How To Make Over $10K Per Month Passive Income — 10 BEST Side Hustles To Start Today
Side hustles can be incredibly rewarding and may make you quite a lot of money. In fact, they take next to no time to start and are extremely profitable.
Almost anybody could do them at any age to make an extra $20 to $200 a day without having to resort to signing up for clinical drug trials, selling your kidneys for beer money, scalping tickets, or having to resort to an MLM on the weekends.
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Below are my best 10 favorite side hustles to make over $10,000 a month or more in guaranteed passive income.
Rental Income
This can potentially make you a lot of money depending on how involved you want to be. I don’t think you need to buy a property with $20K down in a highly competitive market with all cash investors to make this work.
Even though that is an option, it’s entirely possible to make money with absolutely nothing out of pocket even if you don’t own your own property.
If you buy a property, rent it out to make a monthly profit. For people just starting out without a ton of cash to buy a home, you could make quite a lot of money by renting out an unused bedroom, or some extra storage space like a garage.
You can put up the extra space on Airbnb to make some extra money just for taking on the occasional guest. I’ve also seen some people rent out a portion of their entire garage for anywhere from $200 to $500 a month which is cheaper than a storage unit.
This may sometimes work way better for your neighbor down the street who wants an extra parking spot. And best of all, even if you rent your home, as long as your lease agreement allows for additional tenants, you could use this exact same strategy to offset your own cost of living.
Some of my friends rent out a four to five bedroom house for four thousand dollars a month, only to sublease the same bedrooms for fifteen hundred dollars a month each.
This gives them a free place to stay. I think if you have an interest in working with other people or living with a roommate, you can rent out unused space within your living quarters.
Just be aware that it’s not going to be 100% passive income source and there will probably be a learning curve until you make more consistent income.
Selling Stuff
For anybody who doesn’t have extra money but wants to make money without having to spend money, I have the perfect solution for you. That would be selling stuff you already own.
I understand this requires that you actually have to own something to begin with to sell it. But almost all of us have something we do not use that’s collecting dust in the closet that could be sold for money on eBay, Facebook marketplace, or on Craigslist.
It is easy to list whatever you have. List it up for auction and have the buyer cover shipping and your total time commitment to simply taking pictures and writing a description of what you have listed.
Wait for it to sell and worst case even if it doesn’t sell, you’re not going to lose any money. You still get to keep what you already have.
The downside is that it’s not a sustainable side hustle and there’s only so much you could sell before eventually, you’re living in an empty apartment sleeping on $100 bills.
The very least is you’ll get paid for things you already own and it’ll free up space for more activities. Plus it’s something that probably anyone can begin doing immediately.
Part-time Job
If you want a guaranteed passive income side hustle without all the responsibilities of managing a side hustle, you should consider getting a part-time job.
I’m just surprised how complicated people want to make this out to be, or how it’s glamorized to bootstrapping your own way to making five dollars an hour because you’re doing it for yourself.
Honestly, working for someone else gives you guaranteed income, pre-determined hours, and zero risk of not getting paid unless your boss is horrible.
If you want to earn a little extra money part-time, work is generally the first thing that comes to mind. It doesn’t need to be glamorous and it doesn’t have to pay you an exorbitant amount of money.
But if you’re willing to do some extra work for a local business, or do some work after normal hours, evenings, or on weekends, then look for potential options within your city.
Check Craigslist, LinkedIn, monster.com, Facebook (Meta), or any other job listing sites to see what’s available. With record high job openings, chances are you have more leverage than you think.
Jobs to do may include driving for Door Dash, delivering groceries, or washing dishes at a local restaurant. There’s no shame doing an honest day’s work. This is good for anyone looking to make some extra money with absolutely zero risk.
Starting Your Own Business
This one takes significantly more work and it’s pretty much the exact opposite of getting a part-time job. It can also be very rewarding financially.
I think this is one of the most under utilized passive income source that enough people don’t take advantage of.
Working any type of side business independent from your main job is not only a good way to make more money, but also diversify yourself in the event that something happens and you need something to fall back on.
Think about this and ask yourself what do you do between the hours of 6 pm and midnight every single night. That is six hours a day or almost another entire full work day on top of a normal workday that most people just completely let go to waste.
If you want to get ahead or you want to make more money, use this time wisely and make it count.
Doing something worthwhile in your spare time will put you so much further ahead in the future. You’ll get some really good experience and what do you have to lose besides probably watching Netflix.
Focus Groups
If you don’t want the obligation of running your own business or the time commitment of agreeing to do a part-time job but you still want to make some passive stacks of cash without a lot of work, consider joining focus groups.
This is something I did throughout my early 20s when I had the extra time. I could make anywhere from five dollars to $500 for a few minutes to a few hours worth of work.
For anyone not familiar with what this is or how it works, companies want your opinion on their upcoming products or services. They want to know exactly what the consumer wants and rely on focus groups to get unbiased feedback on what they have to offer.
They can then make product adjustments accordingly and the payout for these usually ranges depending on how long it’s for, whether or not it’s online or in person, or how niche of the demographic they’re looking for.
Most of the time if you qualify, it’s worth it. This is not meant to replace your income or anything.
Flipping Items
If you want to make a little extra money on the side working just a few hours a month, this is absolutely a good way to do it. Flipping items for free online requires zero dollars to start.
For example, simply go to Craigslist and under the for sale section, you’ll see a word free. Click on that and see a list of items that people are giving away.
Most of the time it’s junk and it’s not like people are giving away Steinway pianos for free. If you look long enough, eventually, you’ll find something that’s worth money that the owners just don’t have time to properly sell.
This maybe something that the right person would pay money for with proper advertising. So if you have the ability to pick up these items, move and store them and wait for the right buyer to come along, you could make some pretty decent money.
Worst case even if no one buys it, you can just repost it back on craigslist for free and let someone else take care of it.
Credit Card Churning
This one would have to be my favorite. I got started in my own personal finance journey and it’s absolutely the opposite of anything Dave Ramsey would ever suggest.
Credit card churning is the practice in which you sign up for a credit card and then meet the minimum spend to get the signup bonus. Payout ranges anywhere from $100 to $300 in the low end, all the way up to $1500 or more for some of the high-end luxury credit cards.
But regardless, doing this takes next to no time. In the long-term, it can help boost your credit score. Who doesn’t like getting free stuff? The easiest way to do this is with super simple websites like Nerd wallet.
You will get updated lists every single week on the latest credit card offers ranging from $200 back with Wells Fargo, to $150,000 bonus points on Marriott, to thousands of dollars worth of free travel on the AmEx platinum.
All you need to do is to put your normal everyday spending on the credit card and pay it off in full by the end of the month. You then get paid free money for items you would have been purchasing anyway.
This is something that I’ve been doing now for over 10 years and it’s allowed me to travel anywhere I want to go for free.
It’s a side hustle that can easily make you anywhere from $100 to $500 a month for probably 10 to 30 minutes worth of work. For anyone who wants to learn more on exactly how to do this, all you have to do is google the keyword ‘credit card churning’.
There are some fantastic resources out there that will walk you through every step along the way.
Monetize Your Skills
The thing is if you’re good at something or if you have a unique skill like calculus, or building websites, you can learn how to turn that into a business.
For example, if you’re good at playing the piano, look into giving piano lessons. If you’re good at math, English, science, or history look into becoming a tutor.
Think about what you have to offer and reach out to other people who could use those services. This is something that anybody can start with no money out of pocket. The only cost is your time. Learn how to build a six-figure passive income using your skills and knowledge.
Dividend Income
The quickest way to build passive income that almost everyone can begin implementing immediately is dividend income.
Of course you might be thinking to yourself that dividend income isn’t a side hustle but is just passive income. That may be true but the purpose of a side hustle is to create multiple sources of income of which this is probably the easiest to do right now.
Here’s how this works. Anytime you go and buy a stock, what you’re really buying into is a small piece of ownership in the company. When that company posts a profit, sometimes they’ll pay you back a portion of what they make in the form of a dividend.
For example, it’s reported that the average dividend in the financial sector is 4.1 percent, utility companies pay about 3.9 percent, and others like consumer goods, health care, and industrial pay about 2.2 percent.
That means if you invest a hundred dollars into one of those stocks, you could make anywhere from two to four dollars a month, quarterly, or yearly for doing absolutely nothing. It technically takes money to make money.
So if you have the income and don’t mind investing it, then dividends could make a fantastic side hustle. Once you start you’re not going to want to stop.
Capital Gains
The other passive income source that goes hand in hand with stocks is capital gains. This is when you sell your investment like a dividend stock for a profit. The amount you pay tax on is what’s known as your capital gains.
For example, if you buy a stock for ten dollars and you sell it for 25 dollars, that means you’ll pay tax on the 15 dollars of the profit and that will be reported to the IRS as another source of income.
This is another way that you can make money by investing in stocks because not all stocks pay dividends. Many stocks are what’s known as a growth stock because they don’t pay out dividends.
The dividend gets reinvested back into the company hence pushing up the stock price even higher. It would be like buying a hundred dollar stock and instead of it paying you a five percent dividend every month, quarterly, or annually, the stock price goes up by five percent a year.
At the end of the day it’s almost the exact same thing except you’re not going to be taxed on the value of the stock going up until you sell. This is unlike dividend stocks where you’ll have to pay tax each and every time you get paid dividends depending on how much money you make.
Capital gains tax rate is generally much lower on investments that you’ve held longer than a year than on unqualified capital gains. So use that to your advantage especially if you’re young and not making a lot of money.
This is why most wealthy investors prefer growth stocks as another source of passive income because not only are they not getting taxed each and every year, but they have complete control in terms of how much and when they sell to lock in those sweet sweet long-term capital gains tax rates.
These are some of the best 10 side hustles that you can pursue to make that extra money with the least amount of work possible. Studies show that the more income sources you have, the more money you tend to make.
So start small and choose a side hustle that you feel best fits your schedule.
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