Are you looking for ways to make extra money without doing a lot of work? Passive income is an attractive option for many people, as it can provide additional sources of revenue with relatively little effort.
Though traditional passive income streams such as rental properties and stock investments are still viable options, there are also a few unusual ways to bring in money on the side.
In this article, we will share some of the strangest ways to earn passive income. You can make money through activities requiring minimal effort and no expertise.
What is Passive Income Anyways?
Before we jump into these unusual methods of making money – let's first take a look at what passive income is.
Passive income refers to revenue without you having to actively work for it. It can be derived from rental properties, stock investments, or online businesses.
The key is that you don't have to do any work for income, such as consulting or freelancing.
8 Unconventional Ways to Earn Passive Income
Let's take a look at a few weird ways you can generate passive income:
1. Vending Machines
One of the easiest ways to generate passive income is through placing vending machines.
You can place the machine in areas of high foot traffic, such as schools, offices, or shopping centers.
People will purchase items from your machine, which will then generate revenue for you passively.
A vending machine costs around $3000-$7000, depending on the size and type of machine. You also have to refill and maintain the machine regularly, which could take some time. But that's it – you don't have to do anything else!
2. Rent Your Car
If you have a car you don't use that often, you can rent it out and make money. Companies such as Turo, Getaround, and HyreCar offer car-sharing services that allow you to rent out your vehicles for a daily or weekly fee.
This is a great way to make extra cash without having to do any additional work. All you have to do is list your car on the platform, agree to the terms, and you're good to go! However, you do have to make sure your vehicle is well-maintained and that you have proper insurance.
3. Create an Online Course
If you are passionate about something and grasp the subject well, you can monetize your expertise by creating an online course. Yes, you do have to spend some time creating the course, but you can make money passively after that.
You can use platforms like Udemy or Teachable to host your course and reach a broad audience. Or you can start your website and promote your course through social media and other channels.
Once you build your reputation, you can automate most of the promotion and marketing process, which means you'll be able to make money even when you're not actively working.
4. Rent Out Your Parking Space
Renting has always been a great way to make money passively, and you can apply the same concept with your parking space.
If you have a driveway or designated parking spot you don't use often, you can rent it out to someone else needing a place to park. This is especially useful if your home is near a popular destination such as an airport or stadium.
You can charge them hourly or daily, depending on your preference. Plus, you don't have to worry about maintenance or other hassles with traditional rental properties.
5. Rent Your Household Items
Household items such as landowners, power tools, camping gear, and holiday decorations can be costly. So people with a limited budget can't afford to buy them – this opens up an opportunity for you.
You can rent out your items when you're not using them to people who need them and charge a small fee. This way, you can make money while your items are sitting idle. But you have to make sure they're in good condition and that you have the right insurance.
6. Write an Ebook
Like an online course, you can also write an ebook and sell it online to create a passive income source. If you need to learn what an ebook is, it's an electronic book you can read on any digital device, such as a laptop or smartphone.
An ebook can cover a wide range of topics, from self-help and cook to traveling, business, and parenting. All you need is writing skills and an idea, or you can hire a freelance writer to write it for you!
Ebooks can be a valuable asset in the digital age, and you can make a lot of money from them if you promote them well.
7. Real Estate Crowdfunding
If you don't know what real estate crowdfunding is, in simple words, you don't have to be a landlord and rent out properties yourself. You can invest in real estate projects through crowdfunding platforms.
You can diversify your portfolio with these investments without worrying about the hassle of managing tenants or maintenance costs. All you need is a sizable initial investment, and you can make a reliable stream of passive income.
8. Peer-to-peer Lending
Peer-to-peer lending involves lending money to borrowers through an online platform. This is a great way to make money passively, especially if you have some money saved and want to avoid investing in stocks or bonds.
You can lend your money at a higher interest rate than the bank and profit from the interest payments. You can also choose how much to invest and get your money back when the loan is paid off.
This way, you can make a steady income without having to do anything except lend out your money. Plus, it's low-risk since you don't have to worry about market volatility or other external factors.
These are some of the ways you can make money passively. While it may require an initial investment or effort upfront, once you get started, you'll be able to enjoy a steady stream of income without any additional work. So don't wait – start investing and making your passive income today!
I’m Steve. I’m an English Teacher, traveler, and an avid outdoorsman. If you’d like to comment, ask a question, or simply say hi, leave me a message here, on Twitter (@thefrugalexpat1). Many of my posts have been written to help those in their journey to financial independence. I am on my journey, and as I learn more I hope to share more. And as always, thanks for reading The Frugal Expat.