Retired does not always mean not working, especially when you want your nest egg to be replenished regularly. Fortunately, there are simple ways to earn income passively to bring in extra cash without investing a lot of money or time. Below are some ideas that you can try out today.
- Rent a room in your house.
Consider listing a room in your house on AirBnB or VRBO. All you need to do is keep the room tidy, wash some sheets and towels, and that is it. If you are extroverted, chatting with the guests is also another plus.
- Earn rewards for credit card spending.
Make sure that you are rewarded every time you use your credit card to buy anything. It is up to you what kind of rewards you want – some people go for cash while others prefer airline miles.
- Use cash-back apps.
There are many ways to earn cash-back these days. Apps exist that give you cash rebates on purchases from retailers, restaurants, or movie theaters. Alternatively, you can shop through cash-bask portals like Swag Bucks Shop, Top Cashback, or Rakuten, which is formerly Ebates.
- Rent our your gear or car.
Many people know to rent instead of buy if you are only going to use an item once. Check what you have and consider renting them on peer-to-peer rental sites like RV share, Boatsetter, Turo, Spinlister, Share Grid, or Zilok.
- Become a peer-to-peer lender.
P2P works with lending sites. They accept loan applications from borrowers, and you as an investor, can put some of your money toward these loans to borrowers. When the loans are repaid, you get your money back with interest.
- Create an online course.
Any useful knowledge can be monetized. You can make an online course and publish it on Teachable or Thinkific to help others and earn an income for yourself. You can teach anything from job hunting, novel writing, watercolor painting to parenting, yoga, and baking vegan cakes. It may take some work to put the online course together but once it is up, everything is passive.