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Get Cash Back for Shopping You Do2. Put Your Car to Work for You3. Open a high-yield savings account4. Rent a room in your house5. Invest in crowdfunded real estate6. Purchase your first investment property7. Invest in dividend paying stocks8. Peer-to-Peer Lending9. Start investing with a robo-advisor10. Affiliate marketing11.
Start a YouTube Channel13. Make and sell an online course14. Construct an e-commerce site15. Sell Your Photos OnlineHow to select 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 just relaxing.
All these involve making some sort of investment or money 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 wealth, here are my top 15 passive income ideas.15 Passive Income Suggestions Worth ResearchingThis list includes everything from simple, 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 effort required!Related: 16 Fun Hobbies That Can Make You Money1. Get Cash Back for Shopping You Already DoIf you already do a portion of your shopping online, you could be missing out on some simple passive income by not taking advantage of money back rewards.Cash Back Credit CardsCash back credit cards provide a percentage typically 1-5percent on purchases you already make.
For example, a card may offer 2% cash back on gas and groceries and 1% on all other purchases.Many money back credit cards also supply 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 qualify for the bonus.But keep in mind, these offers are only beneficial if you pay off your credit card balance every month.
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Put 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 two ) Use it to create some passive income.Rent Your Automobile Using GetaroundWith Getaround, by way of example, you can potentially make thousands of dollars per year by renting your car to others while youre not using it.
By renting your car using 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 pop over to these guys rent anything you enjoy, and $1 million in primary insurance coverage.To take advantage of this passive income opportunity, youll need to create a completely free Getaround account.
According to their site, drivers can make $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 available in your area.Take your car in to be wrapped, then begin earning passive income together with the driving you already do.3.
In fact, consider yourself blessed if you earn anything in any way! Luckily, online banks have burst onto the scene with some really enticing interest prices. Greater interest more 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 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 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 fees, which means you cant really go that wrong using any one of them.
In fact, the great majority of millionaires over the previous two centuries have achieved their standing, at least in part, from investing in actual estate.Related: 7 Best Short-Term Investments for Growing Your MoneyHere are a couple of different ways you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded actual estateFundrise If you've got 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 produce residual income, diversification or long-term expansion. Heres our complete Fundrise Review.Another crowdfunding property 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.