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Get Cash Back for Shopping You Already Do2. Set Your Car 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.
Begin a YouTube Channel13. Make and market an online course14. Construct an e-commerce site15. Sell Your Photos OnlineHow to Pick the Best Passive Income Stream for YouWhat is Passive IncomeAt its most basic definition, passive income, also known as residual income, is money you earn while youre not working. You could be sleeping, on the beach drinking margaritas, or simply relaxing.
All these 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 if youre looking for creative ways to begin generating riches, here are my top 15 passive income ideas.15 Passive Income Suggestions Worth ResearchingThis list includes everything from easy, everyday activities to building out entire businesses.
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However, there are a couple of ways you can begin earning right away almost no attempt required!Related: 16 Fun Hobbies Which Can Make You Money1. Get Cash Back for Shopping You DoIf you do a portion of your shopping online, you could be missing out on some simple 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 example, a card may offer 2% cash back on gas and groceries and 1% on the other purchases.Many money 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 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 two options: 1) Permit your automobile sit around and depreciate, or 2) Use it to make some passive income.Rent Your Automobile Using GetaroundWith Getaround, for example, you can potentially make thousands of dollars each year by renting your car to others while youre not using it.
By renting your automobile with Getaround, you can make some (if not all) of the money back.As a Getaround car owner, you get dedicated parking at the best places in town, a $50 monthly driving charge to rent whatever you like, and $1 million in main insurance coverage.To take advantage of the passive income opportunity, youll need to create a free Getaround account.
According to their website, drivers can earn $400+ each month.In order to begin, 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 vehicle in to be wrapped, then begin earning passive income together with the driving you do.3.
In fact, consider yourself lucky if you earn anything at all! Luckily, blog 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, that 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 still free money. And since there are no monthly fees, I consider CIT Bank a dual win.Or, Find Out More an alternative option:Discover Like CIT Bank, Discover offers competitive rates on their savings accounts. Most of the online savings accounts nowadays are neck and neck in terms of interest rates and charges, so you cant actually go that wrong using any one of them.
In reality, the important source vast majority of millionaires within 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 few different methods that you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded real estateFundrise when you've got 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 12.25%.With Fundrise, you get to pick 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 property platform to consider:RealtyShares That is similar to Fundrise, but the minimum investment is $5,000 so youve must add an extra zero to begin.