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Get Cash Back for Shopping You Do2. Put Your Vehicle to Work for You3. Open a high-yield savings account4. Rent out 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 sell an online course14. Construct 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 just relaxing.
These all 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 wealth, here are my top 15 passive income thoughts.15 Passive Income Ideas Worth ResearchingThis list includes everything from easy, regular activities to building out entire businesses.
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But, there are a couple ways that 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 simple passive income by not taking advantage of cash rewards.Cash Back Credit CardsCash back credit cards offer a percentage generally 1-5percent on purchases you make.
By way of example, a card can 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 generally 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 typical workday.You have two options: 1) Permit your car sit around and depreciate, or 2) Use it to create some passive income.Rent Your Car with GetaroundWith Getaround, by way of example, you can potentially make thousands of dollars per year by renting your automobile to other people while youre not using it.
By renting your automobile useful link with Getaround, you can make some (if not all) of that money back.As a Getaround automobile owner, you become dedicated parking at 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 completely free Getaround account.
According to their site, drivers can make $400+ per month.In order to get started, youll need to download the program and monitor your driving. Once you meet the minimum qualifications, youll be notified when a campaign is available in your area.Take your vehicle in to be wrapped, then begin earning passive income together 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 really enticing interest rates. Higher interest more money you make off your savings.Here are two online savings accounts thatll generate residual income:CIT Bank I recently awakened my Bank of America account, which 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 still 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 prices on their savings accounts. Most 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 great majority of millionaires over the previous two centuries have attained their standing, at least in part, from investing in real estate.Related: 7 Finest 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 actual estateFundrise If you've got 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 12.25%.With Fundrise, you also get to decide on an investment plan based on your financial goals. They have plans that produce residual income, diversification or long-term expansion. Heres our complete Fundrise Review.Another crowdfunding property platform to consider:RealtyShares This is similar to Fundrise, but the minimum investment is $5,000 so youve must add an extra zero to begin.