I ask this question because with this big influx of AI software out there, I would honestly be surprised if there is not at least one opportunity to create something with almost no effort to generate passive income, even $5 is something.
@Rain
Look into high-yield savings accounts. I make over $30 a month interest from mine.
You could try the $5 dollar coffee method. Instead of buying something daily, put that money into savings.
Affiliate marketing! I’m currently doing it for a VPN brand and managed to make around $1,000 in a month.
Digital marketing! I bought a done-for-you digital marketing course (so I didn’t have to create it), learned from it, and now promote it on my faceless Instagram account by making reels. In 1.5 months I’ve made $2,700.
If you live/own property along a busy street, I recommend trying Yard Sign Marketing where you host local businesses’ signage on your property to help them advertise. I’ve been doing it for years and it’s great passive income. Feel free to chat directly for the playbook on getting started!
The problem you’re going to face is that to be successful at anything, it takes effort. Sure, some folks get lucky, but that’s not the norm. Yes, if you have a good amount of money in your bank account, you can find no-effort income streams. Find something you love to do, invest your time and money into it, and work hard at it. Your chances of success increase dramatically over finding a passive income stream with zero effort. Anyone that responds to you otherwise may be trying to bamboozle you. My grandmother used to say: there’s no such thing as a free lunch.
No. There is not. Next question.
Stocks/index funds. An average return of 13% for index funds (which is basically guaranteed long-term) means you only need to invest $40 to get $5 by the end of the year. It’s basically no effort, and it’s essentially how people retire (invest ~$1 million and pivot to dividends to get a livable income every year).
You could try opening a HYSA to maximize savings. Banks such as Citi (4.45%), AMEX (4.35%), Bask (5.10%), Capital One (4.35%), and BMO Alto (5.1%) offer high APYs. Visit your local bank as they sometimes offer promotions that match high APYs.
@Finch
What options are there without a bank, like life insurance policies? And any businesses come to mind to open?
@Spencer
This seems complex. Do you have a specific site or YouTube video that explains it like they are talking to a 3rd grader?