These are some of the most simple, proven ways to make money for doing nothing.
5 Proven Ways to Make Money for Doing Nothing
Many people want to be rich but frown at the idea of hard work. Fortunately, not all moneymaking efforts need you to pump up 40-hour work weeks just to achieve financial independence.
As they say, “Don’t work hard. Work smart.”
This guide introduces you to the many ways you can grow your money, whether that entails passive ways of earning or learning to play with risks in investing. Check out my guide on how to invest your money to learn more.
Anybody with a sound and realistic outlook in life will choose a secure financial future over living paycheck to paycheck any day. But while making that decision is a no-brainer, most people struggle to find an efficient and effective way to turn that well-meaning choice into actual dollars.
And with so many moneymaking scams these days, most get either discouraged or stumped by their own suspicion to actually make it work.
I created a book titled Dividend Investing Your Way to Financial Freedom to help you increase your income and build wealth at the same time.
If you want a sample of the book, you can download it here.
Combining both dividend investing and real estate can be a great way to invest your money. Here are several other tips on how to invest money to allocate your assets. Let’s get into some of the most proven ways to make money for doing nothing.
There’s nothing better than increasing your income without working more.
Legit Ways to Make Money for Doing Nothing
Whatever your reasons, it’s never too late to start. Here are some legit and tested moneymaking endeavors that will help you grow your money in no time.
1. Investing in the Stock Market
The stock market works in so many ways a goods market does, only that, instead of tangible goods, the products are stocks. Stocks are basically equities, which in laymen’s terms, are called company shares.
So if you buy shares of a particular company, you essentially own a fraction of that company. You are lowest on the capital stack, which means you get share profits after debt holders.
Now the landscape and mechanism of buying and selling stocks may require a more thorough discussion, so here’s a primer from Wall Street Survivor.
Investing in the stock market is one of the best ways to grow your hard-earned dollars without taking up too much of your time. You don’t even need much to start. There are many investment brokerages that allow you to start investing with as little as a few hundred dollars. It does not matter if you start with the minimum as long as you start.
A little caveat though: investing entails risk and patience. There’s no such thing as free lunch, and if you want to make money out of what you initially put forward, you must learn the tricks of the trade.
Once you’re at it, you’ll be enjoying the challenge, the learning process, and the bounty of profits.
If you’d like to start investing, I’d consider you follow these guides:
As a starting investor, you should consider investing with a robo-advisor like M1 Finance or Wealthsimple. These robo-advisors will automate your investments. All you need to do is continue to pour your money into your account. That really is making your money work for you.
For more experienced investors looking to build a portfolio from scratch, I’ve been building a portfolio with the goal of living off dividends forever. I created a 5-step guide that will highlight exactly how to invest for passive income.
You can use many of the different brokerages that offer free stock just for signing up. I use Robinhood (they will give you a free share if you use my link).
2. Investing in Real Estate
Another great way to grow your money passively is to venture into real estate. Because you’re investing in a tangible asset, you have more control over your investment. Not only that, you can leverage your investment into various revenue streams, such as opting to rent it out.
That way, you’ll be earning money to pay for the mortgage. And if you’ve bought your property at the right time, you will reap the benefits of increasing property values through your home equity.
Investing in real estate is also a way of diversifying your portfolio. If you have various investments, a real estate property often serves as a financial buffer that takes on the risk of your other investments. A lot of people use this strategy to secure their finances.
And importantly, real estate investments are tax deductible. You shave off tax payments if you’re paying for mortgage interest.
Tax is also deducted from the cash flow that arises from your investment properties and its costs of operation, not to mention property tax, insurance, depreciation, and multiple other benefits.
I’ve built a number of different guides to help you invest in real estate effectively:
- How to Calculate Cap Rate
- 5 Ways to Find Hotel Investment Opportunities
- Top 13 Real Estate Risks to Understand
- How to Invest in Commercial Real Estate
If you don’t have enough capital, you can invest in crowdfunded real estate or REITs.
Use a crowdfunding platform like CrowdStreet or Fundrise to get started. Read more about the platform in our CrowdStreet review.
3. Getting a Better Bank Account
And by better, that means high interest. One of the oldest ways of multiplying your money is through your bank account, but it’s painful to see years of savings with very little interest in profits.
While the dynamic really does work, perhaps it’s time to consider moving your money to where you’re actually paid decent interest for it.
Check out for banks that offer attractive interest rates, and you’ll be ecstatic to find options that actually pay higher than the national average. Of course, you’re not going to get rich in an instant, but at least there’s a substantial gain from money that just sits in your savings.
Below is an option for you to consider.
See Related: Apps That Pay You to Walk
4. Selling Items Online
There’s no other way of making your money grow that offers more practicality and challenge than venturing into business does. And with the advent of the internet, it’s never been easier to start your own.
Many people have taken advantage of the ease of managing an online business. And if you know how to reach your target market, you’ll have profits streaming in soon.
To successfully sell online, find a niche. Then look for a need in that niche and fill it. It may sound simple, but the execution is a minefield—which selling platform serves you better? Do you have the capital for your next inventory refill? How do you market your products in a way that it doesn’t get buried on the last page of the search results?
These are all necessary questions that need solid answers. But while that requires a lot of planning and thought, the results of doing things right are worth the effort.
Establish a good online presence with a reliable website. If you’re selling things online, you have to make your products stand out. You also have to consider the tools present in the platforms to ensure ease of use for your customers.
These are things to look for when looking for a reliable e-commerce platform. Here’s how to open a drop shipping store.
You don’t necessarily need to go that route. You can flip new and used goods too. However, that takes much more work and effort. It’s definitely not like making money while you sleep.
Here are some types of flipping:
- Yes, people make money selling scrap metal
- You can flip phones for a profit
- Sell on eBay full-time
- Here are some of the best items to sell for a profit
- Try buying and selling websites online
5. Monetizing an Existing Blog
This is mainly for people that already have a blog. If you do, you can easily place a few ads on there and start earning money. It’s not going to break the bank, but it’s small wins like this that add up over time.
Or, do you have a hobby that you’re passionate about? It’s time to let it out and share what you enjoy on the sides. Talk about it, and find a community for what you love. Blogging is an incredible platform that not only lets you share your passion but also allows you to make money out of it.
A good example of the most recent successes in blogging is in the DIY area. You can upcycle materials from the thrift store and sell them new.
DIY projects using affordable craft supplies have also taken the spotlight as people joined the organic-minimalist trend. The best thing about it? You can create and sell your own crafts right at the comfort of your home.
Whether it is, whether gaming, fashion, DIY, financial planning, hosting, or just talking about the nitty-gritty of the day to day, you’d be surprised how rewarding blogging can be.
If you want to make money out of your blog, learn the skill of creating good copy, understand SEO, and explore affiliate marketing. You may start out small, and it may take time to build your brand, but there’s no going back when you get big.
It’s as easy as starting a blog for $3.95/month with Bluehost (if you use my link). I think everyone should have a blog (you already share your thoughts on social media).
Here is why I created my retire early blog.
See Related: Apps That Pay You to Exercise
Conclusion on Ways to Make Money for Doing Nothing
Deciding to grow your money is one of the most financially mature moves you can do as an adult. After all, the anxiety of always living on the edge can be physically and emotionally draining.
Making your first investment today can help you start earning early so you can retire early and live the good life.
Passive income isn’t for everyone. It can definitely be a grind to get started. Here are some of the cons of passive income.
Are you ready to make money for doing nothing? Let me know in the comments below. I’d love to hear from you.
Other Related Resources:
- Use these best robo-advisors to automate your passive income investments
- How to use a 401(k) calculator to save on retirement fees
- How to build a dividend portfolio for success
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