by Taylor Kovar, CEO – Kovar Capital
–Hey Taylor – How do I produce a passive income if I have no time? Am I the only person who needs to sleep? I get so frustrated hearing about side hustles and passive incomes and feeling like there’s no way to join the movement because I don’t have hours to spare. – Beverly
–Hey Beverly – First of all, I very much empathize. Everyone talks about all the ways to earn money without acknowledging the time it takes, and that can be pretty annoying. Here are some things that can potentially generate income without requiring too much time or effort.
1. Rent something out. The first thing people think about is a spare room, and that’s a great option. If you have a room in your apartment or a guest house, that’s a good way to make money without taking on a part-time job. If you don’t have living space available, there are other things that can be rented. People offer the use of their cameras, sound equipment, video game consoles for parties, and all sorts of other things people want but don’t have the money to buy. If you don’t have things like this in your possession, you can still consider making the investment. Just make sure there’s a rental market for whatever you’re considering buying.
2. Online surveys and services. If the reason you don’t have time is that you’re already stuck at a desk 40 hours a week, you might be able to multitask and start your side hustle while at your main hustle. You won’t get rich, but there are dozens of companies that will pay you in cash and rewards points for completing surveys online. Lots of people try these out and then give up after a month or two because the gains aren’t significant, but if you’re looking to pad your wallet just a bit, easy surveys are a real option. You can also start working on freelance writing and copyediting. While it takes years to become a full-time writer, it’s not impossible to find companies that outsource small projects that will pay you anywhere from $5-$100.
3. Turn a hobby into money. Do you love baking or drawing or knitting or organizing? Start an Etsy page and sell things you make, or advertise your services as a professional home organizer and see if people will book you for an hour on a weekend when you’re available. If you’re searching for a way to make money, you probably aren’t going to find something that’s tailor-made for your abilities. Instead, you should see if you can create the opportunity that fits your schedule and skill set.
The thing I love most about searching for passive income and side hustles is how often these efforts lead to more fulfilling careers. Time might seem like an insurmountable hurdle, but where there’s a will there’s a way.
Good luck, Beverly!
