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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 out 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.
Begin a YouTube Channel13. Create and market 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 simplest 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 just relaxing.
All these involve making some sort of investment or money outlay in order to generate a return.Im not saying to stop your job (not yet), but when youre looking for creative ways to begin generating riches, here are my top 15 passive income ideas.15 Passive Income Suggestions Worth ResearchingThis list includes everything from simple, regular activities to building out entire businesses.
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But, there are a couple ways you can begin earning right away almost 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 might be missing out on some simple passive income by not taking advantage of cash rewards.Cash Back Credit CardsCash back credit cards provide a percentage generally 1-5percent on purchases you already make.
For instance, a card can offer 2% cash back on gas and groceries and 1% on all other purchases.Many money back credit cards also supply sign-up bonuses. For these programs, youll usually 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 pay off your credit card balance every 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 car sit around and depreciate( or two ) Use it to make some passive income.Rent Your Automobile Using GetaroundWith Getaround, for instance, you can potentially make thousands of dollars per year by renting your car to others while youre not using it.
By renting your car using Getaround, you can make some (if not all) of that money back.As a Getaround car owner, you become dedicated parking in the best spots in town, a $50 monthly driving credit to rent anything you enjoy, and $1 million in main insurance coverage.To take advantage of this passive income opportunity, youll need to create a completely free Getaround account.
According to their site, drivers can earn $400+ each month.In order to get started, youll need to download the program and monitor your driving. Once you meet the minimum qualifications, youll be notified when a campaign is offered in read here your area.Take your vehicle in to be wrapped, then begin earning passive income together with the driving you already do.3.
In reality, consider yourself blessed if you earn anything in any way! Fortunately, online banks have burst onto the scene with some very enticing interest prices. Higher interest 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, that was really charging me to hold my money, and gave CIT Bank a try.Now, for a 1.55% return.
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Granted, Im not going to get rich off this investment, but its 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 them.
In fact, the great majority of millionaires within the past two centuries have attained their standing, at least in part, from investing in actual estate.Related: 7 Finest Short-Term Investments for Growing Your MoneyHere are a couple of different ways you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded real estateFundrise If you've got an additional $500 laying around, you can now invest in real estate 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 pick an investment plan based on your financial goals. They have plans that make residual income, diversification or long-term expansion. Heres our full Fundrise Review.Another crowdfunding real read this estate system to consider:RealtyShares That is similar to Fundrise, but the minimum investment is $5,000 so youve must add an additional zero to begin.