Passive Income 2023: 8 Skills You Already Have That Can Help You Earn Passive Income Now
Written by
Nicole Spector
Edited by
Cory Dudak
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Millions of Americans are struggling to get by during these times of lingering inflation, which makes the pressure to make money more intense. Fortunately, you can do quite a few things to generate passive income – which is also called “making money while you sleep.” In other words, it requires little effort but can reap big rewards.
Here are 8 things you probably already do or know how to do that can help you earn passive income now.
Open a New Credit Card with A Big Welcome Bonus
If you’re in great shape credit-wise, and you are looking to add a line of credit to your life, consider opening a credit card that sports a cushy sign-up bonus. As long as you meet the card’s spending criteria, you could walk away with hundreds for doing practically nothing.
Use Cash Back Credit Cards
Another way to generate passive income if you’re in a good place with your credit card, is to use cash back credit cards on qualifying purchases.
Answer Surveys Online
Do you spend a lot of time on the Internet? You could use that time to make money – by answering surveys that some websites offer, like SurveyJunkie and InboxDollar.
Rent Out Your Parking Space
Live in a high-traffic area and have a parking spot to spare? Rent it out! According to Spacer.com, in the car-heavy city of Los Angeles, monthly parking prices range from around $130 to $650 per month. You could be getting a sweet piece of that pie.
Rent Our Ad Space On Your Car
Have you ever seen those cars driving around that look like advertisements for companies or products because they’re so decked out in loud branding? This could be your car, and you could be the one driving it. Though it depends on the advertiser,you stand to make between $100 and $700 a month with a car wrap ad, according to The Savvy Couple.
Start a Print on Demand Shop
If you have an artsy flair and enjoy design, you can follow your passion and make a profit by selling your original designs to be printed on shirts, mugs, paper products and more. You can start by checking out Printful and Prinifty, which will allow you to start quickly and seamlessly.
Self-Publish A Book
Have you always wanted to write a novel but never felt like you can’t make any money doing it on your own? Or perhaps you’re in a reflective phase in your life and want to embark on a memoir. You should absolutely look into self-publishing your book. Some authors have made millions off of this method, and the upfront costs are usually quite minimal.
Invest
Anything you invest in should have the potential to grow, meaning that it will generate money on its own. Whether you invest in real estate, the stock market or whatever other viable vehicle, your aim should be to generate passive income. Since this money-making method is more complex than the others, it’s best to chat first with a financial advisor to make the most informed decisions.
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