Master List of Passive Income and Residual Income Ideas

When it comes to generating multiple streams of income, passive and residual income ideas are the cornerstone of a long-term financial plan. Making money while you sleep lets you pursue other ideas and goals, and if you can set up a bunch of different effortless moneymakers, you don’t have to work ever again.

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Create Craft Tutorial Videos to Make Extra Cash

Handpainted Shoes by
Handpainted Shoes by Kilgast
If you make crafts and sell them online on sites like Etsy or at local markets and fairs, you might make even more money teaching others how to make their own crafts. Whether you create custom decorated shoes or make jewelry, someone out there probably wants to learn how to do it too.

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What is Crowdsourcing and How Can You Find Crowdsourced Work?

blogging pic Crowdsourcing is when a company uses a large pool of workers to complete simple tasks quickly and efficiently. Usually, these tasks require a human to complete them because a computer cannot handle them. The tasks tend to be repetitive and there are often too many individual task items for a single person or small in-house team at the company to handle.

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Should You Start a Side Gig or Focus on Getting a Raise at Work

Photo by @Saigon on Flickr
Photo by @Saigon on Flickr

The decision whether to take on a side gig or focus on getting a raise at work can be a tough one to make. Watching colleagues make more money while you work just as hard or harder can make you think that focusing your limited efforts on getting more from your employer is the best way to go. But seeing friends or neighbors who are working their way out of the rat race by spending their spare time creating their own business makes that possibility seem attractive, too. If your free time is limited, you might have to choose between raise or side gig. Of course, like most things in life, the right path for one person isn’t necessarily the right path for everyone.
Before you decide which path to choose- side business or getting a raise at work- consider these questions:

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Starting a Band to Make Extra Cash

Starting a band can earn you extra cash. Image by Ghost of Kuji
Starting a band can earn you extra cash. Image by Ghost of Kuji
Starting a band is one of those lifelong dream kinda things, but that doesn’t mean it’s out of your reach. In truth, the likelihood that you’ll hit it big and become the kind of international superstar who performs to sell-out crowds around the globe is really, really low. But if you’re simply looking for a way to get a little extra cash and have some fun, starting a band that plays at weddings, local events and small venues in your region is a real moneymaking possibility. Keep in mind that small bands playing a specific subset of music may end up in more demand than a generic band that tries to play everything- so try to keep a balance between being a generalist and specialist. Think outside the box to find your ideal band- it may be a small chamber music orchestra or a zydeco band or a mariachi band or a tribute band that focuses on music by a small subset of groups from the late 80s. There’s room for all kinds of bands out there, and your community may be particularly lacking in a specific type, leaving a niche you can profitably fill.
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5 Ways to Find New Clients for Your Gigs

The most important part of developing a steady stream of gig income is finding regular clients who will come to you over and over again for your services. Most people who pursue freelance pursuits spend 50% or more of their time looking for work instead of actually working. Here are five of the best ways to find new clients for your gigs.

1- Networking
Networking gets a lot of buzz, but most people do it all wrong. If you’re heading out to networking events and pushing your business card into the hands of everyone in the room after a two-minute conversation that mostly involves “so…what exactly do you do…?”- that’s not going to help. Seriously- when’s the last time you called someone based on their business card information. Looking back through business cards you’ve received- do you even remember meeting half those people? Probably not. Real networking is about making meaningful connections. Talking with one or two people who are genuinely interesting and making plans to get together for coffee or a beer later. Those are the people who will call you when they need what you’re selling- and they’re the people who will refer you if someone asks them “Do you know where I can find a reliable (whatever it is you do)?”

2- Cold Calling
Everyone is terrified of cold calling. We’ll just get that out of the way right now. But the fact of the matter is, cold calling works. When you call enough people, you’re bound to get some gigs. If you’re trying to break into a new industry or starting to expand your gig into a business, you’re going to have to get on the phone at some point and just make those cold calls. (I’ll be doing a post soon about cold calling to help you get better at it- so if you aren’t subscribed yet, you might want to subscribe so you don’t miss that one)

3- Online Advertising
Online advertising can bring in customers when you do it right. There are plenty of options- you can pay to advertise on Google Adsense bars on blogs catering to your field, or you can buy a Facebook ad to capture attention on that site. Create a few different targeted ads and test them out before going all-out with an online advertising campaign.

4- Job Brokers
Job brokers take the hassle out of finding new clients for your gigs, but you’ll make less money going through a broker. Brokers are businesses that hook up freelancers with gigs- they include places like Tutor.com, Odesk, Sitter City, and Elance. If you’re looking for the type of gig listed on these sites, you can register yourself as a worker and either search job listings or wait for someone to approach you. Depending on your specific industry, brokers might take a percentage of your total payment or a specific amount per gig.

5- Think Local
Local advertising is targeted advertising. Put flyers or ads where the people who might hire you hang out. If you’re a trained masseuse, try putting up flyers at a yoga studio or in the local natural health free paper given away at the nearby natural foods store. If you’re interested in tutoring, local schools and libraries are good bets for finding students. An experienced DJ might advertise at wedding expos and events in the city.

Selling Your Old Stuff on Craigslist

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Whether you’re looking to make some quick cash or trying to simplify your life (while trying to make quick cash)- Craigslist is a simple and lucrative way to turn the stuff you own into a bit of extra money. This isn’t a long-term gig (unless you want to turn it into a gig selling OTHER people’s stuff for money- but that’s a similar-yet-different kind of plan)…it IS a way to garner fast cash when you really, really need it, though.

The Practical Part of Selling on Craigslist

The process is pretty straightforward- you pull up your local Craigslist page, click on the category of item you’re selling and follow the directions to list it. It’s a good idea to create an account so you get alerts about your sales and can repost them easily if something doesn’t sell on the first try.

The Advantages and Disadvantages of Craigslist

The big advantage is- duh- selling your stuff quickly and getting cash in hand when you need it most (along with getting rid of some clutter.) The disadvantages are that it can be inconvenient to make appointments for people to come pick up stuff and give you the cash, and some things may never sell at all.

Pricing Your Craigslist Items

Pricing might seem like a huge mystery when it comes to Craigslist, but it doesn’t have to be. Search for similar used items in your area or on sites like eBay and price yours about the same. Expect that people will bargain, and plan to get about 10-25% less than the price you ask for.

Finding Items to Sell

The biggest sellers on Craigslist tend to be things like electronics, baby accessories (such as baby swings, monitors, etc.) and camera gear. Things like clothing and books are unlikely to sell because people have plenty of options to get those on the cheap already. Specialty items, such as antiques and collectibles, might do better on a national or international site, such as eBay, because there may not be a huge pool of interested buyers in your town.

Tips for Selling Your Stuff on Craigslist

You’ll get more interest and have better chance of selling at or near your asking price if you make an ad that looks professional. Take a nice photo to post of your item and make sure grammar and spelling in your ad are perfect before you put the ad online. Communicate with potential buyers by email and phone before agreeing to meet them to exchange goods and money- and arrange to meet at a public location (like a coffee shop) if you don’t feel comfortable inviting them to your home.

Tutoring for Cash

Photo by Prime Education
Photo by Prime Education

Take advantage of your expert status or your extensive knowledge about a subject, to make money teaching others one-on-one. Getting work as a private tutor is fairly easy, and there’s plenty of work to be had. Here’s the scoop on tutoring for cash.

What Tutoring Involves

Tutors teach a subject one-on-one to someone who wants to learn it. Tutors can make anywhere from $20 to $100 or more per hour, depending on the subject and local demand. High school or college math tutors are almost always in demand, while tutors for elementary school subjects are less needed because more people have the skills to teach those subjects. Tutoring is an especially lucrative side gig for teachers and for anyone with a college degree in an in-demand subject (such as math, computer science, chemistry, or a foreign language.)

Advantages of Getting Paid to Tutor Kids and Adults

One of the biggest advantages of tutoring as a side job is the flexibility. Tutors set their own hours, and you can schedule tutoring sessions whenever you want. You can also opt to tutor in your home or go to the client’s home- or even schedule a session at the school library or in a local coffeeshop. You can even find tutoring gigs on the web, through online tutoring agencies, or you can opt to tutor through a specialized tutoring center that finds clients for you.

Disadvantages of Tutoring as a Gig

The biggest disadvantage to tutoring as a gig is the lack of reliability (a common trait of side gigs in general.) Students might cancel a scheduled session without giving you advance warning, or they might suddenly quit altogether after months of reliable sessions. Holidays and summers are typically slow because students aren’t in school and spend time with their families instead of studying.  Another disadvantage is that you might have to spend time traveling to each student’s house, which cuts into your hourly rate.

Finding Tutoring Gigs

If you want to succeed at finding tutoring gigs on your own, you’ll need a professional-looking website. Use online sites like Craigslist to find potential clients, providing a link to your website in your ad so interested students can see you’re a professional. You can also bring an informational brochure about your services to local schools to let them spread the word among students who might need some extra help in the subject you tutor.

Tips for Making Money Tutoring

The best tutors- the ones who get recommended to friends of their students- are people who are really good at explaining their subject to people who just don’t get it. Try finding multiple ways to explain the same concept, and learn about the different kinds of learners and how to reach them. Someone who is an auditory learner might need to hear you repeat the concept multiple times, while a visual learner will do better if you write or sketch out the idea on paper for them.

Ten Gigs for People Who Love Kids

Top 10 Gigs for People Who Love KidsIf you’re looking to combine your love of kids with your love of moneymaking ventures- you’re in luck. There are plenty of ways you can blend the two- and most of these gigs are fairly easy and low-cost to begin.

Here are 10 of the most popular gigs for people who love kids:

1- Babysitting. Go it alone via recommendations from parents you know personally or sign up to be a sitter through an agency such as Sittercity.

2- Entertainer. If you’re a whiz at magic tricks or can sing silly songs that keep kids happy- channel your energies into entertaining at birthday parties, daycare centers or summer camps.

3- Tutor. Help kids reach their full potential by tutoring children in subjects you’re good at. Math, science and foreign language tutors (including English as a Second Language) are always in demand.

4-Teach a Skill. Set up cooking classes for kids, give piano lessons, or teach sewing to youngsters. Whatever skill you already have, you can earn extra cash teaching it to kids whose parents want them to learn.

5-Party Planner. If you can set up a party and keep it going smoothly, you’ll be in big demand as a party planner for children’s parties.

6-Childproofing Homes. Set your focus on keeping kids safe by serving as a childproofing consultant for new parents who need help making sure their home is safe for a new arrival.

7-Baby Spa. Open a baby spa where moms can come learn how to give a baby massage and infants with skin problems can get soothing treatments.

8-Home-based Child Care. Licensing and regulations vary by state and city, but if you have what it takes, taking care of other people’s kids in your home can be a fulfilling and lucrative business.

9-Child Photography. Parents love pictures of their kids, and if you can produce professional portrait or outdoor shots you can make money making kids smile

10- Youth Sports Coach. Use your love of kids and your sports knowledge to teach children the basics of your favorite sport.