Hey all,
I have been looking for ways to earn extra money beyond my 9-5 job using my skill set, along with some general investing. Most of the recommendations are quite hands-on, like bookkeeping or advising and consulting. I’m okay with putting in some work, but I want it to be something easier to maintain after setup that won’t require strict ongoing hours. Thankfully, I currently work remotely, so I have the freedom to set things up.
Does anyone have any ideas that would fit this roughly?
Personally, I’d buy a digital business that brings in passive income. There are many options, including SaaS, KDP, POD, blogs, etc. I bought a dropshipping business that wasn’t doing well last year, and now it’s making around $2k a month and still growing month by month based on my initiative and skills to develop it. I now spend less than 2 hours a day on it, including some marketing effort. It’s the best investment I’ve ever made, to be honest. I found it to be a much lower risk than starting one from scratch and risking everything on something that might never take off since it was already a proven concept.
@Reagan
If you don’t mind me asking, how much was the initial investment? I’ve heard of this but I don’t have a lot of cash available until my wife finishes her education. Thank you for the response!
Mal said:
@Reagan
If you don’t mind me asking, how much was the initial investment? I’ve heard of this but I don’t have a lot of cash available until my wife finishes her education. Thank you for the response!
Sure, it cost me just over $5k to buy it. I got my complete $5k back within 6 months, so now whatever I earn is pure profit, except for any advertising costs.
@Reagan
I thought you were the creator of Digital Sniper?
@Reagan
Where do you find these digital businesses?
Fifer said:
@Reagan
Where do you find these digital businesses?
I found it through a newsletter I read called Digital Sniper. They send out weekly emails with digital businesses for sale, along with analysis and buyer tips. I’ve found the link for you in case you want to join: digitalsniper.club/subscribe.
@Reagan
I thought this was your own site?
Pray. Go to bed. Wake up rich. Doesn’t get more passive than that.
Better to use this time to learn a new skill. AI is going to take over accounting jobs.
Teal said:
Better to use this time to learn a new skill. AI is going to take over accounting jobs.
You could say that about law and medicine, but it’s not going anywhere with how personalized everything is between companies. Maybe the low-level AP/AR jobs will be affected, but anything senior and above is safe for a while.
We build and manage Etsy stores for investors and individuals, usually making $1-3k profit each month.
We already have our own stores, but you can only have one store there - that’s why we’re doing this.
This way, we both make money, if you know what I mean.
I know a couple of cool apps that can generate decent side cash. Just DM me so I can send you referral codes.