From unconventional rentals to low-effort digital earnings, these overlooked ideas can grow your wealth with minimal effort.

Unexpected Passive Income Streams Most People Do Not Use

One of the financial goals that most people have is passive income, and justifiably so. It always sounds good to earn money with as minimal effort as possible on a day-to-day basis, especially to those aspiring to create wealth, acquire some financial flexibility, or simply want to relieve themselves from the drudgery of clocking in every day. 

While most people are familiar with the usual mainstream sources of earning passive income, like investing in real estate or buying dividend-paying stocks, there is a world of less-known sources of passive income that is often overlooked. So, in this article, we will discuss some of the most underrated but very effective ways to earn income quietly in the background. Some of these very ways need less effort than you might think.

Renting Out Storage Space

Unused areas in your home, like a garage, basement, attic, or spare room, can be turned into another source of passive income by renting it out for storage. Neighbour has a website that connects people in need of extra storage space with homeowners having space to spare so that they can generate income every month without doing much. 

There are no regular maintenance and utilities needed or tenant-related regular soaking exposure like you would have when renting out a room. Just a secure area for someone else's stuff. And most importantly, it offers a relatively low-risk and uncomplicated way of taking advantage of your unused space without hugely disrupting your daily life.

Selling Stock Photos or Footage

If you have a penchant for photography or watching videos, then turning your hobby into a sort of alternative income stream can be much easier than you might imagine. You upload those beautiful still images or even videos to a stock site, such as Shutterstock or Adobe Stock or perhaps Getty Images, and for each time the picture or video is downloaded, you stand to earn a small royalty.

Of course, there's considerable effort to build a portfolio at first, but once it's up online, it can earn an income from that point on for months, perhaps even years, with no additional energy spent. Whether travel, normal home articles, or perhaps business-type stuff, the media keeps having steady demand for this, making it surprisingly effective if overlooked when it comes to passive income.

License Your Ideas or Inventions

You don't even have to go near a building and sell your product for an excellent idea to generate income. Instead, try licensing, where a company pays to use your invention or other creative concept and pays you royalty payments as passive income. Platforms like InventRight or even agencies specialising in intellectual property connect inventors to manufacturers looking for fresh ideas. 

Whether it be a cool kitchen gadget, a catchy slogan, or even a uniquely designed product, that low-effort licensing opportunity offers recurring income. This often-overlooked strategy caters to a creative person looking for a place to pass the buck of creating and selling while still reaping profits.

Cashback from Prepaid Debit or Rewards Cards

Prepaid debit cards and rewards cards are an effective way to generate passive income because they let users earn cashback on regular expenses like groceries, gas, and internet shopping without requiring them to alter their spending habits. Some prepaid cards offer credit card points that can be redeemed for a range of benefits, and many have flat or tiered cashback programs. Because rewards build up with consistent use, this is a low-effort, money-saving method. 

To ensure that all earnings can be collected without incurring extra expenses, it is crucial to choose cards with minimal or no fees. Because rewards build up through consistent use, this is a low-effort, money-saving method. To do this, simply understand which cards have minimal or no fees and how fees are applied to any balances.

ATM Ownership

Having ATMs may not be the first that comes to mind when considering passive income, but it's a remarkably consistent stream that most folks don't take advantage of. When you invest in an ATM and put it in a high-traffic location—such as a convenience store, bar, or gas station—you make a small fee every time someone makes a withdrawal. 

Although the individual charges will not be of great significance, they will quickly build up with regular usage. Once the machine is installed and wired into a processor, your primary duties are refilling it with money and keeping it in working order. With little maintenance, ATM owning can quietly create steady profit month by month.

Peer-to-Peer Lending

Peer-to-peer (P2P) lending is an attractive means of earning passive income by serving as a micro-lender to individuals or small companies. In contrast to savings accounts or CDs, P2P lending tends to return more—albeit with slightly greater risk. 

The process is hands-off in that respect once your funds are in the system, as servicing and collections are managed by the platform. For those in need of diversification of income streams without having to work actively too hard, P2P lending can be an unexpectedly effective solution.

Vending Machines

Having vending machines can be a surprisingly lucrative passive revenue stream when placed in highly trafficked locations such as office complexes, schools, or apartment buildings. After you've bought and filled the machines, they'll continue to generate revenue with very little effort on your part beyond occasional refilling and maintenance. 

Startup costs are moderate, and the key is getting the right merchandise—snacks, beverages, or even grooming products—then marketing it so you can have merchandise that satisfies each location. Eventually, with a small bunch of strategically-placed machines, this can turn into a healthy passive cash-flow business that can pay for itself while you are working on or even sleeping through your day.

Try A Pay Advance If You Need to Jumpstart Your Income Streams

Not all passive income streams need large capital or expertise in order to work. You just have to possess some great ideas that work with your budget and skillset, just like those mentioned in this article. Start building passive income quietly by starting one to two ideas just to not get yourself overwhelmed. Remember that baby steps are encouraged to make sure that you focus on the right things.

While on that topic, if you need to have enough capital to jumpstart your idea, you can always turn to Australia’s leading paycheque advance app, Wagetap, where you can borrow up to $2,000 if you download the app on the App Store or Google Play.

For additional help in improving your spending habits, you can always download Wagetap. It is a leading wage advance and bill split app that allows you to access your pay early. Emergencies can always happen and Wagetap can help you handle life's unexpected expenses.