Posts
How To Generate Passive Income With Just $10
There’s a popular expression that you need money to make money. Luckily, this isn’t always accurate anymore, as you can start making money with just a tiny bit of startup capital and lots of effort
The good news is that this also extends to passive income. You can create passive income streams with just $10 if you have the time and energy to devote to a few projects.
Here are some ways to start generating passive income with just 10$
Invest In Crowdfunded Real Estate Projects
Traditionally, real estate is one of the best ways to generate passive income. However, the reality is that you often need to save up a significant amount for the original downpayment and deal with being a landlord.
Fortunately, crowdfunded real estate has become more popular over the last few years. Crowdfunding platforms allow you to pool your money together with other investors.
Better yet, many crowdfunded real estate platforms let you get started for as little as $10. While $10 isn’t enough to generate substantial income, it’s a starting point, and you can increase your investment amount whenever you’re ready.
What are your best options here?
Fundrise. You can begin for only $10 with five minutes of your time. With over two million users and 291 active projects, the website allows you to invest your money into real estate projects you usually couldn’t.
Groundfloor. While the platform recently increased the initial investment to $100, you can get into real estate by setting aside $10/week for the next ten weeks. Groundfloor promises 10% consistent returns with debt investments in real estate.
“The beauty of Fundrise is that it pools money from many investors, allowing you to be part of bigger real estate deals,” said Jeff Rose, a certified financial planner and founder of Good Financial Cents. “Over time, you could earn dividends from rental income or profits from property sales. It’s a more hands-off approach compared to traditional real estate investing and doesn’t require a hefty sum to start.”
Read Next: 10 Smartest Ways To Make Your Money Work for You, According to Experts
Micro Investing Apps
According to Rose, “Micro-investing apps like Acorns or Stash are ideal for beginners in the investing world. With Acorns, your spare change from everyday purchases can be rounded up and invested into diverse portfolios.
“Stash, on the other hand, offers the flexibility to choose specific stocks or ETFs. These apps are user-friendly, providing an easy and educational way to grow your investments over time with just small amounts of money.”
These apps help you get started with investing so that you can learn and build the habit with as little as $10. As your income increases, you’ll be able to invest more money. The trick is to get started today so that you don’t wait until you have more money to start learning about investing.
Flipping Domains
“Buying a domain name for $10 can be a smart speculative move,” stated Rose. “The trick is to think of a unique, catchy, and potentially in-demand name. Down the line, businesses or individuals might be interested in that domain, allowing you to sell it at a higher price.”
The goal is to purchase a domain name that you think will be more valuable in the future based on potential trends or insights. Then, you can flip this domain at a much higher rate than you originally paid.
Rose concluded, “It’s similar to investing in a small piece of online real estate, where its value could increase based on demand and relevance. This approach requires some foresight and a bit of luck, but it can pay off if you choose wisely.”
Create An Esty Shop
Did you know that you could sell digital printables on Etsy? You may have to spend $10 on a few designs or for assistance with getting set up, but if you find a design that hits, you can bring in money with minimal effort. These digital printables can be created on Canva and then uploaded to the platform.
You can also sell products that you make, or you outsource. GOBankingRates recently looked at Taylor Swift friendship bracelets that were selling well. While this isn’t passive income, if you do all of the work, you can outsource parts of the process to remove yourself from the equation.
Sell Your Own Products On Social Media
You can create your own products and sell them on social media. You may have to spend $10 on paying for a cover or getting some editing done, but if you have the time, you can devote it to creating and selling products.
If your products take off, your customers will start advertising for you, and you can hopefully earn money in your sleep.
6 Steps To Get Started
Pick a platform to grow a following on.
Think of a product that you can sell on Gumroad.
Create an eBook or a course in your area of expertise.
Promote the product on your social media channels.
Create an email mailing series that does the selling for you.
Allow others to become affiliates for your product so that they can promote it for you.
Start a YouTube Channel
You can start a YouTube channel for free and invest the $10 into purchasing a banner that helps your page stick out. If your channel takes off, you’ll have videos that generate money for you. And if you can create compelling content and learn how to edit your own videos, you can create a sustainable passive income stream with just your phone.
We listed this last because it could take the most time to grow, but you never know when a channel can pay off.
Closing Thoughts
Any passive income streams that you pursue will depend on your startup capital and your risk tolerance. The good news is that it’s possible to get started with only $10 worth of startup capital.
No comments:
Post a Comment