Best Side Hustles For Passive Income: 7 Ways to Earn $1,500+/mo

Last Updated on November 2, 2023 by John Cirelly

Unlocking financial freedom takes time, but it’s now easier than ever, thanks to a variety of side hustles for passive income. This article will guide you through nine of the best side hustles for passive income to help you make money while you sleep. (no joke!)

How Passive Income Works

Passive income is money earned with minimal effort or active involvement. Unlike a 9-to-5 job, side hustles for passive income allow you to generate earnings without constantly trading your time for money. This financial freedom gives you the ability to focus on other important aspects of life, all while your bank account continues to grow.

Keep in mind: Building a passive income system takes time, or an initial investment to get started. Stick to your plan for the long term to see real results.

1. Start a YouTube Channel

Starting a YouTube channel can be a rewarding side hustle for passive income, especially if you enjoy more creative ways to make money. Once your channel gains traction, you can monetize it through ads, sponsorships, and merchandise.

The key is to create content that is both engaging and evergreen, meaning it remains relevant over time. Depending on your niche and viewer engagement, you can expect to earn anywhere from a few hundred to several thousand dollars per month.

2. Start a Blog

Starting a blogging side hustle is another excellent avenue for generating side hustles for passive income. Setting up a blog requires some initial time and effort, but once it’s up and running, you can monetize it through ads, sponsored posts, and affiliate marketing.

High-quality, evergreen content will drive organic traffic, allowing you to earn money even when you’re not actively working on the blog. Income varies widely, but many bloggers earn between $500 to $5,000 per month.

I personally have a small portfolio of blogs that I haven’t touched in months that brings in close to $1,000 per month. It took around a year to build, but now my articles work for me everyday.

Tip: You don’t have to be the next Hemmingway to start a blog. AI writing tools like Jasper make it super simple to create high quality blog posts on autopilot.

3. Promoting Affiliate Offers

Affiliate marketing is the process of earning a commission by promoting other companies’ products or services. This can be an effective side hustle for passive income, especially when incorporated into a blog or social media channels.

To get started, join an affiliate program related to your niche, and then promote relevant products to your audience. Earnings can vary but expect anywhere from $100 to a few thousand dollars per month, depending on the products you promote and your reach.

Affiliate deals typically give you 15-40% of each sale you make, which can quickly add up if you pair it with an evergreen traffic source like YouTube or blogging.

4. Buying a Profitable Blog

Purchasing an already profitable blog can be a quick way to establish a side hustle for passive income. These blogs often already have a steady flow of traffic and an established monetization strategy. You can find profitable blog on sites like Flippa to get an idea of what’s out there.

The initial investment can be high, ranging from a few thousand to tens of thousands of dollars, but the ongoing earnings can provide a solid return. Depending on the blog’s niche and profitability, you could earn anywhere from $200 to $5,000 or more per month.

Buying a blog is a great option for someone with some money to invest, and is willing to learn, or already knowlegable in the blogging space.

5. Open a High-Yield Savings Account

While not as glamorous as other options, opening a high-yield savings account is one of the most risk-free side hustles for passive income. All you need to do is deposit your money into a high-yield savings account offered by a reputable bank.

These accounts typically offer interest rates much higher than regular savings accounts. Earnings are usually modest, ranging from $50 to $200 per year depending on your initial deposit, but it’s a safe and steady income stream that doesn’t require any effort at all.

6. Invest in REITs

Real Estate Investment Trusts (REITs) offer a way to invest in real estate without the need to manage properties directly. This makes it an attractive side hustle for passive income and a great intro into the world of real estate.

To get started, you can buy REIT shares through a brokerage account. REITs typically pay out dividends, offering you a steady income stream. Depending on the REIT and the amount invested, you can expect to earn a few hundred to several thousand dollars per year.

7. Sell Print on Demand Products

Selling print-on-demand products, like custom t-shirts or mugs, can be a lucrative side hustle for passive income, especially for artistic folks. You design the product and list it on a platform that handles manufacturing and shipping, or partner with a fulltillment partner like Printify. Every time someone buys your design, you earn a commission.

To get started, you’ll need to sign up with a print-on-demand platform and upload your designs. Earnings can vary widely, but you could make anywhere from $100 to $2,000 per month once you’ve built a solid customer base.

Tip: You can use plug-and-play tools like Vexels to make dozens of high-quality designs super fast. No graphic design skills needed!

8. Rent Your Storage Space on Neighbor

If you have extra storage space, like a garage or a basement, renting it out on Neighbor can be an easy side hustle for passive income, especially for those that have extra space in their garage or basement. This platform connects people in need of storage with those who have extra space.

To get started, list your space on Neighbor, set your price, and wait for renters. Depending on your location and the size of the storage space, you can expect to earn anywhere from $50 to $300 per month.

9. Start a Dropshipping Business

Dropshipping is a retail fulfillment method where you sell products directly from suppliers to customers, without holding any inventory. This makes it an appealing side hustle for passive income.

Keep in mind, dropshipping is one of the more challanging side hustles to start, as it requires you to find reliable fullfillment partners, drive traffic, and design eye-catching ads.

To start, you’ll need to create an online store, partner with suppliers, and market your products. While it may require some initial investment for website setup and marketing, you can earn from a few hundred to several thousand dollars per month once established.

Wrapping Up

Side hustles for passive income offer a practical way to achieve financial freedom. From starting a YouTube channel to investing in REITs, there are numerous avenues to explore. The key is to choose the one that aligns with your skills, interests, and financial goals. Take the first step today, because the biggest advantage you have in creating passive income is time!