At times, we all run a little low on cash. Perhaps you are saving for something, are feeling strapped for money after the holidays, or just want to live a little more luxuriously. Whatever the reason, you do not have to work two or even three jobs just to make extra money. There are ways for you to passively increase your income without too much additional effort.
Whether you currently have a job or not, it is nice to have a source of income that is low-maintenance and therefore low-stress. If you are looking for some ways to make some extra dough without putting in too much work, here are ten options.
1. Run a Laundromat
Running a laundromat is a great way to make passive income because after the initial investment there are not very many costs associated with running them. People just show up, use coin-operated machines, and leave. You may want to hire an attendant, but it isn’t always necessary.
2. Rent Your Car Out
If you live in a big city and do not use your car very much, don’t let it sit in the street or your garage and collect dust. Rent it out for people who need a quick ride to make some passive cash.
3. Rent an Extra Room Out
Similar to the car renting, you can rent out an extra room in your apartment through Airbnb or another home rental application. This will help you make some extra income without too much upkeep. All you need to do is clean the room and change out the linens after each guest and you’re in business.
4. Invest in Cryptocurrency
Another great way to make extra money without a lot of effort is to invest in cryptocurrency. If the idea of investing in crypto sounds daunting, rest assured that you can find a quick and easy guide to investing in cryptocurrency at cryptovantage.com.
5. High Yield Savings Accounts
High yield savings accounts, which are often offered online, are an easy way to make money on the money you already have. Make sure you find a savings account that offers the highest interest rates possible. As of 2020, the highest rate you can get is about 1.9 percent.
6. Cash Back Rewards
In the same vein of the high yield savings account, consider getting a credit card with great cash back rewards to make money on the money you already have or will spend. You can make a lot of money in a year by being smart about how, which, and when you use credit cards.
7. Own a Health Store
Owning a business that you know will be successful is a huge way to make money. Health stores are a surefire money-getter, especially if you live in a very fitness and wellness-focused town or community. You can ensure success in your health business if you offer trendy products, like collagen capsules or collagen powder. Developing a relationship with collagen protein manufacturers is a great way to make sure you can offer products at the best price to make a profit.
8. Wrap Your Car in an Ad
Consider wrapping your car in an ad through wrapify.com. The result is pretty loud, but attention-grabbing, and will make you extra cash.
9. Make Some Vending Machine Money
Similar to the laundromat example, owning vending machines is a very low-maintenance way to make money, especially if you place them in a large office building.
10. Monetize What You Have Going for You Already
This tip is for those who have a hobby that is going very well for them already. Monetize your gifts in writing by publishing a book, your eye for photography by charging for headshots, or your piano skills by giving lessons for money.