- Lisa Andrea started a finance blog in 2021 and logged $8,000 in revenue last month.
- Through her business, she shares tips on generating multiple streams of income.
- Andrea describes 9 of the easiest ways to earn passive income, including eBay and stocks.
Lisa Andrea discovered the possibilities of passive income as a child, when she opened a lemonade stand. She hired her younger brother – paying him a percentage of the profits – and collected the rest of the income without working at all.
Then a few years later, she started selling old clothes on eBay. By the age of 15, Andrea was earning hundreds of dollars a month from this business. Now, as a 34-year-old entrepreneur, those earnings have turned into thousands of dollars and inspiration for his business.
With a background in building passive income streams and learning the basics of financial literacy, she launched the financial advice blog The Financial Cookbook in February 2021. Through her business, Andrea teaches at other women how to increase their income and find financial freedom.
Her business, which she runs as a side hustle, recorded $8,000 in revenue in May alone, which Insider verified with documentation. Additionally, she earns extra income by investing in stocks and selling on eBay.
Andrea spoke with Insider about nine passive income methods she encourages everyone to try.
1. Start a side business
Andrea continues to work full-time as a marketing expert for a Big Four accounting firm for revenue, networking with colleagues and friends, and other events and opportunities. However, she advises people to get into side businesses in industries they know well if they’re looking for extra money.
For her, it came in the form of financial coaching, but some industries hold more promise for entrepreneurs right now. However, those looking for additional employment should be wary of the extra workload.
2. Google Ads
If you have a website with a regular audience and traffic, Andrea suggests charging advertising fees.
For example, the Google AdSense advertising program allows online content creators to monetize their websites or YouTube videos and generate revenue through advertisements.
“AdSense works by matching ads to your site based on your content and your visitors”, and content creators must activate ad space and ensure it is available on their websites and register to the AdSense program to start earning, according to Google.
3. Affiliate Marketing
Affiliate marketing allows content creators to direct viewers to another brand’s site. Then, when a viewer makes a purchase, a portion of the proceeds go to the creator.
“All you have to do is apply for affiliate programs, explain why you want to work with them, and how you will generate income,” Andrea said.
Some popular affiliate programs include Amazon, LTK (formerly known as rewardStyle), and Partnerize.
4. Sponsored posts
Andrea said businesses typically approach her about brand partnerships, but she encourages other entrepreneurs to be more proactive when looking for passive income streams. Sponsored posts can be a lucrative way to generate income as a content creator.
When contacting brands about potential partnerships, make sure your media kit is comprehensive and engaging – this is how companies assess whether they want to work with you.
5. Sell products, models and courses
Andrea also sells her own products, including a resume template and a “75 hard” virtual challenge, which allows users to track their habits for 75 days.
Depending on your knowledge and passion, creating and selling virtual or live courses is another way to generate additional income, she said.
For example, Jessica Hawks is a virtual assistant and career coach. Her online courses, which she launched in 2020, have helped grow her business to $1 million in revenue.
6. Invest in bonds
Bonds are loans taken out by companies or institutions and granted to investors. They are low-risk market investments compared to stocks, making them a great option for beginners, she said.
When buying a bond, investors must wait for the security to “mature” to see the return. But if you’re willing to wait long enough, some bonds have interest rates as high as 9%, Andrea said.
7. Invest in stocks and crypto
The stock market can be very complicated, which is why Andrea divides it into two categories throughout her blog posts: dividend stocks and cryptocurrency.
When deciding where and how to invest, you need to consider your budget, timeframe and risk tolerance, she said. For example, some crypto stocks have fallen in recent weeks.
8. Real Estate
Buying, renting, or selling properties is a common path to passive income. But even those without large sums of money can participate through fundraising strategies like crowdfunding, she said.
Some companies, such as Fundrise and DiversyFund, allow people to invest as little as $100 in real estate properties and generate a percentage of their investment when the property makes money, Andrea said.
“If you invest $100, you’re not going to make a huge return, but you’re still going to earn the same percentage as the person who invested $100,000,” she said.
9. Sell on e-commerce sites like eBay
eBay is the most profitable platform for e-commerce sales, Andrea said. She recommends selling old clothes, coupons received in the mail, or finds from garage sales or local stores.
Nicholas Waskosky, a Poshmark seller, earns five figures a year selling old or upcycled clothes on the platform.