5 side gigs to generate passive income

Having multiple sources of income is the best hedging strategy that you can plan for your financial journey. It gives you the added sense of security that you need to focus on essential things, not to mention that it also speeds up your process of achieving your financial goals. You can even start working for a passive income in a field that you are fond of and eventually build it into a full-time job, finally being financially free while working in an area you have always wanted to do in, earning money quickly. This part-time job will also help you build a network with people in a similar field or a client base that might eventually help you feel like taking it up full time and making a career out of it. Let us look at some part-time gigs that you can take up to earn money quickly.


1. Trade-in stocks & commodities - While this is one of the riskiest part-time jobs that you can pick up, it is also the one that can give you instant and high returns. If you are interested and want to enter the stock market, you might like to learn the trade tricks first. You can start with a small amount and work in the markets with that money for a few months to learn the necessary skills. Once you have the confidence and have made all mistakes with the small amount you could afford to lose, it is time to trade with some more significant amounts to earn money quickly. Make sure that you are entirely aware of the risks involved before making any decisions in this field.


2. Blogging - One of the most common methods of generating passive income online is through blogging. You can start a blog with minimal hosting and domain costs. You can write and create content about any field you are interested in, and you can earn money through it. Most bloggers connect their blogs with Google Adsense or any ad providing service to post ads on their blog pages and make with every click. You could even choose to do affiliate marketing and earn money easily by recommending products that you use and like. While a blog might not generate returns immediately, it is an excellent source to generate regular and stable returns once you have built an audience. The key to achieving success in this field is generating great content and waiting for people to notice it.


3. Open a cloud kitchen - The adoption of apps like swiggy and zomato has also popularised the cloud kitchen concept. If you are a foodie and enjoy cooking, you can make a part time gig out of it. You can bake cakes and cookies from the comforts of your home and sell them through a website, zomato, or Instagram, etc. You could even go all-in and upload a menu of fast food items like burgers, pizzas, etc. and sell them on a delivery only basis. This can be a great way of practicing your hobby while earning money quickly. You can even make it a business where you take orders only 24hrs before the delivery time so you can easily manage it with any other engagements that you might have.


4. Freelancing - You can choose to do some freelance work in the field that you already work in. With Upwork and Fiverr websites, getting freelance work is not that difficult, and you can earn money easily through them. You can even partner with some organization that might have freelance openings. This is an excellent way to generate some passive income and build your network in case you choose to do your own business in some time in the same field. It teaches you skills like client dealing, and the challenge of completing the whole project by yourself is a great learning experience in itself. You can even use this work experience on your resume when you apply for a new job showcasing skills in not just doing the technical work but also managing the whole process by oneself.


5. Mentoring - The covid 19 pandemic has acted as an excellent catalyst for online education. More and more people are actively searching for online teachers and mentors. If you enjoy teaching and believe that you have a skill that people want to learn and would be willing to pay for, then offering to mentor online can be a significant part-time gig. You can teach tuitions for daily school subjects as well as take classes for vocational skills like dancing. You could even make online courses and upload them on youtube or other distribution channels to earn money quickly.

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