Tag - 20 passive income ideas 2020

Extra Income Ideas 2020

Extra Income Ideas 2020

Passive income is money you can earn on a recurring basis from doing little to no work. Unlike active income, where the more you work, the more you earn, passive income has an initial level of work or money up front, then has a flat return after that without the same level of work going into it.

1. Invest in Real Estate Properties

The cost to invest in real estate can get high. But there are new options to invest in real estate besides buying physical properties or investing in REITs. Now you can use crowdfunding to become a partial investor in a much larger real estate deal. To invest in crowdfunded real estate, you can look into sites such as Realty Mogul and Fundrise.

2. Invest in Dividend-Paying Stocks

Most stocks that pay dividends are the sexiest investments, but they generate passive income. In most cases, your broker will encourage you to re-invest your dividends but you have the option of having your dividends dumped into your account for withdrawal. Ally Invest: Best for new investors, TD Ameritrade: Ideal for more experienced traders and E*TRADE: Great for any investment style.

3. Loan Money via Peer-to-Peer Lending

Peer-to-peer (or P2P) lending became popular about 14 years ago when Prosper first came onto the scene. It marketed itself as a way to borrow money without having to go to a bank. Instead, you can borrow money from someone else–who will loan it to you at a competitive rate.

4. Sell Your Photography as Stock Photos

If you’re one of the millions of people who love photography as a hobby, you can quickly turn it into passive income by selling your photos as stock photos. Instead of setting up a tent at a local art fair, hoping someone will buy one of your glorious photos of Ireland, you can turn it into a profit with sites like iStock Photo and Getty Images.

5. Write and Self-Publish a Book

Many people recommend starting a blog as a way to earn passive income. I don’t agree with that approach, as it can take a long time (and a lot of money) to build and grow a blog from the ground up (more on this below if you have an established blog). Instead, you might consider writing and self-publishing your own book.

6. Rent Your Home Out with Airbnb

Whether you have a rental home on the beach, a home that you aren’t at all the time, or just a vacant room in your home, you can rent it out on sites like Airbnb and VRBO. Now, this comes with a little more work and isn’t entirely “passive” all the time, but it can be if you set yourself up correctly.

7. Sell Products on Etsy

There are now two ways to sell on Etsy–physical and digital products. With physical products, you can either create something unique such as jewelry or buy and resell something–for example, vintage clothing. Etsy has been a great marketplace for a long time, helping creative people sell their goods. The problem is, selling physical products isn’t exactly passive income.

Part Time Income Ideas 2020

Part Time Income Ideas 2020

Side hustles are one of the best ways to increase your income so you can pay off debt, save up for a big purchase, grow your retirement savings, or reduce your financial stress. No matter what’s driving your need to find a side hustle, I’ve got 8 of the best side hustle ideas for 2020.

1. Start a blog

If you’re interested in starting a blog, a WordPress blog hosted through Bluehost ($2.95 per month) is the way to go for new bloggers, and if you’re feeling like the setup and installation is a little too overwhelming, check out Launch That Blog. It’s completely free when you go with Bluehost, and you’ll get a free domain name and a ton of bonus freebies from me.

2. Proofread for a living

If you cringe when someone uses the wrong verb tense or can’t tell the difference between their/there/they’re, proofreading might be one of the best side hustles for you to try. Proofreaders are responsible for polishing written content for bloggers, content writers, website owners, and more.

3. Become a Pinterest virtual assistant

You’re probably already familiar with Pinterest – it’s a great place to find recipes, workouts, DIYs, etc. But, did you know that online business owners and bloggers have a high need for Pinterest virtual assistants? This is one of the best side hustles of 2020 because Pinterest VAs make an average of $500 per month/per client doing things like: Creating pins, Optimizing images, Developing a Pinning schedule and Doing keyword research

4. Sell things on eBay

I have a reader who made nearly $85,000 in one year from selling things on eBay. That’s wild. Now, there are no guarantees on the amount you’ll make, but this is one of the side hustle ideas that’s insanely easy to start because you can literally start selling what’s sitting around your house.

5. Walk dogs or pet sit

This is exactly what can happen with sites like Rover – an online platform that is dedicated to connecting pet owners with dog walkers and pet sitters in their area. This goes unsaid, but you have to love pets for this side hustle.

6. Sell on Shopify

Shopify is an easy to use platform for setting up and running your own eCommerce store. And if you’re thinking that it sounds like a lot of work running an online shop, it can be surprisingly passive if you use Shopify for dropshipping.

7. Rent out your car

If you like the idea of Airbnb (renting out a room or your entire house to make some extra income) Turo is like that, but for cars. Turo is an online platform where you can list your car, the dates it’s available, and then rent it out to prescreened customers. Don’t worry, Turo also offers up to $1 million in liability insurance and coverage in the event of theft or physical damage.

8. Complete tasks on TaskRabbit

For a low commitment side hustle, as in one that you can pick up and earn through whenever, doing one-off jobs with TaskRabbit is a great way to make extra money in 2020. Here’s the gist of it… you use TaskRabbit to find individual tasks/jobs that people have listed. It can be moving furniture for $75, mounting a TV for $30, or cleaning a house for $60.