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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 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 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 simply relaxing.
These all involve making some type of investment or cash outlay in order to generate a return.Im not saying to stop your job (not yet), but if youre looking for creative ways to start generating riches, here are my top 15 passive income thoughts.15 Passive Income Ideas Worth ResearchingThis listing includes everything from easy, everyday tasks to building out entire businesses.
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However, there are a couple ways you can start earning right away virtually 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 could be missing out on some easy passive income by not taking advantage of money back rewards.Cash Back Credit CardsCash back credit cards provide a percentage typically 1-5% on purchases you already make.
By way of instance, a card can offer 2% cash back on gas and groceries and 1% on all other purchases.Many cash back credit cards also offer sign-up bonuses. For these apps, youll usually need to spend a set amount within the first 60 to 90 days of opening your account in order to be eligible 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 stays around not being used while youre traveling, on vacation, or even during your typical workday.You have two options: 1) Permit your automobile sit around and depreciate( or two ) Use it to make some passive income.Rent Your Car with GetaroundWith Getaround, her comment is here by way of instance, you can potentially make thousands of dollars each year explanation 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 car owner, you become dedicated parking at the best places in look at this website town, a $50 monthly driving charge to rent anything you like, and $1 million in primary insurance coverage.To take advantage of the passive income opportunity, youll need to make a completely free Getaround account.
According to their website, drivers can make $400+ per month.In order to get started, youll need to download the program and track 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 with the driving you already do.3.
In fact, consider yourself lucky if you earn anything in any way! Luckily, online banks have burst onto the scene with some really enticing interest prices. Higher 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, that was actually 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 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 prices on their savings accounts. The majority of the online savings accounts nowadays are neck and neck in terms of interest rates and charges, so you cant actually go that wrong with any one of them.
In fact, the great majority of millionaires over the past 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 couple of different methods you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded real estateFundrise when you have an extra $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 12.25percent .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 growth. 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 got to bring an extra zero to get started.