll need photos that appeal to a specific audience or that represent a certain scene, and you’ll need to tease out where the demand is. Photos could be shots with models, landscapes, creative scenarios and more, or they could capture real events that might make the news.

Opportunity: Part of the value of selling or licensing your photos through a platform is that you have the potential to scale your efforts, especially if you can provide pictures that will be in demand. So you could potentially sell the same image hundreds or thousands of times or more.

Risk: You could add hundreds of photos to a platform such as Getty Images and not have any of them really generate meaningful sales. Only a few photos may drive all of your revenue, so you have to keep adding photos as you search for that needle in the haystack.

It may require substantial effort to go out and shoot photos, then process them and keep up with the events that may ultimately drive your revenue. And motivation could be hard to maintain: Every next photo might be your lottery ticket, though it almost certainly won’t be.

The psychology of making money.

Regardless if you need to earn some fast cash or we're just talking about making money in the grand scheme of things, there's an important psychology that needs to be mentioned before getting into the strategies. If you study Freud's model of the mind, you'll discover the Psychic Apparatus. It's the three-part construct in your mind that controls all of your behavior.

Those three are the id, the super-ego and the ego. The id lives deep within the subconscious from birth. It's the source of our sudden and most instinctive urges. When you find yourself doing what you know you shouldn't, blame your id.

The super-ego is formed later in life to balance the id. It forms and breaks off from the id through our upbringing, parental guidance and our sense of community and beliefs. People who are careful with their money can thank their super-ego.

The ego is the driver making the decisions. It decides between the devil (the id) and the angel (the super-ego) on either shoulder (yes, all those cartoons you've ever seen are partly true). We have voices in our mind, and it's up to the ego to decide which one to fulfill. Its goal is to satisfy the id in some way while also attending to the super-ego.

Get-rich-quick schemes and fad weight-loss diets are naturally popular because they satisfy the id while also attending to the super-ego. The ego's job is complete when it sees something like this. The appeal of "fast'' stems from the innate desire for instant gratification, so beware of what seems too good to be true (they often are) when you're looking to make money quickly. Be wary. Listen to the conversation deep within the confines of your mind and do your best to tame the proverbial beasts.

What are the best ways to make money right away? While a search online when you're in need of some fast cash will produce millions of results, not all will be legitimate. It's up to you to filter through the so-called noise. These 32 strategies will help put you in the black, even if it's in a very small way. Once you are, resume planning and focusing on the bigger picture.

Related: How to Make a Fortune With $100

Narrate Audiobooks to Make Money Online

The audiobook industry has experienced dramatic growth in recent years, which means there’s a significant demand for audiobook narrators. The popularity of audiobooks doesn’t seem to be slowing down either. It is expected to expand at a compound annual growth rate of 24.4% from 2020 to 2027.

There are no special qualifications for this online role, but you will need a great speaking voice and enjoy reading.

One of the quickest and easiest ways of starting your narrating career is to sign up with a platform connecting authors with audiobook narrators. Here are some examples of where to look:

• ACX
• Voices
• Audible
• Brilliance Audio
• Voicebunny.com

You’re going to need to invest in some good recording software and a top-quality microphone. Start by creating some samples so that potential clients can hear your voice.

Another good place to look for work is Upwork. This freelancing website will help you expand your reach.

Level of expertise: Beginner, intermediate, expert

Requirements: Love of reading and a great voice

Time: Instant

Tools: Recording software, a good quality microphone, somewhere quiet to make the recordings

Income Potential: $100 – $500/finished hour

Virtual Assistance

This is another area that’s becoming increasingly popular. Hiring one remote person to undertake a wide range of tasks such as receptionist, customer support, typist, admin, or email assistant saves money, especially for a small business with a tight budget. Work for several different companies, and you’ll be able to maximize your freelancing income.

Build a Website and Earn an Affiliate Commission

One of the most popular ways to make real money online is through affiliate marketing. 81% of brands and 84% of publishers use the power of affiliate marketing and this statistic is likely to continue as affiliate marketing spending in the US increases every year.

Don’t know what affiliate marketing is? It’s a way of earning money by promoting various brands. You’re promoting products, services, apps, software, and more. In return, companies pay you a commission when a customer buys a product using your link.

You probably think the commission will be small, but that’s not strictly true. It can be but what makes a big difference is that you can be an affiliate for one, two, three, or considerably more different brands, and there’s no limit to the number of links you can include in each of your posts.

There’s also the potential for the commission to be 50% of a $1,000 product and for it to be a recurring commission every month.

How does it work? You advertise the brands via your website by writing blogs, creating infomercials, and other types of content. You include links for your affiliate brands and push traffic to their website.

To achieve any level of success, you have to learn to be persistent. The key to your success will be finding a niche that suits you and having the right strategy. Some of the niches you might want to consider include:

• Software
• Travel
• E-commerce
• Dating
• Loans
• Fitness

Once you’ve decided on a niche, you’ll need to work on designing a website and starting a blog. Starting a YouTube channel that runs alongside your blog is another option.

Level of expertise: Intermediate

Requirements: Content marketing expertise, know how to build a website

Time: From six months to several years before you start making any real profit

Tools: Domain, hosting

Income Potential: $300 to $10,000/day

Set yourself up for future recurring revenue

If you are a business owner or freelancer or simply want to generate income on the side, this is the perfect time to set yourself up for multiple streams of income. To create (eventual) passive income, you could:

• Write a book to sell on Amazon.
• License intellectual property.
• Sell photos through stock photo websites.
• Invest in cash-flowing real estate or mineral rights.
• Buy—or sell—an income-producing website on Flippa.com or Deal Flow Brokerage. (This can be very profitable but definitely study up and/or get professional advice on this.)

How to Make Money Selling Photos of Yourself

Did you know all those selfies you’re taking could make you some cash? Agencies and companies are willing to pay top dollar for them because they can significantly impact businesses and brands.

If you can take good shots of yourself and know the best places to sell them, it is possible to make money. Options for selling your selfies online include the usual stock websites, via a website of your own, via a blog, or by running a contest or giveaway.

Some of the best websites for selling images of yourself include:

• Scoopshot
• Stylinity
• Foap
• Pay Your Selfie
• SmugMug

Level of expertise: Beginner, intermediate

Requirements: A good eye for taking a quality photograph

Time: A few months for people to find your images

Tools: Smartphone or digital camera, editing software

Income Potential: $300 – $500/month

How can I make passive income with no money?

If you have little or no money to start, you’ll have to rely mostly on your own time investment to power you through, at least until you build up a little money. That means focusing on passive income sources that take advantage of the following traits:

• An area where you’re an expert. Here you can build your expertise out into a useful product or service for consumers, e.g. design, software coding and others.
• An upfront work-heavy opportunity. You’ll need an opportunity that requires a time or work investment, such as creating a course, building out an influencer profile or other options.

In effect, you’re substituting your time for your lack of capital, until you can get enough capital to expand your set of opportunities.

Become a Twitch Streamer

Twitch is the streaming channel of choice for millions of gamers. Become an influencer on this platform, and you can earn income in various ways, but the best way to start is by becoming a Twitch Affiliate. To move things up to another level, you’ll need to work on improving your streaming skills and building a following.

Use your skills to freelance from home

Graphic artists, video editors, writers, virtual assistants and almost anyone with any expertise can offer services on websites such as:

• Upwork and Freelancer are great marketplaces for selling just about any professional service. You don’t need a merchant account, a website of your own or anything else for that matter. You just need to provide a high-quality service at a reasonable price. Be aware—you will need to compete with others and bid on open jobs to make it work.
• Toptal hires first-class freelance talent in areas such as software development, finance, and product management. They have a highly selective screening process, after which you are available to be hired by companies on a project basis.
• Fiverr is a website where people offer to do all sorts of tasks for as little as $5. This can be anything from proofreading to video editing to recording a personalized Happy Birthday song! The secret is to offer affordable “gigs,” as they are called, and to ask much more for attractive upgrades and add-ons.
• Flexjobs and HireMyMom specialize in jobs you can do from home including writing, bookkeeping, social media management, graphic design, legal research, advertising and more. You’ll pay a small fee to be a member which increases the ratio of jobs-to-applicant and helps screen out “tirekickers” that might not be as qualified.
• 99Designs is where graphic designers can find people who need a new website, book cover or logo design. Bid on the proposals that sound interesting to you.
• Cafe Press is another good resource for graphic designers. This website allows you to create digital designs that can then be sold on the platform. You earn a commission for everything that sells without dealing with logistics like printing, warehousing and customer service.

Make Money Typing

Gone are the days of rooms full of typists tip-tapping away. There’s no longer a need for such services because most people are half-decent typists themselves. But that doesn’t mean there isn’t still a need for experiences and better than decent typists. Thanks to the internet, it’s now a job you can do anywhere.

You don’t need lots of equipment, and the only requirement is that you complete assignments on time. Another benefit is that you can start making money instantly, whenever you’ve got the free time, or make it into a full-time career.

A range of typing jobs are available, but the majority fall into the following categories:

• Transcription: With this type of work, you’ll be typing audio recordings. It might be lectures, dictation, phone messages, conference calls, workshops, speeches, podcasts, interviews, webinars, or videos. Within this category, there are specializations such as legal transcription and corporate/financial transcription.
• Medical transcription: This role requires specialist training and certification as it involves transcribing dictation made by physicians or medical practitioners.
• Captioning: A captioner works off live video rather than recorded audio. Fast typing speeds are a requirement and accuracy and stenography equipment.

Level of expertise: Intermediate, expert

Requirements: Excellent spelling, punctuation, grammar, and typing skills,

Time: Instant

Tools: Sign up with a typing website, computer with a large monitor, headphones, foot pedal

Income Potential: $7 – $50/hour

20. Money-making strategy: Wash carpets

Rent a carpet cleaning machine at your local home improvement store, or buy one if you think you can get enough work doing this. You'll likely find lots of people need something like this, but haven't actively looked for the service.

You can wash carpets in the owner's homes, or have them steam-cleaned offsite, depending on the job and the trust you build with the owners.

23. Money-making strategy: Participate in medical studies

If you don't mind throwing caution to the wind, consider becoming a participant in medical studies or drug trials. Companies pay a significant amount of money to participants.

You'll need to find the companies conducting medial studies and expect side effects. If you can live with that, then you can definitely make some money fast without too much effort.

Create and sell an online course

Consider filming a video course on Teachable, Udemy and/or Thinkific. Or become a Skillshare instructor. These are all platforms where you can make money by teaching what you know online. They are wonderful for creating a little income—or a lot! Top instructors are earning six figures. (Hint: it helps a lot if you have an online following or existing database of potential customers, as you’ll want to market and sell the course.)

Here is a breakdown to help you understand the differences and which online teaching platform is best for you. Another great resource is Danny Iny’s Course Builder’s Laboratory.

Rent Your Home or Room on Airbnb

Do you own your own home? Is there a room in your home you don’t currently use? A great way to earn a passive income is to rent out your spare room. Thanks to a platform known as Airbnb, an increasing number of people are doing just that. Some people choose to rent their whole house. According to recent data analysis, there are 2.9 million Airbnb hosts worldwide.

Airbnb is a very flexible option because you’re given the freedom to choose when and how often you rent out your space. The rental rules are also your responsibility, as is the daily rental rate.

Source

Renting a room or your house to strangers may leave you feeling a little uneasy. Airbnb, however, does provide insurance should anything occur. If you need additional reassurance, AirBnB does operate a renter’s rating system. Check out a person’s AirBnB reputation before you let them stay.

Level of expertise: Intermediate, Expert

Requirements: A room or a property that’s suitable to rent

Time: Instant

Tools: Register with AirBnB and follow the host standards

Income Potential: an average of $924/month

8. Dividend stocks

Shareholders in companies with dividend-yielding stocks receive a payment at regular intervals from the company. Companies pay cash dividends on a quarterly basis out of their profits, and all you need to do is own the stock. Dividends are paid per share of stock, so the more shares you own, the higher your payout.

Opportunity: Since the income from the stocks isn’t related to any activity other than the initial financial investment, owning dividend-yielding stocks can be one of the most passive forms of making money. The money will simply be deposited in your brokerage account.

Risk: The tricky part is choosing the right stocks.

For example, companies issuing a very high dividend may not be able to sustain it. Graves warns that too many novices jump into the market without thoroughly investigating the company issuing the stock. “You’ve got to investigate each company’s website and be comfortable with their financial statements,” Graves says. “You should spend two to three weeks investigating each company.”

That said, there are ways to invest in dividend-yielding stocks without spending a huge amount of time evaluating companies. Graves advises going with exchange-traded funds, or ETFs. ETFs are investment funds that hold assets such as stocks, commodities and bonds, but they trade like stocks. ETFs also diversify your holdings, so if one company cuts its payout, it doesn’t affect the ETF’s price or dividend too much. Here are some of the best ETFs to choose from.

“ETFs are an ideal choice for novices because they are easy to understand, highly liquid, inexpensive and have far better potential returns because of far lower costs than mutual funds,” Graves says.

Another key risk is that stocks or ETFs can move down significantly in short periods of time, especially during times of uncertainty, as in 2020 when the coronavirus crisis shocked financial markets. Economic stress can also cause some companies to cut their dividends entirely, while diversified funds may feel less of a pinch.

Compare your investing options with Bankrate’s brokerage reviews.

Write and Sell an eBook

If you know you’ve got a book in you but have been putting it off for years, publishing an eBook could be the opportunity you’re looking for. If you want to publish a book, you don’t have to approach a publishing house because self-publishing is an option. Absolutely anyone can publish a book, and it is possible to make a living.

The barrier for entry is set relatively low, so be ready for lots of competition. To stand out from the crowd, you’ll need to write the best eBook possible and satisfy the readers’ expectations.

Some of the things you need to consider before you put pen to paper, figuratively speaking, include:

• Choosing the right topic: Something you’re passionate or knowledgeable about.
• How long your eBook is going to be: There are no hard and fast rules.
• The title of your eBook: It needs to grab people’s attention and draw them in.
• Write unique content: Provide insights that no other eBook offers.
• Format: PDF is the best.
• Editing: Fill your eBook with grammatical errors, and it’s doomed to fail.
• Cover design: It’s not just about the content. An attractive cover is also key to success.

Once you’ve written your eBook, you need to sell it. Targeting everyone is not the best approach. You’re more likely to be successful if you can identify a market.

Level of expertise: Beginner, intermediate, expert

Requirements: Idea for your eBook

Time: Your eBook could earn you an income within a couple of months

Tools: Editing tool, blog, or publishing platform

Income Potential: $50-$10,000/ month

How many income streams should you have?

There is no “one size fits all” advice when it comes to generating income streams. How many sources of income you have should depend upon where you are financially, and what your financial goals for the future are. But having at least a few is a good start.

“You’ll catch more fish with multiple lines in the water,” says Greg McBride, CFA, chief financial analyst at Bankrate. “In addition to the earned income generated from your human capital, rental properties, income-producing securities and business ventures are a great way to diversify your income stream.”

Of course, you’ll want to make sure that putting in effort into a new passive income stream isn’t causing you to lose focus on your other streams. So you do want to balance your efforts and make sure you’re choosing the best opportunities for your time.

Passive income ideas:

Become a virtual assistant or online business manager

Many people normally work in an office on tasks such as

• data entry
• email marketing
• social media management
• customer service
• updating websites and
• managing calendars and schedules.

A Virtual Assistant or VA does the same thing—from their home! According to PayScale, the average VA earns just over $20/hour, which varies according to skills and experience. VAs can be self-employed or they may work as employees and/or as part of a team. This article explains how to get started as a VA.

AnOnline Business Manager or OBM is often a virtual assistant who has “graduated” to a higher level of skill and expertise. They can be proficient in project management, marketing, directing larger teams, and documenting processes. An OBM takes initiative to manage certain aspects of the business while a VA is more “task-oriented.” An OBM earns more than a VA and is typically certified.

While VA projects can be short one-time assignments, both VAs and especially OBMs can become valued long-term team members. (We have used both on our virtual team for years!)

Profit through savvy social media strategies

There are similar ways to make money with Instagram and other social media platforms. Connect and stay top-of-mind with potential clients and customers on LinkedIn, Instagram and Facebook. Livestream on Facebook or start a Facebook group to share your expertise, promote what you do and expand your network.

Which passive income source is best?

The question of which passive income source is best depends on several factors, but some of the most important include the amount of money you have to invest, the total opportunity size, your interest and ability in the area, the amount of time you need to invest and the potential to succeed. Typically, the lower the barriers to entry, the more crowded the field of competitors and the lower likelihood of success.

So you’ll need to weigh the opportunity against these factors and see which passive income strategy works best for you. But it can be helpful to have natural ability and an interest in your target area, because these can help motivate you in the early days when things are likely to be tougher.

There are passive income opportunities for people who are starting out with some money and even those who have no money to start.

Build a drop-ship business

“Drop-shipping” means that you never have to see or handle the product yourself. (You just have to make the sale!)

Amazon offers one form of drop-shipping, but there are other resources. Providers such as SaleHoo, Worldwide Brands, and other sources offer drop-shipping products.

Become an Extreme Couponer

When you use one or two coupons every week, it helps you save a small amount of money. Become an extreme couponer, on the other hand, and you could save a whole lot more. To become an extreme couponer, you’ll need to diligently scour magazines, newspapers, and online sites for as many coupons as you can find.

Match these coupons up with promotions and sales to maximize the amount you save. If you get good at it, you could even get some products for free.

25. Money-making strategy: Do micro gigs on Mechanical Turk

Mechanical Turk is a platform by Amazon that allows you to do small jobs and get paid for it. But don't expect too much money out of this. These gigs truly are "micro" and range from a few cents to a few dollars at the most. But if you string several of these together, it might be in your benefit.

You don't need any serious qualification to do this. Usually, this involves clicking on links, taking surveys, giving an opinion, doing some light categorizing or other human-intelligence tasks (HITs as they like to call it).

32. Money-making strategy: Pawn your valuables

If you're running on fumes, financially speaking, but you have some money coming your way soon, consider pawning something of value to borrow fast cash. Of course, to get those items back you'll need to pay back the loan with interest. If you don't pay it back in time, that you'll lose the item. If it's really something that has a lot of intrinsic value to you, don't do it. But if it's something that doesn't, you can certainly consider it depending on your situation.

Looking to delve deeper into the world of entrepreneurship? Visit our newly relaunched Entrepreneur Bookstore.

Join a Remote Company Part-Time (or Full-Time)

Perhaps you’d like a change of career, want to try something new, or would benefit from a scenery change. In such cases, working remotely can be a breath of fresh air as well as an excellent opportunity to earn some money on the side.

Many companies are looking for remote employees, and it doesn’t matter where you work. According to Upwork, 22% of the American workforce will be working remotely by 2025. That’s an 87% increase compared to before the pandemic. Start on a part-time basis, and you might like it so much you want to work full-time.

Look for possible options by checking out online career listings, or visiting one of the following websites:

The types of remote jobs available vary considerably. Such positions might include being a designer or working in customer support.

It’s a simple case of finding a job you like and applying for it.

Level of expertise: Beginner, intermediate, expert

Requirements: The right skill for the job you’re applying for

Time: Instant

Tools: Knowledge and experience to help you secure the job

Income Potential: $20,000 – $100,000

Make Money on Your Phone

You don’t need a fancy computer to make money. You can make upward of 3k just by using your smartphone. What’s even better is that you won’t need to leave home to do it. The internet has made it super easy, and with smartphones having enough computer power to run a small country, there are numerous ways you can make money from home.

Lots of the options will bring in small amounts of cash, which we’ve already looked at. In this short section, you’ll find out about the more lucrative ways.

• Make a profit from flipping stuff: If you’re the kind of person who has an eye for hidden treasures and deals at garage sales or thrift stores, this could be the option for you. When you flip things, you’re selling items you got free or discounted for profit.
• Make smart investments with Acorns: If you’re interested in making money by investing, Acorns is a fantastic option, especially for beginners. When you buy something with your credit or debit card, Acorn rounds it up and invests the difference. It’s just a small change, but you’ll be surprised at how quickly it adds up.
• Sell books online: There’s a massive market for used books and textbooks. Sites such as Bookscouter help you sell any books you’ve got or books you buy cheaply, for real cash.
• Play games and get paid: If you enjoy passing the time playing games, check out Dabbl. Play fun and simple interactive games and earn money. We’ll look at some other ways to make money playing games in the next section.
• Rover: Get paid to play with dogs, pet-sit, walk dogs, and more. Use your phone to set your rates and plan your schedule.

Level of expertise: Beginner

Requirements: Smartphone

Time: Instant

Tools: Sign up with the app

Income Potential: Up to $3,000 annually

17. Money-making strategy: Help with home gardening

Offering your services as a local gardener could make you enough money quick enough to satisfy some pressing needs. There are loads of options from mowing lawns and pulling weeds to planning gardens and decor. If you pitch to enough neighbors, you'll find at least a few takers. It'll definitely be worth your while.

15. Advertise on your car

You may be able to earn some extra money by simply driving your car around town. Contact a specialized advertising agency, which will evaluate your driving habits, including where you drive and how many miles. If you’re a match with one of their advertisers, the agency will “wrap” your car with the ads at no cost to you. Agencies are looking for newer cars, and drivers should have a clean driving record.

Opportunity: While you do have to get out and drive, if you’re already putting in the mileage anyway, then this is a great way to earn hundreds per month with little or no extra cost. Drivers can be paid by the mile.

Risk: If this idea looks interesting, be extra careful to find a legitimate operation to partner with. Many fraudsters set up scams in this space to try and bilk you out of thousands.

4. Affiliate marketing

With affiliate marketing, website owners, social media “influencers” or bloggers promote a third party’s product by including a link to the product on their site or social media account. Amazon might be the best-known affiliate partner, but eBay, Awin and ShareASale are among the larger names, too. And Instagram and TikTok have become huge platforms for those looking to grow a following and promote products.

You could also consider growing an email list to draw attention to your blog or otherwise direct people to products and services that they might want.

Opportunity: When a visitor clicks on the link and makes a purchase from the third-party affiliate, the site owner earns a commission. The commission might range from 3 to 7 percent, so it will likely take significant traffic to your site to generate serious income. But if you can grow your following or have a more lucrative niche (such as software, financial services or fitness), you may be able to make some serious coin.

Affiliate marketing is considered passive because, in theory, you can earn money just by adding a link to your site or social media account. In reality, you won’t earn anything if you can’t attract readers to your site to click on the link and buy something.

Risk: If you’re just starting out, you’ll have to take time to create content and build traffic. It can take significant time to build a following, and you’ll have to find the right formula for attracting that audience, a process that itself might take a while. Worse, once you’ve spent all that energy, your audience may be apt to flee to the next popular influencer, trend or social media platform.

Rate of Return	Rule of 72	Actual no. of Years	Difference (no.) of Years
2%	36.0	35.0	1.0
3%	24.0	23.5	0.5
5%	14.0	14.2	0.2
7%	10.3	10.2	0.1
9%	8.0	8.04	0.0
12%	6.0	6.1	0.1
25%	2.9	3.1	0.2
50%	1.4	1.7	0.3
72%	1.0	1.3	0.3
100%	0.7	1.0	0.3

4. The Speculative Way

Though slow and steady might work for some investors, others find themselves falling asleep at the wheel. For folks with a high degree of risk tolerance and some investment capital that they can afford to lose, the fastest way to super-size the nest egg may be the use of aggressive strategies such as options, margin trading, penny stocks, and in recent years, cryptocurrencies. All can super-shrink a nest egg just as quickly.

Stock options, such as simple puts and calls, can be used to speculate on any company's stock. For many investors, especially those who have their fingers on the pulse of a specific industry, options can turbocharge a portfolio's performance.

Each stock option potentially represents 100 shares of stock. That means a company's price might need to increase only a small percentage for an investor to hit one out of the park. Just be careful and be sure to do your homework before trying it.

For those who don't want to learn the ins and outs of options but do want to leverage their faith or doubts about a particular stock, there's the option of buying on margin or selling a stock short. Both these methods allow investors to essentially borrow money from a brokerage house to buy or sell more shares than they actually have, which in turn raises their potential profits substantially. This method is not for the faint of heart. A margin call can back you into a corner, and short-selling can generate infinite losses.

Lastly, extreme bargain hunting can turn pennies into dollars. You can roll the dice on one of the numerous former blue-chip companies that have sunk to less than a dollar. Or, you can sink some money into a company that looks like the next big thing. Penny stocks can double your money in a single trading day. Just keep in mind that the low prices of these stocks reflect the sentiment of most investors.

As Bitcoin has grown in popularity and become more mainstream, other cryptocurrencies have also emerged in recent years as one of the favored ways for speculators to make a quick buck. Though Bitcoin surged 60% in 2021, its performance pales in comparison to that of as many as 10 other cryptocurrencies (with a market cap of at least $10 billion) that soared 400% or more in 2021, such as Ethereum, Cardano, Shiba Inu, Dogecoin, Solana, and Terra (Solana and Terra gained more than 9,000% in 2021). Unfortunately, the cryptocurrency arena is a fertile hunting ground for scamsters, and there are numerous instances of crypto investors losing a great deal of money through fraud. Would-be cryptocurrency investors should therefore take the utmost care when putting their hard-earned money into any cryptocurrency.

A priority this year, for many people, will be figuring out how to make money online. It might be a side gig to supplement your job or a completely new venture. Whatever the reason, there are a wealth of available opportunities.

For quite a few of them, all you’re going to need is access to a reliable internet connection and a smartphone.

Start a new career in tech.

Are you tech-minded, analytical, and project-focused? If so, you may enjoy a career move to the technology space. Udacity offers “nano-degrees” that allow you to quickly learn business tech skills that are valuable in the workplace, including:

• Data Science
• Artificial intelligence
• Programming
• Cloud Computing
• Digital Marketing.

Courses are self-paced, so you can be in your new career in a few short months. This is a fantastic ready-to-seize opportunity!

What about real estate?

Real estate is another traditional way to build wealth, although it is a far less attractive proposition at times like the present when housing prices in North America have surged to record levels in many regions. The prospect of rising interest rates also reduces the appeal of real estate investment.

That said, during a real estate boom, the prospect of doubling one's money proves irresistible to many investors because the huge amount of leverage provided from mortgage financing can really juice up returns. For example, a 20% down payment on an investment property worth $500,000 would require an investor to plunk down $100,000 and get a mortgage for the balance of $400,000. If the property appreciates 20% to $600,000 in the next few years, the investor now has equity worth $200,000 in it, which represents a doubling of the original $100,000 investment.