Saving money is great, but making it is even better. If you want to get rich, you need to create a secondary stream of income. And in today’s article, I’ll show you love simple ways to earn an extra $10 a day in passive income.
$10 a day might not sound too impressive, but it’s a great starting point for anyone looking to build their wealth.
This amount adds up to $300 a month, or $3,600 a year. That’s a nice chunk of change and perfect if you’re looking for extra money to invest in an asset like stocks or BitCoin.
By now you’re probably curious about how you can start earning an extra $10 per day, so here’s the complete list:
1. Start A Blog
(My Current Blog Stats)
One of these oldest passive income stream on the web. While blogging isn’t as lucrative as some some of those YouTube gurus make it out to be, it can provide a steady income stream.
Bloggers make money by writing articles (like this one) and then putting ads on their sites, or including affiliate links where they’re paid a commission whenever they sell a certain product. Both options are pretty lucrative and can easily net you $10 a day in passive income, or more.
If you like writing, this is a great little hobby. You’re doing what you love, and getting paid!
Personally, I love blogging. And if you think you’d like it too, I recommend starting your own blog. Here’s an affiliate link to BlueHost, one of the best blog hosting platforms around.
You’ll get a free domain when you sign up for their hosting service.
2. Build A Social Media Brand
This is like blogging, but the results are much faster. You pick a platform like Twitter, Instagram, Tumblr, etc and create a “personal brand” there. This could be anything, from a silly account (like “We Rate Dogs“) to motivational content (like “Prsuit“) to anything in between.
Personally, I’m not too great at social media. But if you’re a regular user, you can certainly get a sizable following pretty quick.
3. Write A Newsletter
Email newsletters are a huge business. I helped a relative start one and they’re currently making over $2,000 a month off it. So making $10 a day in passive income is certainly possible. And, you could easily exceed this too.
When it comes to earning money off an email newsletter, you generally want to find products you can promote. This could be your own item (like an eBook), or an affiliate deal (where you’re paid to promote someone else’s stuff).
If this sounds like something you want to do, I recommend checking out the book How to Write Persuasive Emails.
Also, if you’re going to do email marketing, use AWeber as your service provider. I have an account with them and they’re great!
4. Launch A YouTube Channel
YouTube is one of the most amazing services in the world. It’s free video hosting, and you get paid for whatever you upload. How’s that for an incredible opportunity.
I’ve made two YouTube channels in the past and am toying with launching a Sad No Coiner Podcast on there. So I have a little expertise with the platform.
(The Microphone I Use)
Here’s how it works. You record a video and upload it to YouTube. Then, the site pays you a small amount for every person who watches your videos. Generally, this number is around $2 per 1,000 views. Not a lot, until you do some math.
Let’s say you build a channel that’s mildly popular. One where you’re getting 5,000 views across all your videos. That’s $10 a day in passive income right there. Now, let’s say you make more videos and your daily traffic jumps to 10,000 views per day. You’re netting $600 a month, or $7,200 per year!
On top of this, start-up costs are laughably small. I picked up a Blue Snowball Microphone for podcasting. Total cost? Less than $60.
5. Publish A Book
(Monthly Royalty Check)
eBooks are a tried and true method for making money. You pick a topic and write about it. I’ve done this several times, and it’s created a nice little stream of monthly passive income.
Amazon Kindle is a great platform, and I recommend publishing there. It’s the biggest eBook marketplace in the world, making it easy to pick up random sales from the site’s massive customer base.
If you’re interested in going this route, invest in a copy of How To Write And Sell Simple Information For Fun And Profit. This is the best how-to book for aspiring authors.
Final Thoughts On Making $10 A Day In Passive Income
Earning $10 a day is a very realistic goal. In fact, many of these systems can take you there within 90 days or less.
Additionally, earning more money is a fantastic way to grow your wealth, giving you more investment opportunities and helping you to get rich as fast as possible.
While saving money is great, I highly encourage you to try building a second stream of income.
Doing so gives you more money, without any of the sacrifices traditional frugality or minimalism brings.
It’s a great way to boost your investible income.
P.S. There’s one more super easy way to create passive income which I almost forgot to mention. Open a CIT Bank high-interest savings account. These pay 2.45%, netting you $10 in passive income for every $410 you deposit.
Best of all, CIT Bank is FDIC insured, making this passive income stream completely risk free.
