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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. Buy 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. Make 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 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 (at least not yet), but when youre looking for creative ways to begin generating wealth, here are my top 15 passive income ideas.15 Passive Income Ideas Worth ResearchingThis list includes everything from simple, everyday activities to building out entire businesses.
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However, there are a couple ways that you can begin earning right away almost no effort required!Related: 16 Fun Hobbies Which 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 easy passive income just by not taking advantage of money rewards.Cash Back Credit CardsCash back credit cards offer a percentage generally 1-5percent on purchases you already make.
By way of 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 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 each 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: Homepage 1) Let your car sit around and depreciate( or two ) Use it to create some passive income.Rent Your Automobile Using GetaroundWith Getaround, for example, 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 the money back.As a Getaround automobile owner, you get dedicated parking in the best places in town, a $50 monthly driving charge to rent anything you enjoy, and $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 program and monitor your driving. Once you meet the minimum qualifications, youll be notified when a campaign is offered in your area.Take your car in to be wrapped, then start earning passive income with the driving you already do.3.
In reality, consider yourself blessed if you earn anything in any way! Luckily, online banks have burst onto the scene with some very enticing interest prices. Greater 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, which was actually 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 still free money. And since there are no monthly fees, I consider CIT Bank a double 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 fees, so you cant actually go that wrong with any one of them.
In reality, the vast majority of millionaires within the previous two centuries have attained their status, at least in part, from investing in real estate.Related: 7 Best Short-Term Investments for Growing Your MoneyHere are a few different ways that you can capitalize on investment opportunities in real estate:5. Invest in crowdfunded real estateFundrise If you've got an extra $500 laying around, you can now invest in property by means of a Starter Portfolio out of 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 growth. 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.