September 23, 2021

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5 Ways for Workers to Generate Passive Income

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No matter how much money you’re making as a worker, it’s always good to get some extra cash on the side. 

People that do physically less demanding jobs might have enough strength to go for another job.

However, workers that are tired after 9-5 jobs have neither energy nor concentration for another heavy job.

This is where passive income comes on stage.

In this article, we’ll present five easy jobs that can improve your household budget.

  1. Online tutoring

People are curious beings by their nature and want to learn new things. Technological development has opened the door for people to connect and learn from one another. 

So, the first side job we’d like to describe is online live tutoring. We put a special accent on the word live. Regardless of whether we’re talking about learning a language, playing a musical instrument, or anything else, many learners appreciate live contact. 

If you’re a native English speaker, you can apply to become an online English tutor on these language learning platforms. Depending on your experience and commitment, you can make up to $15 per lesson (45 or 60 min).

There are other options for live tutoring, like teaching people to play musical a instrument, cooking lessons, etc. 

  1. Video tutorials

Closely related to the previous paragraph, video tutorials are similar to live online tutoring. There’s a learning topic and you share your knowledge about it in recorded lessons. 

Say you want to make video clips about cooking. Here’s the work process:

  • Shoot a few videos so that people have more content to follow if they like the first tutorial.
  • Open a YouTube account and post your videos there. 
  • Launch a Patreon account to receive money from subscribers. 
  • Play with your posting schedule to see how many tutorials per week is the optimal number.

You can offer the first few videos just excerpts for free or on YouTube and then call people to subscribe to your Patreon account if they want to see more. 

Also, bear in mind that Internet users are quite demanding in terms of visual content. So, learn how to make top-notch tutorials at home and stand out from the crowd. 

Live online lessons are a better option for someone who can’t or doesn’t want to deal with shooting tutorials. 

However, if you know how and have the necessary equipment, tutorials will bring more money in the long run. Renting equipment

  1. Renting equipment

There are many things in this world that people prefer renting, rather than buying. 

For instance, people don’t like to buy PA system equipment, i.e., speakers, amplifiers, and other sound-enhancing items they use at weddings, birthday celebrations, and other events. You can start from simple systems and rent them only for smaller events. As the money keeps rolling in, you might want to buy more items and become more competitive on the market. 

Similarly, you could buy lighting equipment and rent it out together with your PA systems. Most celebrations that need music look better with visual effects, as well. 

Renting out wedding decorations can be a profitable side job, as well.

Moreover, you could rent out cleaning equipment, such as machines for cleaning sofas, mattresses, beds, and other furniture items. 

And if you want to switch from a passive to a direct income, think about start doing such cleaning jobs after your regular job. People doing sedentary jobs actually might like doing a physically dynamic job a few hours a day. You can save money you’d spend in the gym and earn something along the way. 

  1. Buying and selling things

Buying things at a lower price and selling them for more money is not rocket science. You need to know a little math and you’re already there. 

What’s important here is to find the right niche. If you start this side job in a saturated market or niche, you won’t make any passive income and you’ll waste your time. 

Therefore, check out the local websites for classified ads. Analyze the websites specialized for eCommerce purchase services, as well, and try to identify what’s missing. For instance, wooden toys have become popular over the last few years and they’re not that easy to find in regular stores. See if there would be room for something like that on the local market. 

Also, reselling sports equipment could generate a fast return on investment. Tennis racquets and balls, footballs, basketballs, sweatbands, sports bags, jersey, and shorts are only some items that you could buy at a lower price and sell them at a higher price. 

If you opt for this side job, be careful in the beginning. First, buy only several items of each kind just to make the initial offer on the Internet. When buyers start ordering things, buy the target items in bulk. 

  1. Childcare services

More and more parents spend a lot of time in the office. As a result, they need assistance with their children. 

This is a nice chance for workers to get additional money on the side. For instance, you could spend a few hours per week looking after babies and kids. If you know how to deal with kids, 

Now, this is a very simplified description of childcare services. 

First of all, parents are sensitive about their children. They’ll probably ask you hundreds of questions before they decide to hire you. 

Secondly, you should possess a certificate that you’re trained to work with kids. 

Finally, bear in mind that women usually get hired as babysitters. However, both men and women could see a business opportunity in this niche. You can learn how to start your own nanny agency and generate more passive income, as well. 

A practical option would be to offer your friends or neighbors, I.e., people who you know well, to take care of their kids when they’re busy. In this case, you don’t need any documents and everything is a matter of verbal agreement. 

If you have time and energy, passive income can bring a significant amount of money at the end of the day.  

Follow our tips from above and don’t hesitate to try some other additional source of passive income to improve your budget and save some money along the way.