- Lisa Andrea has created a blog dedicated to financial topics in 2021. Last month, it generated $8,000 in revenue.
- Her tips and tricks for creating multiple streams of income via her business are shared by her.
- Andrea talks about 9 passive income options, including stocks and eBay.
Lisa Andrea was just a teenager when she started a lemonade stand. She hired her younger brother — paying him a percentage of the profits — and reaped the remaining revenue without working at all.
A few years later, she began selling her old clothes on eBay. Andrea was 15 years old when she started selling her clothes online for hundreds of dollars per month. She is a 34-year old entrepreneur who saw those profits as thousands of dollars and was inspired to set up her business.
From her experience building passive income streams and teaching herself the fundamentals of financial literacy, she launched the financial-advice blog The Financial Cookbook in February 2021. Andrea’s business helps women increase their incomes, and attain financial freedom.
The side hustle she had started in May as a side enterprise earned her $8,000 just that month. An insider verified this by providing documentation. Her extra income comes from selling products on eBay, and her investments in stocks.
Andrea spoke to Insider about the nine passive income options she suggests for everyone.
1. Start a side hustle
Andrea continues to work full-time as an accountant and marketing consultant for Big Four firms. This is for additional income, a network of friends and for opportunities and other events. Side hustles are a great way to earn extra income in an industry you’re already familiar with.
For her, that came in the form of financial coaching, but certain industries are more promising for entrepreneurs right now. Anybody looking to add a job must be cognizant of the increase in workload.
2. Google Ads
Andrea suggests charging advertising fees to maintain a website with regular viewership and traffic.
Google AdSense is an example of this. It allows content creators to make money via advertising, and also monetize YouTube videos.
AdSense matches advertisements to websites based on content and visitors. In order to start making money, content creators will need to activate AdSense space on the website. Google.
3. Affiliate marketing
To point people to another site, content creators may use affiliate marketing. The creator gets a portion of every purchase made by viewers.
Andrea stated, “All you need to do is apply to affiliate programs and tell us why you want to work with them.” Tell us about how you can generate income.
Amazon, LTK (previously rewardStyle), and Partnerize among the most popular affiliate programmes.
4. Posts sponsored
Andrea said that although companies do contact her about brand partnerships opportunities, she advises them to be proactive and look into passive income options. Sponsored content is a fantastic way to make some extra money as a content creator.
When reaching out to brands about potential partnerships, make sure your media kit is comprehensive and enticing — it’s how companies gauge whether they want to work with you.
5. Products, templates and courses can be sold
Andrea also sells her own products, including a résumé template and a virtual “75 hard” challenge, which allows users to track their habits for 75 days.
Her advice was that you could also make and sell live and virtual courses depending on your skills and passions to earn extra cash.
Jessica Hawks, for instance is a virtual assistant and career coach. Her online course was launched in 2020, and she helped increase sales of her company by $1,000,000
6. Bonds are a good investment
The term bond can also be used to describe loans that are taken out by institutions or corporations and then given to investors. They are low-risk investments in the market that can be a good choice for new investors.
Investors need to wait until the bonds mature in order to see their returns. Andrea shared that you can get bonds at rates of up to 9.9% if one waits long enough.
7. Invest in crypto and stock
Navigating the stock market can be difficult. Andrea broke it down into two distinct categories In her blog postsStocks that pay dividends are also available. You could also invest in crypto.
According to her, it is important that you consider your budget and timeframe when you decide where you will spend the money. It’s not surprising that cryptocurrency stocks have dropped in the past few weeks.
8. Real estate
Renting or purchasing properties can provide passive income. Even those with little disposable income can participate in crowdfunding strategies, she said.
Andrea shared that Fundrise, DiversyFund, and other companies allow investors to make as small as $100 and receive a percentage when the property is successful.
Her opinion is that $100 investment will not bring a high return, but the investor still has the same percentage as $100,000.
9. E-commerce sites like eBay allow you to sell on these websites
Andrea is a firm believer that eBay offers the most cost-effective platform for ecommerce. She recommends selling old clothes, coupons sent via mail and finding products at garages and stores nearby.
Nicholas Waskosky earns five-figures per year selling vintage or upcycled clothing through Poshmark.