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In today’s fast-paced world, finding ways to boost your income without significantly increasing your workload is a dream. Passive income and easy side hustles offer just that — a chance to earn more without the constant grind. Let’s explore seven such avenues that could potentially add an extra $20,000 to your yearly income.
Freelancing on Platforms like Upwork
According to Fortune writer Ivana Pino, freelancing on platforms such as Upwork can be quite lucrative. Pino reported that freelancing jobs “can earn you at least $20,000 a year for 15 hours of work per week,” highlighting gigs like writing, graphic design and programming ranging from $30-$70 per hour. If this is more than you currently earn, it may be a secret to earning more without actually working more. The freelance approach typically leverages your existing skills and often offers flexible hours.
Dropshipping: A Low-Risk E-commerce Model
Shopify writer Michael Keenan highlighted dropshipping as a top passive income idea. “Dropshipping is one of the best passive income ideas to earn money from wherever you are,” Keenan wrote. This e-commerce model involves selling products without handling them directly, reducing risk and investment.
Print-on-Demand Services
For those with a creative streak, print-on-demand services offer a way to monetize your art or designs. Keenan noted, “With print-on-demand, you can quickly and easily create products to sell in your Shopify store.” This method requires minimal upfront investment and handles shipping and fulfillment for you.
Selling Digital Products
Digital products, such as e-books, templates or courses can be a significant source of passive income. “You only have to make the asset once and you can sell it repeatedly,” Keenan pointed out. This option is excellent for those who can create valuable digital content with little effort and who have a lot of natural creativity.
Teaching Online Courses
If you have expertise in a particular field, creating and selling online courses can be a profitable venture. “Teaching an online course is a great way to generate income at a low startup cost,” Keenan wrote. Doing so requires some initial effort but can provide ongoing revenue, particularly once the class materials have been created and are basically just placed in rotation, with minor edits only being necessary at intervals.
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If the course is entirely graded via text, even less work is necessary once initial materials have been put in place.
Blogging For Fun (and Money)
Starting a blog and monetizing it through ads, affiliate marketing, or sponsored content can be a sustainable source of income.
“Starting a blog can be a challenging venture, but the blogging business model is only becoming more successful as a passive income stream,” Keenan stated.
Investing in the Stock Market
While this requires some financial literacy and risk tolerance, investing in stocks can be a way to earn passive income — particularly trusted dividend stocks. As Pino pointed out, day trading is a popular side hustle that can bring in significant income (if you have the smarts and the risk tolerance to spare).
However, it’s important to research and understand the market before diving in. Make sure you speak to a qualified investment professional or advisor before placing a substantial bet on the market.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
