Let your home pay for itself
All over the world, there are millions of unused bedrooms in homes that could potentially be rented out. “This is often especially true for empty nesters and retirees,” says Wendi Burkhardt, CEO of Silvernest. “Rather than letting them gather dust, profit from them by renting them out to a long-term housemate. Estimates show that you can earn an average of $10,000 a year per room. Even better is that you can split bills with your housemate, helping you slash monthly expenses while you’re earning passive income on the side.”
Do gig work in your spare time
“There are apps that let you pick the jobs that you want to do when you want to do them, without having to commit to something ongoing,” says Carisa Miklusak, CEO of tilr. “Another upshot of this type of work is that it typically pays daily or weekly, so you get money in your pocket even faster. It can also be a good way to test the waters in various jobs if you’re looking for a more permanent position down the road.”
Sell your expertise or advice
Become a coach, consultant, or anything along those lines. “You can find customers/clients/students for anything you’re good at,” says Jeff Rose, a certified financial planner and the founder of Good Financial Cents. “Know how to change your own oil? Shop using coupons? Edit video content? More and more people are learning remotely how to do things via video. If you need help getting started, there are various platforms that offer specific income opportunities, such as teaching English. Get your name and what you’re offering out there.”