For many people who work hard at 9-to-5 jobs, the idea of earning passive income is a dream that may seem out of reach. Who doesn’t want extra money that you don’t have to work as hard for? While truly free money probably doesn’t exist, there are actually some accessible strategies that can bring you income you don’t have to work quite as hard to achieve. Experts here suggest a number of opportunities.
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Monetize an Existing Blog or Website
If you’re already maintaining a blog or website with some decent traffic, consider monetizing it either through selling ad space or even using affiliate marketing, according to Elizabeth Pharo, the CEO and chair of the board at Divorce.com. “By promoting their products or services, you earn a commission from any sales generated. This is a good way to generate income, especially if you have a decent amount of web traffic.”
Subscribe to Patreon or Ko-fi
Another approach worth considering involves platforms like Patreon or Ko-fi, Pharo explained. These sites let you craft content for subscribers who pay a fixed monthly fee. “This content could be anything from unique blog entries, to podcasts, to videos. The real advantage of this model is that it allows you to expand upon your existing audience base, crafting a fresh revenue stream from the content you’re already generating.”
Alan Senejani, an experienced musician and the co-founder of LVL Music Academy, echoed Patreon as a source for musicians, as well. “Sure, you need to be good at what you do and be able to gather a fan base, but once you have a community of people that views you as authority and is interested in your stuff, you’ll find yourself making good amounts of money as passive income.”
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Sell Digital Downloads
If you have an artsy bent, consider a passive income stream that doesn’t require much setup: selling digital downloads on Etsy, according to Pat Servin, with HelpfulOnlineMarketer.com. “When I say digital downloads I mean printables, SVG files, and sublimation files. You create the files once, and you don’t ship anything.”
You can also parlay this into selling products with your artwork on merchandise such as mugs, totes and journals on sites like Zazzle, which also handles customer service.
One relatively simple way to make money passively is by setting up an affiliate marketing site, according to Anthony Buzzetta, CEO and founder of AI & tech company G TIER®. “Affiliate marketing sites allow you to monetize content through referral links, where you earn a commission from purchases made by customers who follow the link on your website,” he said.
To get started, create content related to the products or services about which you’d like to be an affiliate partner, then include referral links in your posts and let AI assist you in creating content that is true and verifiable.
Advertise on Your Car
If you’ve got a vehicle in good condition, consider contacting local advertisers to put up vinyl decals on your car, according to Donnie Rand, marketing coordinator at American Association of Owner Operators, LLC. “By advertising the products/services of a brand on your car, you can earn anywhere between $100 and $500. This amount is determined by taking into account the vehicle type, the advertising company, and the daily distance covered by the car. This passive income idea does not require much effort and can be a great way to earn extra cash.”
Invest In Dividend-Paying Stocks
Investing in dividend-paying stocks can be a good way to generate passive income over the long term, especially if you invest in a diversified portfolio of high-quality stocks, according to Baruch Silvermann, investor and CEO of The Smart Investor.
“When you invest in a dividend-paying stock, you become a shareholder in that company. As a shareholder, you are entitled to a portion of the company’s earnings, which are paid out to shareholders in the form of dividends,” Silverman said.
You can earn a relatively decent passive income by partnering with drop shipping companies, according to Donny Gamble, CEO of Retirement Investments, a financial literacy website. “All you need to do is partner with a drop shipper and have them ship out goods purchased from your website in exchange for a commission of each sale. This allows you to focus on marketing and customer service while the drop shipper handles all of the logistics.”
If you enjoy creating content, vlogging or podcasting can be another great passive income stream, according to Gamble. “All you need to do is create engaging content that viewers will want to watch or listen to, upload it onto YouTube or a similar platform and then monetize it with ads. You can also join affiliate programs or promote other products to further increase your earnings.”
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This article originally appeared on GOBankingRates.com: 8 Passive Income Streams That Require Little to No Set Up