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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.
Begin a YouTube Channel13. Create 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 most basic 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 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 start generating wealth, here are my top 15 passive income ideas.15 Passive Income Ideas Worth ResearchingThis list includes everything from easy, everyday activities to building out entire businesses.
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However, there are a couple ways that 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 DoIf you already do a portion of your shopping online, you could be missing out on some simple passive income by not taking advantage of cash rewards.Cash Back Credit CardsCash back credit cards offer a percentage typically 1-5% on purchases you 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 programs, 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 keep in mind, these offers are only beneficial if you repay your credit card balance every month.
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Put 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 normal workday.You have two options: 1) Let your car sit around and depreciate( or two ) Use it to create some passive income.Rent Your Car with GetaroundWith Getaround, for instance, you can potentially make thousands of dollars each year by renting your automobile to other people while youre not using it.
By renting your car with Getaround, you can make some (if not all) of that money back.As a Getaround car owner, you get dedicated parking at the best spots in town, a $50 monthly driving charge to rent anything you enjoy, and her explanation $1 million in main 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 earn $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 available in your area.Take your car in to be wrapped, then start earning passive income with look at this now the driving you do.3.
In fact, consider yourself lucky if you earn anything at all! Luckily, online banks have burst onto the scene with some very enticing interest prices. Greater 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 really 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 these days are neck and neck in terms of interest rates and charges, so you cant actually go that wrong with any one of these.
In reality, 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 couple of different ways that 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 12.25%.With Fundrise, you also get to decide on 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 property platform to consider:RealtyShares This is comparable to Fundrise, but the minimum investment is $5,000 so youve got to bring an additional zero to get started.