- Lisa Andrea started a financial blog in 2021 and generated $8,000 in revenue last month.
- Through her business, she shares tips for creating multiple income streams.
- Andrea outlines the 9 easiest ways to earn passive income, including eBay and stocks.
Lisa Andrea discovered passive income opportunities as a child when she started a lemonade stand. She hired her younger brother—she paid him a percentage of the profits—and she collected the remaining income without any work.
A few years later he started selling old clothes on eBay. By the time Andrea was 15, he was making hundreds of dollars a month from this venture. Today, as a 34-year-old entrepreneur, those earnings have turned into thousands of dollars and inspiration for his business.
Drawing on her experience creating passive income streams and teaching herself the basics of financial literacy, she launched the financial advice blog The Financial Cookbook in February 2021. Through her company, Andrea teaches other women how to scale their income and find financial freedom.
His side job generated $8,000 in May alone, which Insider documents. Moreover, he earns additional income by investing in stocks and selling on eBay.
Andrea spoke to Insider about nine passive income methods she encourages everyone to try.
1. Start a side hustle
Andrea continues to work full time as a marketing specialist at the Big Four accounting firm for income, a network of colleagues and friends, and additional activities and opportunities. However, if people are looking for extra cash, she advises them to start side jobs in industries they have knowledge of.
For him, this has come in the form of financial coaching, but some industries are more promising for entrepreneurs right now. However, additional job seekers should be wary of the additional workload.
2. Google Ads
If you have a website that is regularly monitored and trafficked, Andrea recommends charging advertising fees.
For example, Google’s advertising program, AdSense, allows online creators to monetize their websites or YouTube videos and earn revenue through ads.
According to Google, “AdSense works by matching ads to your site based on your content and visitors,” and content creators must enable ad space and make sure it’s available on their website and sign up for the AdSense program to start earning, according to Google.
3. Affiliate marketing
Affiliate marketing allows creators to direct viewers to another brand’s site. Then, when a viewer makes a purchase, some of the profits go to the creator.
“All you have to do is apply for their affiliate program, explain why you want to work with them and how to increase revenue,” Andrea said.
Some popular affiliate programs include Amazon, LTK (formerly known as rewardStyle), and Partnerize.
4. Sponsored posts
Andrea said companies often contact her about brand partnerships, but she encourages other entrepreneurs to be more proactive when looking for passive income avenues. Sponsored posts can be a lucrative way to generate income as a content creator.
When reaching out to brands about potential partnerships, make sure your media kit is comprehensive and engaging – that’s how companies determine if they want to work with you.
5. Sell products, templates and courses
Andrea also sells its own products, including a resume template and a virtual “75 hard” challenges that allow users to track their habits for 75 days.
“Depending on what you’re knowledgeable and passionate about, creating and selling virtual or live courses is another way to make extra money,” he said.
For example, Jessica Hawks is a virtual assistant and career coach. His online courses, which he launched in 2020, helped him scale his business to $1 million in company sales.
6. Invest in bonds
Bonds are loans that companies or institutions take and give to investors. He said they’re low-risk market investments compared to stocks, making them a great option for beginners.
When purchasing a bond, investors must wait until the value “matures” to see the yield. But if you’re prepared to wait long enough, interest rates on some bonds could go as high as 9%, Andrea said.
7. Invest in stocks and crypto
The stock market can be really complex, which is why Andrea divides it into two categories in her blog posts: dividend stocks and cryptocurrency.
He said you need to look at your budget, timeline, and risk tolerance when deciding where and how to invest. For example, some crypto stocks have fallen in recent weeks.
8. Real Estate
Buying, renting or selling property is a common route to passive income. But even those without large amounts of disposable cash can be involved through fundraising strategies like crowdfunding, he said.
Andrea said some companies like Fundrise and DiversyFund allow people to invest as little as $100 in real estate properties and make up a percentage of their investment when the property makes money.
“If you invest $100, you don’t get a huge return, but you still get the same percentage as someone who invests $100,000,” he said.
9. Sell on e-commerce sites like eBay
Andrea said eBay is the most cost-effective platform for e-commerce sales. She recommends selling old clothing, coupons in the mail, or finds from garage sales or local stores.
Nicholas Waskosky, a Poshmark dealer, earns five figures a year by selling vintage or recycled clothing on the platform.