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Get Money 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. Buy 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 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 could be sleeping, on the beach drinking margaritas, or simply 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 thoughts.15 Passive Income Ideas Worth ResearchingThis listing includes everything from easy, regular 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 DoIf you already 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 typically 1-5% on purchases you make.
For example, a card can offer 2% cash back on gas and groceries and 1% on the other purchases.Many cash back credit cards also offer sign-up bonuses. For these apps, youll generally need to spend a predetermined 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 repay your credit card balance each 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 two options: 1) Let your car sit around and depreciate, or 2) Use it to make some passive income.Rent Your Automobile Using GetaroundWith Getaround, by way of instance, you can potentially make thousands of dollars per year by renting your car 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 places in town, a $50 monthly driving charge to rent anything you enjoy, and $1 million in main insurance coverage.To take advantage of this passive income opportunity, youll need to make 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 satisfy the minimum qualifications, youll be notified when a campaign is useful reference available in your area.Take your car in to be wrapped, then start earning passive income together with the driving you 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 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, 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, an alternative option:Discover Like CIT Bank, Discover offers competitive prices on their savings accounts. Most of the online savings accounts these days are neck and neck in terms of interest rates and charges, so you cant really go that wrong with any one of them.
In reality, the vast majority of millionaires within 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 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 pick an investment plan based on your financial goals. They have plans that make residual income, diversification or long-term growth. Heres our full Fundrise Review.Another crowdfunding real estate platform to consider:RealtyShares That is similar to Fundrise, but the minimum investment is $5,000 so youve must bring an extra zero to get started.