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Get Cash Back for Shopping You Already Do2. Put Your Car to Work for You3. Open a high-yield savings account4. Rent out a room in your house5. Invest in crowdfunded real estate6. Purchase your first 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. Construct an e-commerce site15. Sell Your Photos 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 just relaxing.
All these involve making some sort of investment or cash outlay in order to generate a return.Im not saying to stop your job (at least not yet), but if youre looking for creative ways to begin generating riches, here are my top 15 passive income thoughts.15 Passive Income Suggestions Worth ResearchingThis listing includes everything from easy, regular tasks to building out entire businesses.
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But, there are a couple of ways that you can start earning right away almost no effort required!Related: 16 Fun Hobbies That Can Make You Money1. Get Cash Back for Shopping You DoIf you already do a portion of your shopping online, you might be missing out on some easy passive income by not taking advantage of money rewards.Cash Back Credit CardsCash back credit cards offer a percentage typically 1-5% on purchases you make.
By way of example, a card may offer 2% cash back on gas and groceries and 1% on the other purchases.Many cash back credit cards also offer sign-up bonuses. For these apps, youll usually need to spend a set amount within the first 60 to 90 days of opening your 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 each 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 just two options: 1) Let your car sit around and depreciate, or 2) Use it to make some passive income.Rent Your Car with GetaroundWith Getaround, by way of example, you can potentially make thousands of dollars each year by renting your automobile to other people while youre not using it.
By renting your car using Getaround, you can make some (if not all) of the money back.As a Getaround automobile owner, you become dedicated parking in the best spots in town, a $50 monthly driving credit to rent anything you like, 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 make $400+ per month.In order to get started, youll need to download the app and track your driving. Once right here you satisfy the minimum top article qualifications, youll be notified when a campaign is offered in your area.Take your vehicle in to be wrapped, then begin earning passive income together with the driving you already do.3.
In fact, consider yourself lucky if you earn anything in any way! Luckily, 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 I recently ditched my Bank of America account, that was actually charging me to maintain my money, and gave CIT Bank a try.Now, for 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 fees, I consider CIT Bank a dual win.Or, an alternative option:Discover Like CIT Bank, Discover offers competitive rates on their savings accounts. The majority of the online savings accounts nowadays are neck and neck in terms of interest rates and charges, 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 achieved their status, at least in part, from investing look at here now in real estate.Related: 7 Finest Short-Term Investments for Growing Your MoneyHere are a few different ways you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded actual estateFundrise If you have an additional $500 laying around, you can now invest in real estate by means of a Starter Portfolio from Fundrise.
In Fundrises most recent performance report, their portfolio generated returns of 12.25percent .With Fundrise, you also get to pick an investment plan based on your financial goals. They have plans that produce residual income, diversification or long-term growth. Heres our complete Fundrise Review.Another crowdfunding real estate platform to consider:RealtyShares This is similar to Fundrise, but the minimum investment is $5,000 so youve must bring an additional zero to get started.