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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 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 select 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 might be sleeping, on the beach drinking margaritas, or just relaxing.
These all 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 if youre looking for creative ways to start generating wealth, here are my top 15 passive income thoughts.15 Passive Income Suggestions Worth ResearchingThis listing includes everything from simple, regular tasks to building out entire businesses.
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However, there are a couple of ways that 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 cash back rewards.Cash Back Credit CardsCash back credit cards offer a percentage generally 1-5% on purchases you make.
By way of example, a card may 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 programs, 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 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 sits around not being used while youre traveling, on vacation, or even during your normal workday.You have just two options: 1) Permit 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 automobile to others while youre not using it.
By renting your automobile using Getaround, you can make some (if not all) of that money back.As a Getaround car owner, you become dedicated parking at the best places in town, a $50 monthly driving credit to rent whatever 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 site, drivers can make $400+ each month.In order to begin, youll need to download the app and track your driving. Once you meet the minimum qualifications, youll be notified when a campaign is offered in your area.Take your vehicle in to be wrapped, then start earning passive income together with the driving you already do.3.
In reality, consider yourself lucky if you earn anything at all! Luckily, online banks have burst onto the scene with some really 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 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 click resources investment, but its still free money. And since there are no monthly fees, I consider CIT Bank a double 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 fact, the great majority of millionaires within the past 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 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 from Fundrise.
In Fundrises most recent performance report, their portfolio generated returns of 12.25percent .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 complete 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 begin.