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Get Cash Back for Shopping You Already Do2. Set Your Vehicle to Work for You3. Open a high-yield savings account4. Rent out a room in your house5. Invest in crowdfunded actual estate6. Purchase your initial investment property7. Invest in dividend paying stocks8. Peer-to-Peer Lending9. Start investing with a robo-advisor10. Affiliate marketing11.
Start a YouTube Channel13. Create and sell an online course14. Construct an e-commerce site15. Sell Your Pictures OnlineHow to Pick 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.
These all involve making some sort of investment or cash outlay in order to generate a return.Im not saying to quit your job (not yet), but when youre looking for creative ways to start generating riches, here are my top 15 passive income thoughts.15 Passive Income Suggestions Worth ResearchingThis listing includes everything from easy, regular activities to building out entire businesses.
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But, there are a couple ways you can begin earning right away virtually no attempt required!Related: 16 Fun Hobbies Which Can Make You Money1. Get Cash Back for Shopping You Already DoIf you already do a portion of your shopping online, you might be missing out on some easy passive income just by not taking advantage of cash back rewards.Cash Back Credit CardsCash back credit cards provide a percentage generally 1-5% on purchases you already make.
By way of instance, a card may offer 2% cash back on gas and groceries and 1% on all other purchases.Many money back credit cards also offer 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 qualify for the bonus.But bear in mind, these offers are only beneficial if you pay off your credit card balance each month.
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Put Your Car to Work for YouThink of how often your car stays 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 instance, you can potentially Visit Website make thousands of dollars each year by renting your automobile to others while youre not using it.
By renting your car with Getaround, you can make some (if not all) of that money back.As a Getaround car owner, you get dedicated parking at the best spots in town, a $50 monthly driving charge to rent anything you enjoy, and $1 million in main Go Here insurance coverage.To take advantage of the passive income opportunity, youll need to make a completely free Getaround account.
According to their website, drivers can make $400+ per month.In order to get started, youll need to download the app and track your driving. Once you meet the minimum qualifications, youll be notified when a campaign is available in your area.Take your car in to be wrapped, then start earning passive income with the driving you already do.3.
In reality, consider yourself blessed if you earn anything in any way! Fortunately, online banks have burst onto the scene with some very enticing interest prices. Greater interest money you make off your savings.Here are just two online savings accounts thatll generate residual income:CIT Bank I recently ditched my Bank of America account, which was actually charging me to hold 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 still free money. And since there are Home Page no monthly fees, I consider CIT Bank a dual win.Or, an alternative option:Discover Like CIT Bank, Discover offers competitive prices on their savings accounts. The majority of the online savings accounts these days are neck and neck in terms of interest rates and charges, so you cant actually go that wrong with any one of these.
In reality, the vast majority of millionaires within the past two centuries have attained their status, at least in part, from investing in actual estate.Related: 7 Best Short-Term Investments for Growing Your MoneyHere are a few different methods you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded real estateFundrise when you have an extra $500 laying around, you can now invest in property via a Starter Portfolio from Fundrise.
In Fundrises most recent performance report, their portfolio generated returns of 12.25percent .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 expansion. Heres our full Fundrise Review.Another crowdfunding real estate system to consider:RealtyShares This is comparable to Fundrise, but the minimum investment is $5,000 so youve must add an additional zero to begin.