Need a source of passive income? Here are seven methods for earning money online.
Inflation is currently at a 40-year high, sending prices on just about everything upward. While cutting corners and careful budgeting can help, for some Americans, it might not be enough.
If you're in this boat - or you just want to reduce some financial stress, you might want to consider creating a second, passive income stream. Fortunately, the internet makes this easier than you'd think. There are dozens of ways to make money online -- without any special training.
Are you looking to create a passive income stream? Here are seven ways to make some extra cash.
1. Start a blog
Blogs aren't just for fun these days. They can be quite the moneymaker when done right. The key is to pick your niche, build your audience and then monetize the blog. You can do this through affiliate marketing, which earns you a commission when someone clicks a monetized link or buys a product that's promoted on your blog. You could also try selling and displaying ads on your site. You can use a tool like Google Adsense to get started with the latter.
2. Take online surveys
Giving your opinion and taking part in market research can also be an easy way to make money online. Some of the more popular survey sites include Survey Junkie, Swagbucks, OneOpinion, Opinion Outpost and Ipsos iSay. Keep in mind: These won't bring in huge earnings. Swagbucks says its members earn about $1 to $5 per day. That's why it's important to do your research before you get started or commit to participating in any online surveys.
3. Start an online store
If you're the creative type, you can start up an Etsy shop. Etsy sellers offer everything from jewelry and clothing to artwork, invitations, yard signs and more. If that's not your style, you can start a drop-shipping store. With this strategy, you essentially operate a storefront. When a customer makes an order, you order that product from a third party (typically a manufacturer, vendor, or a wholesaler) and ship it directly to the customer. Shopify has a whole dropshipping walkthrough you can use to get started (and you can use their platform to create your store, too).
4. Sign up for a gig-working platform
There are several platforms designed for online gig work. For example, Amazon Mechanical Turk is a place you can take on small tasks for businesses across the globe. They might include moderating content, taking a survey, or transcribing audio. Clickworker is another similar platform, or if you have a specific skill - like copywriting, editing or graphic design - you can use freelancing platforms like Fiverr, Freelancer.com and Upwork to connect with potential clients.
5. Start a YouTube channel
YouTube creators can make a lot of money - and it doesn't necessarily require a lot of expertise. You can create how-to or explainer videos on virtually any subject or go more personal and put yourself in the videos. You can interview subject matter experts, provide tips and tricks, or even just show yourself playing various video, mobile or board games.
The important thing is to find a niche and build a following. You can then integrate Google Ads, become a YouTube Partner, and even make money off memberships, live chats and subscriptions.
6. Become a transcriptionist
If you're a fast typer, you might consider doing some online transcription for cash. You'll simply need to listen to audio files and then type out what you hear. You get paid per piece, so the faster you can type, the better - at least, financially speaking. Rev.com, GoTranscript and TranscribeMe are just a few of the sites where you can find online transcription work.
7. Test websites and apps
Fancy yourself the tech-savvy type? If so, you can get paid to test out new websites and mobile apps and hunt down any glitches. At UserTesting.com, for example, you get to test new sites and products from brands like GoDaddy, Hello Fresh, HP, Subway and Canva. You just need to have a reliable WiFi connection, a microphone, a computer or mobile device and you can get to work. BetaTesting.com, UserZoom and Userlytics are other similar platforms.
More ways to earn quick cash
If none of the above seem like a fit, you can also become a virtual assistant, sell your photos on stock photography websites or become a social media influencer if you can drum up enough followers. There's a side gig for everyone. You just need to figure out your perfect fit.