Income After All Earning Extra Income
Without having to lift a finger is pretty sweet, but so many people think that you need to be rich or know some hidden secrets to start earning passive income. But in reality, anyone can start earning passive income even without any starting cash or experience. That’s why in today’s video, I’m covering over seven effective passive income strategies you can use to get ahead. Many of these ideas are perfect for beginners, and I’m also sharing one passive income idea that’s earned me over $, to date, as well as some out-of-the-box ideas you might not have thought of before. You don’t want to miss it! Let’s get to it.
Sensible Crypto
Before we dive into the passive income ideas, I wanted to share a cool passive income idea in the crypto space and thank today’s video sponsor, which is Sensible.
Sensible is basically a high-yield account for your crypto that lets you earn passive income on your cryptocurrency. Right now, Sensible lets you earn interest on major cryptocurrencies like Bitcoin, Ethereum, and Solana. It actually lets you earn up to % APY right now, which is pretty impressive.
What’s also nice about Sensible is that there are no account fees or minimum deposit requirements. You also maintain custody of your crypto, which is huge for maintaining security and ownership over your digital assets. Sensible is also backed by Coinbase Ventures, and it connects super easily to Coinbase. So, if you have an account there, it’s pretty easy to move your crypto over to Sensible to start earning passive income. Support for other exchanges is also coming soon.
Sensible is very beginner-friendly and quite easy to use. If you currently own crypto and want to earn passive income with your digital assets, you can definitely check out Sensible. I’ll also be linking Sensible down in the description box, and when you sign up, you need a referral code, so you can use my code Tom Blake to create your Sensible account and also help support the channel. The first people who use the code also get a deposit match bonus of up to $ so you can get some free crypto to kickstart your journey with Sensible. Details are in the description box, and again, thanks to Sensible for sponsoring today’s video. Let’s get on to more passive income ideas.
Sharing Economy
Renting Assets in the Sharing Economy
One of the first methods of earning passive income that I wanted to cover is leveraging the sharing economy to basically earn passive income from some assets you have. I really like this idea because it’s basically helping people monetize assets they already have, some of which don’t even cost you anything. Let me explain.
There are platforms like Airbnb where you can earn money by renting out a spare room or an entire property. Similarly, there are platforms like Turo where you can make money by renting out a vehicle to people in your city. You can look all over YouTube, and there are people who have full-on Airbnb businesses or Turo fleets, and they’re making a serious amount of cash.
But there are also tons of other sharing economy routes to earning passive income that help you monetize all kinds of assets, some of which don’t cost anything. For example, platforms like Neighbor let you rent out storage space to people in your city. You can actually make passive income every month by renting out a basement, a driveway, a garage, or some space you’re not really using.
SpotHero is similar, and you can rent out parking spaces to people. There are also platforms like Fat Llama where you can rent out anything from cameras, drones, tools, bikes—pretty much any kind of equipment you can think of.
The sharing economy is a really cool space, in my opinion. I mean, there are people making thousands of dollars a month with things like Turo fleets or Airbnbs. But again, some people are earning like $200 a month just by renting out a parking space or some spare storage space with Neighbor. You need some kind of assets for this to work or something valuable like storage space, but I thought it was pretty neat, so I wanted to start the video with this idea.
YouTube (Revealing My Earnings)
Starting a YouTube Channel
The second way you could potentially earn some passive income is to start a YouTube channel. YouTube is one of my favorite ways to earn passive income, and even though it takes a lot of upfront effort and requires some skills and knowledge, and also a lot of luck, it is a passive income source that you can build with time and consistency. The snowballing effect is crazy.
I started uploading videos back in [year] as a way to diversify my blog, and it took a couple of months to get monetized. Eventually, the channel started earning $50 to $100 a day in AdSense revenue. With consistent posting, the channel kept growing, and those AdSense days turned into $200, then $500, and now over $1,000 a day some days just from AdSense revenue.
In fact, the channel has now earned over $100,000 in its lifetime, which is absolutely mind-blowing to me. I have all of you guys to thank for that—the support, the comments, the time you spend watching the videos, the feedback. It really does mean a lot, and I’m very appreciative that I can make YouTube videos for you guys. Thank you very much for the support!
But really, my story isn’t unique. There are so many people out there who start with really small YouTube channels, and that channel ends up growing into something that pays their rent or their groceries or maybe becomes a part-time or full-time gig.
AI and YouTube Shorts
With the rise of AI and YouTube Shorts, I now know tons of people making money off of faceless channels or channels they’ve mostly automated, which turns YouTube into a semi-passive income source. Even for this channel, it’s become a lot more passive these days than when I started.
Sell Internet Bandwidth
Selling Unused Internet Bandwidth
Another super beginner-friendly passive income idea involves selling your unused internet bandwidth. This is perfect if you’re brand new to passive income and don’t have any money to get started. All you need is an internet connection and a phone or laptop.
There are companies like Honeygain and Pawns that let you sell your unused internet bandwidth to earn small amounts of passive income. These companies offer VPNs or work like VPNs. If someone in a certain country wants to watch Netflix in a different region or access gated content, they would use a VPN, which involves using an IP address in a different location.
With Honeygain and Pawns, they pay you to let people in their network use your IP address. I’ve tested both Honeygain and Pawns on this channel. Honestly, they didn’t pay me that much because how much you earn depends on your location, internet speed, and how much data you ultimately share with others.
However, this idea is fully passive. If you live in a major city, especially in Europe or North America, you might be able to make $20-$50 a month with this hustle. Honeygain and Pawns also allow you to cash out to PayPal, and Pawns offers crypto and Gift Card rewards.
Dividend Stocks
Earning Income with Dividend Stocks
The fourth way you can start earning passive income is by investing in dividend stocks. This is a pretty boring idea for a lot of people, but it’s honestly a super effective method.
Unlike growth stocks, dividend stocks pay out a portion of their profits directly to shareholders, typically on a quarterly or annual basis. In other words, companies that pay out dividends let you invest in them and earn a certain percentage of profit from that company. This is how a lot of people generate cash flow for themselves, especially as they enter retirement.
You can find plenty of dividend stocks to invest in, such as Coca-Cola, Johnson & Johnson, and Procter & Gamble, among others. You can also find plenty of dividend ETFs to invest in if you don’t want to pick individual stocks. It’s super easy to get started, and most top brokers offer commission-free trading.
Vending Machines & More
Starting a Vending Machine Business
The fifth way to earn passive income is to invest in a business. Some people are making passive income from Airbnb businesses, Turo businesses, or vending machine businesses.
Vending machines are a great example. These machines usually cost about $200 to $500, and once they’re placed in a location, they can earn a couple of hundred dollars per month at a 30% margin.
Companies like FranShares let you invest in shares of income-generating franchises, and you only need a $500 minimum investment to get started.
Real Estate Crowdfunding
Real Estate Crowdfunding for Passive Income
The sixth way to earn passive income is through real estate investing. You don’t need to be super wealthy to get in on real estate investing. While buying rental units or multifamily homes requires a lot of cash, there are still plenty of ways to earn passive income from real estate. One option is real estate crowdfunding, which takes as little as $500 to get started.
Platforms like Arrived specialize in residential real estate and let you invest in rental homes for as little as $100. These platforms are fully passive, and you don’t have to deal with any of the headaches of being an actual landlord.
Fixed Income Investments
Investing in Fixed Income Assets
The seventh and final passive income idea is to invest in fixed income investments. These typically offer lower returns but are low risk and more stable. Examples include Treasury Notes, Municipal Bonds, and Certificates of Deposit (CDs).
These investments pay out a fixed percentage over a fixed period of time. Returns might be lower, but the investment is safer. If you have spare cash sitting around that you don’t want to put into the stock market or a business idea, fixed income investments can work for you.
