With a new year comes new possibilities to jump start one’s financial standing and increase their income.
These passive income side hustles are some of the easiest ways anyone can profit off of the knowledge they have gained through studies, work or just general life.
When it comes to side hustles, businesses or just extra ways to make money, many people feel there is always a downside when turning away from traditional income.
However, for those that have recently graduated or see themselves as a topical expert can start making hundreds thanks to their knowledge alone with these unique passive income ideas.
Teach an online course
There are a variety of online platforms like Udemy and Skillshare wherein one can create and teach courses on whatever subject they please.
From physics to knitting, there are an incredible range of courses on these sites already available and thousands of students constantly looking to continue growing their knowledge.
However, it must be noted that because the online course market is so full, finding a gap in the market is vital and going through a few highly rated online courses can show people just what they should include in their own courses.
There are a variety of different modes one can do their course through, such as video, presentations, written synopsis or animations.
The best part of this side hustle is that one only has to create their course once but it can be sold an unlimited amount of times, maximizing the profit to effort ratio.
Blogging became incredibly popular during the pandemic and continues to be as people look to widen their knowledge or garner news from multiple sources and perspectives.
Creating a blog also opens a variety of other income opportunities such as affiliate marketing or display advertising.
While it may not make enough for one to live off of, it can be an incredible addition to one’s main income without requiring much start-up costs or effort.
With the same principle as blogging, creating educational content on YouTube can be one of the most lucrative passive income available.
YouTube requires a channel to have 1,000 subscribers and 4,000 hours of watch time before they can be monetised.
By building an audience across social media platforms and using this in addition to a blog can see one amassing the required following quite easily.
Like the courses, YouTube videos are created just once, and while it does take a fair amount of time and knowledge to begin with, the content can be viewed countless times in the future.
Write an eBook
Many feel like they have the ability to pen a bestseller but few know what to write about and how to execute it.
Self-publishing an eBook might not garner a cult-following and multiple movie deals for one’s writing but it is a simple and quick way to get started in the industry.
Additionally, if one does their own promotion and publishing there is virtually no monetary input required to become a published author.
Fiction and non-fiction novels will be sold, promoted and published in vastly different ways so it can be worthwhile to do some research on what others in one’s category and genre are doing.
Self-publishing eBooks also provides a greater profit margin and without printing or shipping costs, one needs to do very little to fill orders once the book has been published.
Rent out textbooks
For those that have recently graduated or have a stockpile of textbooks gathering dust, renting them out can bring in some extra pounds for no extra effort.
Many people understand the heartache of spending five digits on a book they will use for eight months at the maximum, but renting them out can be financially beneficial for all parties involved.
Additionally, course notes or textbooks with written/highlighted notes can fetch a higher price as the renter will be gaining a secondary level of knowledge not available to anyone else.