Passive income is a great way to increase cash flow, which can be especially helpful when prices for most consumer goods are high. Having reliable passive income sources means you’re making money while you sleep.
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Unfortunately, the biggest obstacle for most people is not knowing how to start. Luckily, there are many ways to generate passive income. Some require a little money to start, but others do not require any cash at all.
Keep reading as we look into four ways you can start generating passive income this week.
Investing in Dividend Stocks
Investing in the stock market is one of the easiest ways to make passive income quickly. Because most online brokers offer fractional share investing, you can start with very little cash.
“If you want to generate income from investments, there’s no better way than with dividend stocks or funds,” said Uli Ebensperger, co-founder and CEO of Ziggma Analytics. “Dividend-focused investments give you a chance to earn income through price appreciation and dividend payouts.”
It’s important to look beyond the current dividend yield when looking for dividend investments. These can be misleading at times. Instead, look for companies continuously paying out and raising their dividend. For example, Dividend Aristocrat companies have increased their dividend to shareholders in each of the past 25 years. These are solid companies that can help you build a consistent passive income stream.
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Sell Your Jewelry
If you’re looking for a way to make some extra cash quickly, have you considered selling things you no longer need around your house? If you were to dig through your drawers, I bet you’d find jewelry that hasn’t been worn in years.
With gold prices at all-time highs, selling unworn jewelry could be an easy way to earn money. Companies like The Alloy Market make selling jewelry easy and getting paid quickly.
“Selling gold and jewelry has been a passive income stream for folks for quite a long time,” said Brandon Aversano, founder and CEO of The Alloy Market. “In fact, selling gold has been around for thousands of years. Jewelry with high contents of gold (and silver, platinum or palladium) are worth more today than ever in history.
“In times of uncertainty and global instability, both banks and consumers turn to gold as a stable method of investment, causing the price of gold to skyrocket and benefitting customers looking to liquidate their items,” he added.
Aversano recommended going through old jewelry boxes and asking parents or grandparents if they have any jewelry they want to get rid of. You can also look for other items that include precious metals. Depending on the markups, most customers will receive offers ranging from $1,000 to $4,000.
Selling Digital Products
Selling digital products like e-books, printables or online courses is another great way to create a passive income stream. While you’ll need to work to create the product, once they’re built, you can earn income each time it’s sold.
“This side hustle (digital products) involves producing a single product and then generating numerous sales over and over again through platforms such as Etsy, Gumroad or Shopify,” said Ed Huang, side hustle and finance expert at SideHustles.com. “To begin, it requires little to no money to get started. You need design capabilities (which can be acquired through free tools such as Canva), expertise in a specific field and access to the internet.”
Huang added, “For instance, you can produce a simple planner template for weddings or a budget sheet and sell it for $10 for each download. With 50 sales a month, that’s a simple $500 in passive income. Beginners might make $50 to $300 a month, but with additional items and effective marketing, you can make $1,000 to $5,000 or more.”
Sell Photos and Videos
If you enjoy taking photographs or videos, you could turn your hobby into a passive income stream. This doesn’t require money to get started and with the cameras on most smartphones, you don’t need expensive equipment.
“Once uploaded, photographers and videographers receive pay for every download,” Huang said. “To start, all you need is a camera or smartphone, the ability to do a little editing and awareness of what kind of photos and videos people seek, such as commercial photographs, lifestyle photos and drone footage.
“For instance, a city photograph could pay 25 cents and a photograph of nature could pay $10 for a single download,” Huang added. “On a side-gig basis, one can earn $50 to $300 a month and full-time can yield $1,000 and even more in passive earnings over time.”
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This article originally appeared on GOBankingRates.com: 4 Low-Effort Ways To Start Generating Passive Income This Week
