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Get Money Back for Shopping You 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. 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 Pictures 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.
These all involve making some type of investment or money outlay in order to generate a return.Im not saying to stop your job (at least not yet), but if youre looking for creative ways to begin generating riches, here are my top 15 passive income thoughts.15 Passive Income Ideas Worth ResearchingThis listing includes everything from simple, everyday tasks to building out entire businesses.
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But, there are a couple ways that you can start 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 might be missing out on some easy passive income by not taking advantage of cash back rewards.Cash Back Credit CardsCash back credit cards offer a percentage generally 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 cash 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 be eligible for the bonus.But bear in mind, these offers are only beneficial if you repay your credit card balance each month.
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Set 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 typical workday.You have just two options: 1) Let your car sit around and depreciate, or 2) Use it to make some passive income.Rent Your Automobile with GetaroundWith Getaround, for instance, you can potentially make thousands of dollars per year by renting your automobile to other people while youre not using it.
By renting your car using Getaround, you can make some (if not all) of that money back.As a Getaround automobile owner, you become dedicated parking in the best places in town, a $50 monthly driving credit to rent anything you like, and $1 million in primary insurance coverage.To take advantage of this passive income opportunity, youll need to make a free Getaround account.
According to their site, drivers can earn $400+ each month.In order to begin, youll need to download the app and monitor your driving. Once you satisfy the minimum qualifications, youll be notified when a campaign is available in your area.Take your car in to be wrapped, then start earning passive income with the driving you do.3.
In reality, consider yourself lucky if you earn anything at all! Fortunately, online banks have burst onto the scene with some very enticing interest rates. Greater 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, 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 charges, I consider CIT Bank a dual win.Or, 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, which means you cant actually go that wrong using any one of these.
In reality, the great majority of millionaires within the previous two centuries have attained their standing, at least in part, from investing in actual estate.Related: 7 Best 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 actual estateFundrise when you've got an additional $500 laying around, you can now invest in property by means of a Starter Portfolio out of Fundrise.
In Fundrises most recent performance report, their portfolio generated returns of 12.25percent .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 complete Fundrise Review.Another crowdfunding property system to consider:RealtyShares That is comparable to Fundrise, but the minimum investment is my sources $5,000 so youve got to add an additional zero to begin.