5 Best Passive Income Streams To Make $5K in 6 Months
Hard work can pay off, but so can creative thinking. Earning money while doing the bare minimum might be easier than you realize.
Specifically, it’s very possible to earn at least $5,000 in six months with a side hustle – one that doesn’t involve making food deliveries, driving for a rideshare service or pet sitting. Whether you’re too busy for a traditional gig or simply don’t want one, taking a more hands-off approach can be lucrative.
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If you’re willing to share your property in any form, you could be handsomely rewarded. Keep reading to discover five passive income streams that can generate at least $5,000 in six months.
Rent Your Car(s) Out
If you have a car that doesn’t get a ton of use, put it to work. Platforms like Turo allow you to cash in on your car by renting it out. You’re able to set your own price, schedule, number of miles customers are allowed to drive, and drop-off and pick-up point, according to Turo.
Cars listed on Turo are booked an average of 15 days per month, racking up around $874 per month – i.e., approximately $5,244 over six months.
To be eligible for Turo, your vehicle must be a 2010 model year or newer and have less than 130,000 miles. You’ll also likely need to own the car outright or at least be financing it, as most leased vehicles aren’t eligible, according to Turo's FAQ.
Sell Printables
Design skills aren’t inherent, which explains the popularity of Etsy printables. If you’re a creative type, cash in by making gift tags, stickers, art, party décor, and more. Printables are distributed to buyers via digital file, so the only overhead you’ll pay are Etsy fees.
You’ll need to create your works, but after that, they can be sold an unlimited number of times. As an established Etsy printable seller, expect to earn around $200 to $2,000 per month, according to Insight Agent.
Rent Out Storage Space
Turn unused storage space on your property into a side gig. Sites like Neighbor allow you to list garages, sheds, driveways, spare rooms and other parts of your space for rent. You set your price and availability, so rentals are always on your terms.
It’s your property, so you’re also able to decide who can rent from you, what they’re able to store and when they’re allowed access.
Since you set your own price, earnings vary by host. Examples highlighted by Neighbor include a backyard earning $35,115 per year, a garage bringing in $59,165 per year and a parking lot making $23,559 per year – all well over $5,000 in six months.
Provide Baby Gear Rentals
Cash in on baby essentials your family no longer needs. Sites like BabyQuip allow you to connect with families in need of short-term baby gear rentals – i.e., while visiting from out of town.
All you’ll need to do is manage your listings, deliver baby gear and pick it up at the end of the rental period. BabyQuip quality providers earn an average of $1,000 per month – with some earning $10,000 or more per month – so you’d likely exceed your earnings goal in less than six months.
To increase your earning potential, you could invest in more baby gear to boost your inventory.
Become an Airbnb Host
Monetize your spare room by turning it into an Airbnb. This can be a fun way to meet new people, while earning extra cash. The amount you’ll earn will vary largely by location and the space you’re renting.
For example, renting out one bedroom in Austin, Texas for 18 nights per month generates approximately $900 per month – i.e., $5,400 over six months, according to Airbnb. On the other hand, you’d earn around $954 per month renting out one bedroom in Los Angeles for just nine nights – i.e., $5,724 in six months.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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