RelayRides blogger Amanda L. Grossman shares 5 passive ways for people with free time this summer to make extra money.
Something I wish I knew about when I went to college: passive income. You see, I was a crazy-busy college student who worked two part-time jobs (thankfully one was a federal study desk job at the library so I could study) plus took more than a full course load so that I could hold down two majors.
Well worth it? Yes. But what would have been even better was knowing that I could make money for the things I was doing already.
That’s what makes me excited to pass this information onto you!
Ways to Use Passive Income
There are two ways that passive income can help you. The first is by providing extra income in addition to the money you are earning elsewhere (sort of like a side hustle…without much of a hustle). And the second way is to allow you to earn income while you are pursuing other non-earning opportunities such as an internship, travelling, college, or taking some time off.
5 Passive Income Makers
It doesn’t matter whether passive income is for extra income, or to take the place of your income-earning ability. The only thing that matters is that you are interested in learning how to take advantage of systems that reward you over and over again for concentrated efforts!
Each of the examples below take varying levels of energy to set up, but generally allow you to earn money passively after the initial push.
- Rent Out Your Idle Vehicle: If you’ve got a vehicle, then take the next step to list it for rent on RelayRides.com. The renter generally picks up the rental and drops it back off (with topped-off gas), there is an insurance policy included with each rental, and you get to choose when the vehicle is available to rent. After the initial listing, simply approve/deny requests on your smart phone app!
- Get Paid to Shop (No, Seriously): You shop already, right? I think most of us do at some point. Why not combine your normal shopping/eating out/etc. with a mystery shop assignment? Assignment opportunities come through your email, and you have to write a report after the fact. But you get to dine out for free, shop for free, get your oil change for free, plus make a small profit.
- Earn Cash to Search the Internet: (Almost) everyone searches the internet. Make one little change by signing up for Swagbucks’ search engine (owned by Google), and start earning reward points for what you already do. Every so often, simply cash in your reward points for cash through PayPal.
- Rent Out Extra Space: Do you have a spare bedroom? Room in your garage? You can use these extra spaces in your life and make them passive income-earners. Airbnb is a great website where you can rent out your home or just a room, and Storeatmyhouse.com is where you can list your storage areas for rent.
- Sign Up for a Cash-Back Credit Card: Are you disciplined with credit cards, spending, and money? If so, then perhaps it’s time to sign up for a cash-back credit card. As you make your normal purchases and pay your normal bills, you earn a percentage of cash back (typically 1%-5%).
There are lots of ways you can add a passive income revenue stream to your portfolio. Each has its own amount of work involved (typically up front, or just little things here or there), but none of them involve sitting at a desk from 9:00-5:00. Have fun uncovering these new income sources!