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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. 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 Photos 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 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 Suggestions Worth ResearchingThis listing includes everything from easy, regular tasks to building out entire businesses.
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However, there are a couple ways you can start earning right away almost no attempt required!Related: 16 Fun Hobbies That 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 by not taking advantage of cash rewards.Cash Back Credit CardsCash back credit cards offer a percentage typically 1-5% on purchases you make.
For instance, 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 apps, youll usually need to spend a predetermined 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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Set 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 typical workday.You have just two options: 1) Permit your automobile sit around and depreciate, or 2) Use it to make some passive income.Rent Your Car Using GetaroundWith Getaround, by way of example, you can potentially make thousands of dollars per year by renting your car to other people while youre not using it.
By renting your automobile using Getaround, you can make some (if not all) of the money back.As a Getaround car owner, you get dedicated parking at the best spots in town, a $50 monthly driving credit to rent whatever you enjoy, and $1 million in main insurance coverage.To take advantage of the passive income opportunity, youll need to make a completely free Getaround account.
According to their site, drivers can earn $400+ each month.In order to begin, youll need to download the program and monitor your driving. Once you meet the minimum 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 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 awakened my Bank of America account, which was really 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 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 their website neck in Discover More terms of interest rates and fees, so you cant actually go that wrong with any one of these.
In fact, the great majority of millionaires over the previous two centuries have achieved 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 ways that you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded real estateFundrise when you have an additional $500 laying around, you can now invest in property via a Starter Portfolio out of 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 complete Fundrise Review.Another crowdfunding real estate system to consider:RealtyShares This is comparable to Fundrise, but the minimum investment is $5,000 so youve got to bring an additional zero to get started.