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Get Cash 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. Buy 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 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 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 (at least not yet), but if youre looking for creative ways to begin generating riches, here are my top 15 passive income thoughts.15 Passive Income Suggestions Worth ResearchingThis list includes everything from simple, regular tasks 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 attempt required!Related: 16 Fun Hobbies Which Can Make You Money1. Get Cash Back for Shopping You Already DoIf you do a portion of your shopping online, you might be missing out on some easy passive income just by not taking advantage of money back rewards.Cash Back Credit CardsCash back credit cards provide a percentage typically 1-5% on purchases you already make.
For instance, a card may offer 2% cash back on gas and groceries and 1% on the other purchases.Many cash back credit cards also supply sign-up bonuses. For these programs, youll usually 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 keep in mind, these offers are only beneficial if you repay your credit card balance every 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 automobile sit around and depreciate( or two ) Use it to create some passive income.Rent Your Car with GetaroundWith Getaround, for example, you can potentially make thousands of dollars per year by renting your automobile navigate to this site to other people while youre not using it.
By renting your automobile using Getaround, you can make some (if not all) of the money back.As a Getaround automobile owner, you get dedicated parking at the best spots in town, a $50 monthly driving credit to rent whatever you like, and $1 million in primary insurance coverage.To take advantage of this passive income opportunity, youll need to create 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 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 already do.3.
In fact, consider yourself lucky if you earn anything at all! Luckily, online banks have burst onto the scene with some really enticing interest rates. 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, that was really charging me to maintain 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 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 these days are neck and neck in terms of interest rates and charges, which means you cant really go that wrong with any one of these.
In fact, the great majority of millionaires over the previous two centuries have achieved their standing, at least in part, from investing in real estate.Related: 7 Best Short-Term Investments for Growing Your MoneyHere are a few different methods 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 12.25percent .With Fundrise, you also get to pick an investment plan based on your financial objectives. They have plans that make residual income, diversification or long-term growth. Heres our complete Fundrise Review.Another crowdfunding property system to consider:RealtyShares That is comparable to Fundrise, but the minimum investment is $5,000 so youve got to bring an extra zero to begin.