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Get Money Back for Shopping You Already Do2. Put 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 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 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.
All these involve making some type of investment or cash outlay in order to generate a return.Im not saying to quit your job (at least not yet), but when youre looking for creative ways to begin generating riches, here are my top 15 passive income ideas.15 Passive Income Ideas Worth ResearchingThis list includes everything from easy, regular activities to building out entire businesses.
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But, there are a couple of ways that you can begin earning right away virtually no effort 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 just by not taking advantage of cash back rewards.Cash Back Credit CardsCash back credit cards provide a percentage generally 1-5% on purchases you make.
For example, a card can offer 2% cash back on gas and groceries and 1% on all other purchases.Many money 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 typical workday.You have two options: 1) Permit your car sit around and depreciate, or 2) Use it to make some passive income.Rent Your Car with GetaroundWith Getaround, by way of instance, you can potentially make find out 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 that money back.As a Getaround automobile owner, you become dedicated parking at the best spots in town, a $50 monthly driving credit to rent anything you like, and $1 million in main insurance coverage.To take advantage of the passive income opportunity, youll need to make a free Getaround account.
According to their website, drivers can make $400+ each month.In order to begin, youll need to download the program and monitor 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 together with the driving you 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 prices. Higher 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 More Help 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, so you cant actually go that wrong using any one of these.
In reality, the vast majority of millionaires within the past two centuries have achieved 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 actual estateFundrise when you have an additional $500 laying around, you can now invest you can try here 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 objectives. 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 additional zero to get started.