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Get Cash Back for Shopping You Do2. Put Your Car to Work for You3. Open a high-yield savings account4. Rent a room in your house5. Invest in crowdfunded real estate6. Buy your initial investment property7. Invest in dividend paying stocks8. Peer-to-Peer Lending9. Start investing with a robo-advisor10. Affiliate marketing11.
Begin a YouTube Channel13. Make and market an online course14. Build an e-commerce site15. Sell Your Pictures OnlineHow to select the Best Passive Income Stream for YouWhat is Passive IncomeAt its simplest definition, passive income, also known as residual income, is money you earn while youre not working. You might be sleeping, on the beach drinking margaritas, or simply relaxing.
All these involve making some type of investment or money outlay in order to generate a return.Im not saying to stop your job (not yet), but when youre looking for creative ways to start generating wealth, here are my top 15 passive income thoughts.15 Passive Income Ideas Worth ResearchingThis listing includes everything from easy, everyday activities to building out entire businesses.
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But, there are a couple of ways you can start earning right away almost no effort required!Related: 16 Fun Hobbies Which Can Make You Money1. Get Cash Back for Shopping You Already DoIf you do a portion of your shopping online, you might be missing out on some easy passive income just by not taking advantage of money back rewards.Cash Back Credit CardsCash back credit cards provide a percentage generally 1-5% on purchases you already make.
For example, a card may offer 2% cash back on gas and groceries and 1% on all other purchases.Many cash back credit cards also supply sign-up bonuses. For these programs, youll usually need to spend a set amount within the first 60 to 90 days of opening your own account in order to be eligible for the bonus.But keep in mind, these offers are only beneficial if you repay your credit card balance every month.
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Put Your Car to Work for YouThink of how often your car sits around not being used while youre traveling, on vacation, or even during your normal workday.You have two options: 1) Permit your car sit around and depreciate, or 2) Use it to make some passive income.Rent Your Car with GetaroundWith Getaround, by way of instance, you can potentially make thousands of dollars each year by renting your automobile to other people while youre not using it.
By renting your automobile with Getaround, you can make some (if not all) of find out this here that money back.As a Getaround automobile owner, you get dedicated parking in the best spots in town, a $50 monthly driving charge to rent anything you enjoy, and $1 million in primary insurance coverage.To take advantage of the passive income opportunity, youll need to create a free Getaround account.
According to their site, drivers can earn $400+ each month.In order to begin, youll need to download the program and track your driving. Once you satisfy the minimum qualifications, youll be notified when a campaign is offered in informative post your area.Take your car in to be wrapped, then begin earning passive income with the driving you already do.3.
In reality, consider yourself blessed if you earn anything at all! Fortunately, online banks have burst onto the scene with some really enticing interest prices. Higher interest money you make off your savings.Here are two online savings accounts thatll generate residual income:CIT Bank read here I recently awakened my Bank of America account, which was really charging me to maintain my money, and gave CIT Bank a try.Now, I get a 1.55% return.
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Granted, Im not going to get rich off this investment, but its free money. And since there are no monthly charges, I consider CIT Bank a double win.Or, an alternative option:Discover Like CIT Bank, Discover offers competitive rates on their savings accounts. The majority of the online savings accounts these days are neck and neck in terms of interest rates and fees, which means you cant actually go that wrong with any one of these.
In reality, the vast majority of millionaires over the previous two centuries have attained their status, at least in part, from investing in real estate.Related: 7 Finest Short-Term Investments for Growing Your MoneyHere are a couple of different ways you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded actual estateFundrise when you have an extra $500 laying around, you can now invest in property by means of a Starter Portfolio from Fundrise.
In Fundrises most recent performance report, their portfolio generated returns of 12.25%.With Fundrise, you also get to decide on an investment plan based on your financial objectives. They have plans that produce residual income, diversification or long-term growth. Heres our full Fundrise Review.Another crowdfunding property system to consider:RealtyShares This is similar to Fundrise, but the minimum investment is $5,000 so youve got to bring an additional zero to begin.