Even if you work a full-time job, there are several things you can do to earn additional income that do not take up a lot of your time. Passive income is where you earn income without actually having to be actively involved. And there are several ways to earn passive income. Below you will see a few examples.
Write an e-book
If there is something you are great at doing and could teach others, step-by-step; write an e-book on that. Or if there is something that you are passionate about helping others with, you can write about that. This can take some work but will generate you passive income for a while once you are done with it. You could sell your e-book on sites like Amazon, e-Bay, affiliate sites that already provide content related to yours, or on your own website that you create.
Create an online course
Again, if you are passionate about doing something and consider yourself an expert in that thing; create an online course that will show others how to do it. You could use a website like Teachable.com to sell your course and earn money continuously. You can do video lessons or maybe even a compilation of small e-books.
Invest in real estate
With a company called Fundrise, you can start with a $500 investment and they pretty much do all the hard work for you. And you earn income from rent and interest payments that are made. They will pay you quarterly distributions in addition to any periodic distributions, if the property sells. You will pay a 0.85% annual asset management fee and a 0.15% annual investment advisory fee.
There are several other things you can do to earn spare income as well. Some of these may require a bit of your time but not too much. And for the most part, you can decide when you work.
Become a part-time bookkeeper
If you have basic computer skills and a desire to help, you can help businesses with their bookkeeping in your spare time. You don’t need to be an accountant or CPA to do this. And there are several online courses that will walk you through how to get started. While some of the courses are free, there may be some that require payment and more in-depth direction.
Start a home-based direct sales or MLM business that doesn’t require party plan
There are some home-based businesses that you can work completely from your computer or mobile device and only require an hour or two of work a day. As long as you are consistent, your efforts should pay off. You don’t have to go into party planning which requires you to leave your home and go do parties all the time. Look into some of the health and wellness, beauty products and online shopping clubs that will provide you with a website and allow you to sell online. That way, you share your experiences with others and promote your products and send them to your online store to order.
Sell items around your home that you no longer need
You can start an eBay or Amazon store and get rid of things around your home that you no longer need. This will bring in extra funds to help pay down debts faster. You could even use apps like Mercari, DeCluttr and Poshmark. Once you install those apps on your mobile devices, you can simply click a photo of an item and post it for sale in a matter of minutes. Then set notifications to let you know when they sell. Then you package and ship and can receive payment directly to your bank account or PayPal account.
What are some other things you are currently involved in that are helping you to lower your debt?