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Get Cash Back for Shopping You Do2. Set 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 market an online course14. Construct an e-commerce site15. Sell Your Pictures 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 might be sleeping, on the beach drinking margaritas, or simply relaxing.
These all involve making some sort of investment or cash outlay in order to generate a return.Im not saying to stop your job (not yet), but when youre looking for creative ways to start generating riches, here are my top 15 passive income ideas.15 Passive Income Suggestions Worth ResearchingThis listing includes everything from simple, everyday activities to building out entire businesses.
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But, there are a couple of ways you can start earning right away almost no attempt 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 might be missing out on some simple 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 already 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 supply sign-up bonuses. For these apps, youll usually 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 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 normal workday.You have two options: 1) Permit your automobile sit around and depreciate, or 2) Use it to create some passive income.Rent Your Car Using GetaroundWith Getaround, for example, get more you can potentially make thousands of dollars per year by renting your car to other people while youre not using it.
By renting your automobile with Getaround, you can make some (if not all) of the money back.As a Getaround car owner, you become dedicated parking in the best places in town, a $50 monthly driving charge to rent whatever you like, and $1 million in main insurance coverage.To take advantage of this passive income opportunity, youll need to create a free Getaround account.
According to their site, drivers can earn $400+ per 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 vehicle 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 at all! Fortunately, online like this banks have burst onto the scene with some very 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 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 fees, I consider CIT Bank a dual win.Or, an alternative option:Discover Like CIT Bank, Discover offers competitive rates on their savings accounts. The majority 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 with any one of them.
In reality, the great majority of millionaires over the previous two centuries have attained their standing, at least in part, from investing in real estate.Related: 7 Finest Short-Term Investments for Growing Your MoneyHere are a couple of different ways that you can capitalize on investment opportunities in real estate:5. Invest you can look here 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 from Fundrise.
In Fundrises most recent performance report, their portfolio generated returns of 12.25percent .With Fundrise, you also 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 full Fundrise Review.Another crowdfunding property 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.