People are really concerned about their finances.
A recent survey conducted by the American Psychological Association shows that 8 out of 10 Americans are stressed because of money concerns. What’s more, 50% are stressed about their ability to provide for their family’s basic needs. Unsurprisingly, a big concern for many of us is figuring out how to make more money in addition to the income generated by our full time jobs.
Per a recent MarketWatch report, more than half (54%) of Americans say they’ve picked up a side hustle to supplement their main paycheck in the last 12 months. The data took a generational deep dive and found Gen Zers are most likely to take on a side gig (71%), but millennials are close behind (68%). Nearly one-third of baby boomers say they’ve taken on a side hustle.
So, it’s safe to say that regardless of the age, people need more money, but aren’t up for a lot of work because let’s face it, many of us are burned out.
Fortunately, we’ve gathered a few ideas to generate passive income without overexerting yourself.
Dividend Stocks
Dividend stocks are a type of stock that pays out a part of the company’s earnings to investors on a regular basis (most likely quarterly). Putting a bit of money aside can garner some extra cash when you need it.
Rent out a parking spot
If you’re an urbanite, the Spacer app allows you to rent out a parking space near hot spots like concert venues, club or other event venues. The average host earns around $200 a month for renting out their driveway for parking spots.
Play bingo on your phone
Playing games on your phone isn’t just for kids. Free iPhone app called Bingo Cash that lets you play for extra cash; you could get paid up to $83 per win.
Rent out your extra storage space
Neighbor, a website that allows you to rent out your extra space, can help you ramp up your passive income efforts. It’s perfect if you have a spare room, attic, or shed, you could be earning you an extra $300 a month.
Proofread
Looking into some editing or proofreading can garner up to $1000 to $3000 per month while working from home.