6.) Investing Apps
With so many apps available, investing on your smartphone is easier than ever. A simple search in the Google Play Store or the App store will yield a dozen different providers. Invest small amounts and possibly earn a sizeable return on your portfolio, but be advised: This is the least guaranteed method on the list, and while you COULD see a sizeable return, odds are most people will see a limited return if any. Research your stocks and decide the level of risk you are willing to take.
7.) Taking Pictures
Most of us have our phones either in our hands or in our pockets all day long. You see a beautiful sunrise and snap a quick picture. What if you could sell it? Websites like Shutterstock sell your photos and provide you with the commission. Don't take my word for it, check out their site and see for yourself. No, you won't get rich in a week, but a collection of good quality photos could net you a few dollars here and there.
8.) E-books
Writing a book is not as daunting as it may seem, as long as you follow a few simple guidelines. Write what you know, do not attempt to finish it in a few days, and Spell Check people! All the information I've found shows it is very easy to sell your book to companies like Amazon, who will take over the distribution aspect of either your e-book or physical manuscript. Prices vary, but the ability to finish writing a book, hand it off to a virtual publisher, and start working on the next more than makes up for the small cut they keep - so if you love to write, get started today. Also, if you end up writing a national bestseller I demand a copy for giving you the idea!
9.) Silver coins
Any dime or quarter minted in 1964 and before is actually a silver coin. 90% to be exact. I dabbled in the rare coin business briefly, and I cannot exaggerate how difficult of a hobby it is to get into. I did, however, learn a secret way to boost your income with very little work and you may even have fun with it too. Simply go to the bank and exchange your cash for rolls of quarters and dimes. You can easily do a quick scan for silver by opening the roll and looking at the sides of the coins. Coins made in 1965 to present day have a bi-colored edge (one side a copper color, the other side a silver color) whereas silver coins have - you guessed it - a silver edge. At the time of writing this, silver has a spot value of $17.50/oz, so a single dime can net you about $1.27 and a single quarter is about $3.16. Local coin shops will usually buy them for slightly less than that. Best part is the hobby only costs you your gas to and from the bank. Make sure to ask the teller for some extra coin rolls and simply replace the coins you took out with modern ones, roll them back up, and here's the key - exchange them for cash at a different bank. That way when you go back for more later you don't get the same rolls.
10.) Resell
This has been one of the more popular options for decades, and with good reason. Buying a product in bulk, at a much cheaper price, and then marking up to targeted consumers is an amazing way to jumpstart your income potential. One of the best ways I have found is at local craft shows. As an electrician, I work our local craft fair every year. Very few items at our craft show are handmade, and it is not uncommon to see tables full of phone charging cables and generic candles with a cheap self-made sticker haphazardly slapped on - and they sell! Take a folding table, a white linen tablecloth (plastic looks gimmicky) and showcase your wares. Don't think this is a passive income stream? How valuable do you think it would be to relax most of the day and have customers come to you? Below are some of my favorite sellers and tips on how you can maximize your profits.
Makeup brushes
At this price there is a huge potential for profit, especially if you pair it with a holding bag.
Don't fill the table up with these. Fan them out with a few sets in bags and people will
instantly be drawn to them. Include some spa fixtures, like rounded stones and soft
succulent plants and you will have an instant winner.
It is important to not look like a catch-all booth at craft shows. People always scan
through booths with a thousand different items, but they rarely buy anything. If you go
with any of the product recommendations listed, be sure to only carry like items so
that as you draw people in they are focused on your branding and style.
Bath Bombs
Same as above, but with a higher profit margin possible. 24 bath bombs for the listed price is an
amazing deal, so if you mark them up (and provide a decorative
bag) then your profit margin is insane. Don't limit yourself to just bath bombs though.
Any type of relaxation product can sell fast under the right conditions.
Don't limit yourself to items like these. Phone accessories, school supplies, small electronics, tools. The possibilities here are endless. Just search Amazon for bulk goods, or check out The Blog! to find out more sites to buy from in bulk.
11.) Magnet Fishing
Okay, while this may not be passive, it is important to get out and be active instead of sitting in front of a screen all day. That's the point of all this, isn't it? If you haven't heard of magnet fishing, a quick YouTube search will yield all the information you need. There is no telling what you might find, but at the very least you know it will be metal - scrap money is still money, and if it can be fun instead of work then we are headed in the right direction. Below is an example of the equipment you would need. A heavy pull single sided magnet is best, with a strong screw in eyelet, rope to retrieve and tie off your magnet, and rubber gloves to handle your finds.
Continue on to see more of my favorite passive and near-passive income ideas!
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