There are numerous exciting ways to generate extra income through passive income. You could, for example, start a side business or invest in stocks, real estate, or cryptocurrency.
However, there are some unusual and out-of-the-box ways to generate passive income. Learn more about nine of the most underutilised methods for generating extra income with little effort.
Starting a vending machine business is a way to earn a passive income that you may not have considered. This can be an excellent way to increase your bank account with little effort.
Renting out your car could be the ideal passive income source. Turo is a service that allows you to rent out your car to strangers. As a result, if you have a spare vehicle or are not using your primary vehicle for a few days, list it on Turo at a price you decide.
Carvertise compensates you for using your vehicle as an advertisement space for others to promote their products. According to the company, you can earn up to $300 per month from this passive income stream.
Sell your photos as stock images on sites like Shutterstock or Adobe Stock, where people buy images for their projects, if you're good with a camera. If your photos are popular, you can make a lot of money. Furthermore, it is an excellent way to publicise your work and build your portfolio.
Of course, you may be subjected to a physical or psychological examination to ensure your suitability. They may also ask you to sleep in uncomfortable positions for an extended period of time during the study.
Real estate crowdfunding allows you to invest in real estate without having to deal with the headaches of being a landlord. With platforms like Fundrise, you can get started with as little as $10 and avoid all of the work that comes with owning real estate.
Renting out useful household items that people may require but do not want to purchase can be profitable. Renting lawnmowers, power tools, mechanic tools, tents, and large coolers are all excellent options. Begin small and then scale up if there is interest in a specific area.
Do you want to supplement your income with your design skills? Try selling printed designs on T-shirts, hats, mugs, and other items. You can sell your creations on websites like Zazzle and CafePress. Begin with your designs, then see what the market wants and expand.
Do you have an extra room in your house that you rarely use? Neighbor, which bills itself as the "AirbnB of storage," makes it simple to rent out unused space in and around your home to locals in need of storage.