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Get Money Back for Shopping You Already Do2. Set Your Vehicle to Work for You3. Open a high-yield savings account4. Rent a room in your house5. Invest in crowdfunded actual estate6. Buy 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 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 most basic 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 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 (at least not yet), but when youre looking for creative ways to begin generating riches, here are my top 15 passive income thoughts.15 Passive Income Ideas Worth ResearchingThis list includes everything from easy, everyday activities to building out entire businesses.
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But, there are a couple of ways you can begin 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 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 the other purchases.Many money back credit cards also offer sign-up bonuses. For these apps, youll generally need to spend a set amount within the first 60 to 90 days of opening your own 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 every 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 link your car sit around and depreciate, or 2) Use it to create some passive income.Rent Your Automobile with GetaroundWith Getaround, for example, you can potentially 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 the 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 enjoy, and $1 million in main insurance coverage.To take advantage of the passive income opportunity, youll need to make a 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 satisfy 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 fact, consider yourself lucky if you earn anything at all! Luckily, 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 ditched 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 rates 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 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 Best Short-Term Investments for Growing Your MoneyHere are a couple of different ways that you can capitalize on investment click here to find out more opportunities in real estate:5. Invest in crowdfunded real estateFundrise when you have an additional $500 laying around, you can now invest in real estate by means of a Starter Portfolio out of Fundrise.
In Fundrises most recent performance report, their portfolio generated returns of 12.25%.With Fundrise, you get to decide on an investment plan based on your financial goals. They have plans that make residual income, diversification or long-term expansion. Heres our full Fundrise Review.Another crowdfunding property platform to consider:RealtyShares That is comparable to Fundrise, but the minimum investment is $5,000 so youve got to bring an additional zero to get started.