Top 5 Passive Income Side Hustles
No matter what your current job, income or personal situation is at this moment in time, there is always a need for some extra cash coming in, and the very best way to generate this extra cash is by using one or more Passive Income strategies.
The really exciting part of creating Passive Income strategies, is that once they are set up, they will continue to generate an income and free cashflow no matter what you are doing, unlike a traditional job where you have to “work” to get paid.
Passive Income keeps flowing even when you are sleeping, on holiday, out shopping, with friends and family, or just sat in a coffee shop reading a book!
To me, this is the best way to generate extra cash each month without working for it, and whether you are just seeking a side hustle to top up your monthly income, or you are ultimately looking to replace your income and quit your day job, then you have come to the right place, as I will show you my Top 5 Passive Income Strategies that make me Passive Income each and every month.
1. Affiliate Marketing
Affiliate marketing is one of the most popular online passive income ideas of the modern age, and is also one of the easiest strategies to understand.
In short, an Affiliate (you) is the middleman between consumers who want to buy products, and businesses who sell those products. By joining the buyers and sellers together via your website, blog, content article or product review, you will be paid a commission for each sale that takes place.
The good news is that there are affiliate opportunities for literally millions of niches, and so no matter what your interests or hobbies are, there will be a way of converting this into affiliate commission income for you.
Affiliate marketers can earn anything from just a few £/$ per sale, right up to some substantial sums for big ticket items such as expensive jewelry or even cars!
As for overall income, the sky really is the limit with Affiliate Marketing as the more effort you put in, the greater the results will be. There are many Affiliates who have been able to give up their day jobs as their income has exceed their salary.
It can be difficult to know where to begin with Affiliate Marketing, and I myself have been down a few dead ends before I found the road to success.
Fortunately, there is now a fantastic Affiliate Marketer platform called Wealthy Affiliate that provides all the training, website infrastructure, marketing materials and SEO help you will ever need all in one place.
You can try it out for FREE by clicking the banner below, but I would also thoroughly recommend the premium plan if you do intend to try out Affiliate Marketing as absolutely everything you need is available within the plan.
2. Dividend Income from Stocks & Shares
Dividend income from a stocks and shares portfolio is my personal favorite passive income strategy.
As a shareholder you are a part owner of a business or company, and as such are entitled to a share of the profits in the form of dividend payments usually twice a year, but sometimes quarterly.
By creating a dividend paying portfolio of shares, you will earn an income each and every month as different companies pay their dividends in different months, thus giving you a continuous flow of cash.
During the early years it is suggested that you reinvest these dividends back into your investment portfolio to help it grow, thereafter producing even more cash in the years to come.
Your dividend portfolio should consist of at least 20-30 shares to provide some risk diversification, and the dividend yields (the amount you will earn per year) should be between 3%-8%.
Earning a living from dividend income can take time as you need to grow your portfolio, but it is certainly possible, as I now earn more passive dividend income each month than I ever earned in my job.
I personally now use eToro’s stocks and shares platform as they don’t charge dealing fees or stamp duty which saves a lot of money.
3. Start a Drop Shipping Store
A Drop Shipping business is somewhere in between an Affiliate program and a full-blown online business. It is more hands on than Affiliate businesses, but less work than running your own online store and inventory.
You can make higher profit margins with a drop shipping store as you are able to set the price to the customer.
The drop shipping store would provide you with a net price to you, for example £10 or $10, and then you could choose to increase that to £15 or $15, making you a 50% profit margin.
You will still need to attract customers to your website to try and convert into sales, but once you have a sale, the order is processed through to the drop shipping company, and they carry out the order fulfillment and delivery to the end customer. Therefore you don’t have to buy or hold any stock, and you don’t get involved with the postage packing and delivery which saves a lot of time and effort.
If you want to find out more about starting a drop shipping store, then take a look at Spocket Dropshipping platform.
4. Become a Popular Investor on eToro and get paid!
If you are amongst the many people who enjoy investing for the future, and you think you are quite good at it, then why not sign up to eToro’s Popular Investor Program, whereby you can actually earn a monthly income if you can get other investors to copy you. Essentially you are being paid as a fund manager!
There are different bands or grades of popular investors, and each has different levels of requirements, awards and benefits.
It took me 6 months to reach the Champion level, but it was certainly well worth it, with a very useful $800 of passive income now paid into my account each month.
Some popular investors at the Elite and Elite Pro level earn huge sums of additional passive income, easily enough to give up their day jobs if they wanted to.
Why not sign up to eToro’s platform and check out their Popular Investor program for yourself.
5. Freelance on Fiverr
One of the quickest passive income ideas is to become a freelancer on Fiverr.
But instead of providing a typical service whereby you would be doing something for somebody (i.e. “working” for them) what you need to do is to produce and provide something of value that can be automatically distributed once the customer buys it on the Fiverr platform.
Some examples could be e-books, or training guides, online teaching videos, data databases, documentation templates etc.
Alternatively, some people are making a decent income from selling services on Fiverr that they then also outsource on Fiverr. For example, some people sell SEO link building plans for £/$100, and then subcontract the work to others on Fiverr and pay them say £/$50, and then take the difference in fees themselves as their handling commission, albeit they haven’t actually done any of the work.
It's free to sign up to Fiverr to see what opportunities there are.