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Get Money Back for Shopping You Already 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 sell an online course14. Build 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 might be sleeping, on the beach drinking margaritas, or just 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 thoughts.15 Passive Income Ideas Worth ResearchingThis list includes everything from easy, everyday tasks to building out entire businesses.
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However, there are a couple of 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 just by not taking advantage of money rewards.Cash Back Credit CardsCash back credit cards provide a percentage typically 1-5% on purchases you already make.
By way of instance, a card may offer 2% cash back on gas and groceries and 1% on all other purchases.Many cash back credit cards also offer 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 qualify for the bonus.But bear in mind, these offers are only beneficial if you pay off 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 typical workday.You have two options: 1) Let your automobile sit around and depreciate( or two ) Use it to create some passive income.Rent Your Car Using GetaroundWith Getaround, for instance, you can potentially make thousands of dollars each year by renting your automobile to others 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 automobile owner, you become dedicated parking in the best places in town, a $50 monthly driving charge to rent whatever 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 begin, youll need to download the app and track your driving. Once you satisfy the minimum qualifications, youll be notified when a campaign is offered in your area.Take your vehicle in to be wrapped, then begin earning passive income together with the driving you do.3.
In fact, consider yourself blessed if you earn anything in any way! Luckily, online banks have burst onto the scene with some really enticing interest rates. 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, which was actually charging me to hold my money, moved here 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 charges, I consider CIT Bank a double win.Or, an alternative option:Discover Like CIT Bank, Discover offers competitive prices on their savings accounts. Most 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 using any one of them.
In reality, the great majority of millionaires over the previous two centuries have achieved their status, at least in part, from investing in actual estate.Related: 7 Best 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 actual estateFundrise If you've got an extra $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 12.25%.With Fundrise, you 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 real estate system to consider:RealtyShares This is similar to Fundrise, but the minimum investment is $5,000 so youve must add an extra zero to begin.